(1) If the Bank suspects on reasonable grounds that -
(a) a person is committing or has committed a prescribed contravention, or
(b) a person is participating or has participated, while performing a relevant controlled function, in the commission of a prescribed contravention by a regulated financial service provider,
it may, except where the person acknowledges the commission of or participation in the prescribed contravention, enter into an agreement under this section in writing with the person to resolve the matter.
(2) Such an agreement is to be on such terms as are specified in the agreement and is binding on the Bank and the person concerned. Those terms may include terms under which the person accepts the imposition of sanctions of the kind referred to in section 33AQ.
(3) The Bank may enter into an agreement under this section -
(a) without having held an inquiry into the matter under section 33AO, or
(b) after beginning (but not after completing) such an inquiry.
(3A) Subject
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