(1) Where -

(a) the Bank, in the performance of the functions assigned to it as central competent administrative authority under Regulation 36(1), has reason to suspect, or

(b) IAASA, in the performance of the functions assigned to it as competent authority under Regulation 36(2), has reason to suspect,

that a person ("relevant party") is committing or has committed a prescribed contravention, it may enter into an agreement in writing with the relevant party to resolve the matter (including at any time before an assessment, if any, has been issued in respect of the relevant party).

(2) An agreement entered into under paragraph (1) -

(a) is binding on the Bank or IAASA, as the case may be, and the relevant party, and

(b) may include terms under which the relevant party accepts the imposition of sanctions.

(3) An agreement entered into under paragraph (1) may be enforced by the Bank or IAASA, as the case may be, or the relevant party in a court of competent jurisdiction.