Paragraph 22 I1

Section 374 (Authority's powers to participate in proceedings: bankruptcy) is amended as follows.

In subsection (1), omit “other than the Authority”.

In subsections (2) to (4), for “Authority” substitute “ appropriate regulator ”.

After subsection (6) insert—

“(7)

The appropriate regulator” means—

(a)

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

(i)

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

(ii)

in any other case, the FCA.

(8)

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 or PRA ”.