Section 358 Powers of FCA and PRA to participate in proceedings: trust deeds for creditors in Scotland.F13

United Kingdom

(1)

This section applies where a trust deed has been granted by or on behalf of a debtor who is an authorised person F1or recognised investment exchange.

(2)

The trustee must, as soon as practicable after he becomes aware that the debtor is an authorised person F2or recognised investment exchange, send to the F3appropriate regulator—

(a)

in every case, a copy of the trust deed;

(b)

where any other document or information is sent to every creditor known to the trustee in pursuance of F4section 170 of the 2016 Act, a copy of such document or information.

F5(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

The appropriate regulator must be given the same notice as the creditors of any meeting of creditors held in relation to the trust deed.

(5)

A person appointed for the purpose by F6the appropriate regulator is entitled to attend and participate in (but not to vote at) any such meeting of creditors as if F7that regulator were a creditor under the deed.

(6)

This section does not affect any right F8a regulator has as a creditor of a debtor who is an authorised person F9or recognised investment exchange.

F10(6A)

"The appropriate regulator” means—

(a)

in the case of a PRA-authorised person—

(i)

for the purposes of subsections (2) F11... 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.

(7)

Expressions used in this section and in the F122016 Act have the same meaning in this section as in that Act.

Annotations

Textual amendments

F1: Words in s. 358(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: Words in s. 358(2) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3: Words in s. 358(2)-(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4: Words in s. 358(2)(b) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(a)
F5: S. 358(3) omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(b)
F6: Words in s. 358(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(4)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7: Words in s. 358(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(4)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8: Words in s. 358(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9: Words in s. 358(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F10: S. 358(6A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F11: Word in s. 358(6A)(a)(i) omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(c)
F12: Word in s. 358(7) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(d)
F13: Words in s. 358 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(7) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Notes on Part XXIV

Modifications

C1: Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)
C2: Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2017/752, Sch. 6 para. 9 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(1))
C3: Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2011/99, Sch. 3 para. 7 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(2))