(1) The Secretary of State may by regulations provide that this Part does not apply -
(a) where the company in respect of which a compromise or arrangement is proposed is an authorised person, or an authorised person of a specified description;
(b) where -
(i) a compromise or arrangement is proposed between a company, or a company of a specified description, and any creditors of the company, and
(ii) those creditors consist of or include creditors of a specified description.
(2) In this section -
"authorised person" has the same meaning as in the Financial Services and Markets Act 2000 (see section 31 of that Act);
"specified" means specified in the regulations.
(3) Regulations under this section are subject to affirmative resolution procedure.