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Section 369A Reclaim funds: service of petition etc on FCA and PRAF1F8

United Kingdom

(1)

If a person F2other than a regulator presents a petition for the winding up of an authorised reclaim fund, the petitioner must serve a copy of the petition F3on the appropriate regulator.

(2)

If a person F4other than a regulator applies to have a provisional liquidator appointed under section 135 of the 1986 Act (or Article 115 of the 1989 Order) in respect of an authorised reclaim fund, the applicant must serve a copy of the application F5on the appropriate regulator.

(3)

In this section “authorised reclaim fund” F6has the same meaning as in the Dormant Assets Acts 2008 to 2022 (see section 26 of the Dormant Assets Act 2022).

(F74)

"The appropriate regulator” means—

(a)

in relation to an authorised reclaim fund that is a PRA-authorised person, the FCA and the PRA, and

(b)

in relation to any other authorised reclaim fund, the FCA.

(5)

If either regulator—

(a)

presents a petition for the winding up of an authorised reclaim fund that is a PRA-authorised person, or

(b)

applies to have a provisional liquidator appointed under section 135 of the 1986 Act (or Article 115 of the 1989 Order) in respect of an authorised reclaim fund that is a PRA-authorised person,

that regulator must serve a copy of the petition or application (as the case requires) on the other regulator.

Annotations

Textual amendments

F1

S. 369A inserted (12.3.2009) by Dormant Bank and Building Society Accounts Act 2008 (c. 31), ss. 15, 31(1), Sch. 2 para. 7; S.I. 2009/490, art. 2 (with art. 3)

F2

Words in s. 369A(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3

Words in s. 369A(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4

Words in s. 369A(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F5

Words in s. 369A(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F6

Words in s. 369A(3) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 2(3); S.I. 2022/582, reg. 2

F7

S. 369A(4)(5) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F8

Words in s. 369A heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(5) (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))