Paragraph 5 I1

Section 358 (powers to participate in proceedings: trust deeds for creditors in Scotland) is amended as follows.

In subsections (1), (2) and (6), after “authorised person” insert “ or recognised investment exchange ”.

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

In subsection (5)—

In subsection (6), for “the Authority” substitute “ a regulator ”.

After subsection (6) insert—

“(6A)

The appropriate regulator” means—

(a)

in the case of a PRA-authorised person—

(i)

for the purposes of subsections (2), (3) and (4), each of the FCA and the PRA, and

(ii)

for the purposes of subsection (5), the FCA or the PRA;

(b)

in any other case, the FCA.”

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