Central Bank Reform Act 2010

46.

Agreement between Bank or Governor, prohibited person and regulated financial service provider.

46.— (1) Where the Bank or the Governor has issued a prohibition notice in relation to a person, the person (and, where at the time of issue of the prohibition notice, the person is performing a controlled function, the regulated financial service provider concerned) may agree in writing with the Bank or the Governor that the person and, where applicable, the regulated financial service provider shall continue to comply with the prohibition notice for such period as is agreed.

(2) Where a person and the Bank or the Governor have agreed as set out in subsection (1), then—

( a) nothing in section 45 requires the Bank or the Governor to apply for an order under that section,

( b) subject to subsection (3), and notwithstanding sub section 43(6) , the prohibition notice shall continue in effect in accordance with its terms, and

( c) in the event of a contravention of the agreement—

(i) the Bank may apply to the Court for an order under section 44 , and

(ii) the prohibition notice shall continue in effect in accordance with its terms.

(3) If the Bank or the Governor, as the case may be, considers that there is no further need to continue a prohibition notice that is the subject of an agreement under subsection (1), the Bank or the Governor, as the case may be, may terminate the agreement by written notice to that effect to the prohibited person and any regulated financial service provider concerned. On the giving of such a notice the prohibition notice ceases to have effect.