Paragraph 19 I1

Section 371 (power to participate in proceedings: winding up by the court) is amended as follows.

In subsection (1)—

In subsections (2) to (5), for “Authority” substitute “ appropriate regulator ”.

After subsection (5) insert—

“(6)

The appropriate regulator” means—

(a)

for the purposes of subsections (2), (3) and (5)—

(i)

where the body is a PRA-regulated person, each of the FCA and the PRA, and

(ii)

in any other case, the FCA;

(b)

for the purposes of subsection (4)—

(i)

where the body is a PRA-regulated person, the FCA or the PRA, and

(ii)

in any other case, the FCA.

(7)

But where the petition was presented by a regulator “the appropriate regulator” does not include the regulator which presented the petition.”

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