Section 377D Powers of the FCA and PRA to participate in proceedingsF1

(1)

This section applies if an application is made to the court for a write-down order.

(2)

The FCA and the PRA are entitled to be heard—

(a)

at any hearing relating to the application, and

(b)

if an order is made, at any hearing relating to the order.

(3)

Any notice or other document required to be sent to a creditor of the insurer—

(a)

in relation to the application, or

(b)

if an order is made, in relation to the order,

must also be sent to the FCA and the PRA.

Annotations

F1: Ss. 377A-377J inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 1(4)

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))