934E. (1) Subject to subsection (2), if the Supervisory Authority believes on reasonable grounds that a specified person is committing, or has committed, a relevant contravention, the Supervisory Authority and the person may, at their absolute discretion, enter into an agreement (in this section referred to as a "section 934E agreement") to resolve the matters the subject of the contravention.

(2) The following provisions shall apply to the section 934E agreement:

(a) the agreement may be entered into notwithstanding that no investigation under section 934 into the contravention has been commenced;

(b) the agreement may be entered into after an investigation under section 934 into the relevant contravention 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 specified person accepts—

(i) the imposition of one or more relevant sanctions that may be imposed under section 934(8) or (9), as appropriate, and

(ii) if an investigation under section 934 into the contravention has been commenced, the payment of costs referred to in section 934(10);

(d) the agreement may be entered into after an investigation under section 934 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 specified person;

(e) the terms of the agreement are binding on the Supervisory Authority and the specified person.

(3) Subject to subsection (6), the provisions of sections 934C, 934D, 934F, 934G and 934H shall apply, with any necessary modifications, to any relevant sanctions imposed on a specified person pursuant to a section 934E agreement as those sections apply to any relevant sanctions imposed on a specified person otherwise than pursuant to a section 934E agreement.

(4) Subject to subsection (5), where the specified person with whom the Supervisory Authority has entered into the section 934E 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 person comply with those terms.

(5) In default of payment, any amount agreed to be paid to the Supervisory Authority by the specified person under the section 934E agreement may be recovered by the Supervisory Authority from the person as a simple contract debt in any court of competent jurisdiction.

(6) The necessary modifications referred to in subsection (3), in so far as section 934F is concerned, include reading that section as if—

(a) the following subsection were substituted for subsection (1) of that section:

"(1) Subject to subsection (3), the Supervisory Authority shall, in so far as a relevant decision imposes a relevant sanction on a specified person, as soon as is practicable, publish on its website particulars of the relevant contravention for which the relevant sanction was imposed, particulars of the relevant sanction imposed and particulars of the specified person on whom the relevant sanction was imposed.",

(b) subsections (2) and (4) of that section were deleted, and

(c) in subsection (5) of that section, the reference to "or (2)" were deleted.

(7) Section 941 shall be disregarded for the purposes of a section 934E agreement.]