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Head of Financial Regulation to prepare report.
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41.— (1) After carrying out an investigation under this Chapter, the Head of Financial Regulation shall prepare a report for consideration by the Bank and the Governor.
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(2) The Head of Financial Regulation shall serve a copy of a report prepared in accordance with subsection (1) on each of—
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(a) the person whose fitness and probity was the subject of the relevant investigation, and
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(b) any regulated financial service provider concerned.
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(3) A copy of a report may be served in any of the ways that a suspension notice may be served.
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(4) A person (including a regulated financial service provider) on whom a copy of a report is served pursuant to subsection (2) may make, within the period specified in accordance with subsection (5), a submission in writing to the Head of Financial Regulation in relation to any matter in the report.
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(5) When the Head of Financial Regulation serves a copy of a report on a person (including a regulated financial service provider) pursuant to subsection (2), the Head of Financial Regulation shall inform the person in writing of the person’s right under subsection (4) to make a submission in relation to any matter in the report, and shall specify the period within which the person may do so. The period specified shall be 7 days, or such longer period as the Head of Financial Regulation considers reasonable in all the circumstances.
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