(1) An authorised officer may, with the approval of the Commission, at any time prior to the date on which an adjudicator makes a decision under section 90 in relation to the regulatory breach specified in a notice of suspected non-compliance agree a settlement with a notified person.

(2) An authorised officer may at any time refer a proposed settlement to the Commission for its approval.

(3) Where the Commission approves a settlement with a notified person, the authorised officer shall -

(a) prepare a report containing at least the following:

(i) a summary of the facts of the case;

(ii) the regulatory breach alleged against the notified person;

(iii) details of any administrative sanction to be imposed on the notified person as part of the settlement;