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

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part XXIV: Insolvency

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

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

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

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

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

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

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

"The appropriate regulator" means—

in the case of a PRA-authorised person—
for the purposes of subsections (2) ... and (4), each of the FCA and the PRA, and
for the purposes of subsection (5), the FCA or the PRA;
in any other case, the FCA.

Expressions used in this section and in the 2016 Act have the same meaning in this section as in that Act.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.