The Act of 1942 is amended by the substitution of the following section for section 33AR:

"33AR.

(1) Subsection (2) applies if -

(a) the Bank -

(i) after considering the final report of an investigation, and any submissions, provided to it under section 33ANK(5), or

(ii) where there are undisputed facts that in the reasonable opinion of the Bank render an investigation unnecessary,

suspects on reasonable grounds that a person is committing or has committed a prescribed contravention, and

(b) the person acknowledges the commission of the contravention.

(2) Where this subsection applies, the Bank may -

(a) with the person's consent, dispense with an inquiry and impose on the person any sanction that it is empowered to impose under section 33AQ(3), or

(b) hold an inquiry to determine what (if any) such sanction should be imposed on the person.

(3) Subsection (4) applies if -

(a) the Bank -

(i) after considering the final report of an investigation, and any submissions provided to it under section 33ANK(5), or