Companies Act 2014

F291 [ Resolution of suspected non-compliance by agreement - relevant body

933A.

933A. (1) Section 933(1) applies to the interpretation of this section as it applies to the interpretation of section 933 .

(2) Subject to subsection (3) , if the Supervisory Authority believes on reasonable grounds

(a) if the relevant body falls within paragraph (a) of the definition of relevant body , that the body did not comply with the approved investigation and disciplinary procedures, or

(b) if the relevant body falls within paragraph (b) of the definition of relevant body , that the body did not comply with the applicable provisions in performing the Part 27 function,

the Supervisory Authority and the relevant body may, at their absolute discretion, enter into an agreement (in this section referred to as a section 933A agreement ) to resolve the matters the subject of the non-compliance.

(3) The following provisions shall apply to the section 933A agreement:

(a) the agreement may be entered into notwithstanding that no enquiry under section 933 into the non-compliance has been commenced;

(b) the agreement may be entered into after an enquiry under section 933 into the non-compliance has been commenced but not, subject to paragraph (d) , after it has been completed;

(c) without prejudice to the generality of the terms of the agreement, such terms may include terms under which the relevant body accepts

(i) the imposition of one or more sanctions that may be imposed under section 933(6)(b) , and

(ii) if an enquiry under section 933 into the non-compliance has been commenced, the payment of costs referred to in section 933(7) ;

(d) the agreement may be entered into after an enquiry under section 933 has been undertaken and carried out only to the extent to determine which sanctions (if any) referred to in paragraph (c)(i) to impose on the relevant body;

(e) the terms of the agreement are binding on the Supervisory Authority and the relevant body.

(4) Subject to subsection (5) , where the relevant body with whom the Supervisory Authority has entered into the section 933A agreement fails to comply with one or more of the terms of the agreement, the Supervisory Authority may apply to the court for an order compelling that body to comply with those terms.

(5) In default of payment, any amount agreed to be paid to the Supervisory Authority by the relevant body under the section 933A agreement may be recovered by the Supervisory Authority from the body as a simple contract debt in any court of competent jurisdiction.

(6) The Supervisory Authority may, at its discretion, publish a section 933A agreement on its website.

(7) Section 941 shall be disregarded for the purposes of a section 933A agreement. ]

Annotations:

Amendments:

F291

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 33, S.I. No. 366 of 2018.

Editorial Notes:

E92

The section heading is taken from the amending section in the absence of one included in the amendment.