(1) Where the Commission suspects on reasonable grounds that a person has committed or is committing a regulatory breach it may enter into an agreement 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 Commission and the person concerned.

(3) The terms of such an agreement may include terms under which that person accepts the imposition of administrative sanctions.

(4) The Commission may enter into an agreement under this section -

(a) without any investigation into the matter taking place under this Act, or

(b) after beginning such an investigation, as long as an adjudicator has not made a decision in respect of the matter under section 90.

(5) Where a person with whom the Commission has entered into an agreement under this section fails to comply with any of the terms of the agreement, the Commission may apply to the High Court for an order under subsection (6).