Section 370 Liquidator's duty to report to FCA and PRAF1 C1

United Kingdom

(1)

If—

(a)

a company is being wound up voluntarily or a body is being wound up on a petition presented by any person, and

(b)

it appears to the liquidator that the company or body is carrying on, or has carried on—

(i)

a regulated activity in contravention of the general prohibition, or

(ii)

a credit-related regulated activity in contravention of section 20,

the liquidator must report the matter without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA.

(2)

Subsection (1) does not apply where—

(a)

a body is being wound up on a petition presented by a regulator, and

(b)

the regulator's petition depended on a contravention by the body of the general prohibition.

Annotations

F1: S. 370 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 18 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

C1: S. 370 modified (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 17(14) (with reg. 24)

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))