Section 361

This section applies where a company or partnership is— in administration within the meaning of Schedule B1 to the 1986 Act, or in administration within the meaning of Schedule B1 to the 1989 Order. If the administrator thinks that the company or partnership is carrying on, or has carried on— the administrator must report the matter to the appropriate regulator without delay. a regulated activity in contravention of the general prohibition, or a credit-related regulated activity in contravention of section 20, "The appropriate regulator” means— where the regulated activity is a PRA-regulated activity, the FCA and the PRA; in any other case, the FCA. Subsection (2) does not apply where— the administration arises out of an administration order made on an application made or petition presented by a regulator, and the regulator's application or petition depended on a contravention by the company or partnership of the general prohibition.

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Source: legislation.gov.uk · retrieved 2026-09-04