# Financial Services Act 2012, Paragraph 18


For section 370 substitute—
“Liquidator's duty to report to FCA and PRA
370 (1) If—
(a) a company is being wound up voluntarily or a body is being wound up on a petition presented by any person, and
(b) it appears to the liquidator that the company or body is carrying on, or has carried on—
(i) a regulated activity in contravention of the general prohibition, or
(ii) a credit-related regulated activity in contravention of section 20,
the liquidator must report the matter without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA.
(2) Subsection (1) does not apply where—
(a) a body is being wound up on a petition presented by a regulator, and
(b) the regulator's petition depended on a contravention by the body of the general prohibition.”

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Source: https://www.legislation.gov.uk/ukpga/2012/21/schedule/14/paragraph/18 (the official version)
Page: https://openlegislation.uk/financial-services-act-2012/schedule-14/paragraph-18
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.