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Section 364 Receiver’s duty to report to FCA and PRAF3C1C2

United Kingdom

If—

(a)

a receiver has been appointed in relation to a company, and

(b)

it appears to the receiver that the company is carrying on, or has carried on, a regulated activity in contravention of the general prohibition F1or a credit-related regulated activity in contravention of section 20,

the receiver must report the matter F2without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA.

Annotations

Textual amendments

F1

Words in s. 364(b) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 11(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2

Words in s. 364 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 11(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3

Words in s. 364 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 11(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications

C1

S. 364 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6

C2

Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6

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))