Paragraph 12 I1

Section 365 (powers to participate in proceedings: voluntary winding up) is amended as follows.

In subsection (1)(b), after “authorised person” insert “ or recognised investment exchange ”.

In subsections (2) to (7), for “Authority” substitute “ appropriate regulator ”.

After subsection (7) insert—

“(8)

The appropriate regulator” means—

(a)

for the purposes of subsections (2) to (4), (6) and (7)—

(i)

where the company is a PRA-authorised person, each of the FCA and the PRA, and

(ii)

in any other case, the FCA;

(b)

for the purposes of subsection (5)—

(i)

where the company is a PRA-authorised person, the FCA or the PRA, and

(ii)

in any other case, the FCA.”

In the heading, for “Authority's powers” substitute “ Powers of FCA and PRA ”.