Administrative Sanctions Settlement Procedure

Introduction

The Central Bank's ("the Bank") 2013 updated Outline of the Administrative Sanctions Procedure (the "2013 Guidelines") was introduced to advise and assist a regulated entity faced with investigation by the Bank.

The Bank received powers in August 2004 to impose administrative sanctions and to enter into settlement agreements arising out of contraventions by regulated financial service providers and also by persons concerned in the management of regulated financial service providers arising out of certain prescribed contraventions.

The 2013 Guidelines were introduced to reflect the developments in the administrative sanctions procedure. It has become increasingly clear that that since the Bank received their powers in August 2004 they have been happy to agree settlements with regulated entities rather than going through a full inquiry with resulting sanctions on the regulated entity. In fact, every investigation into prescribed contraventions has to