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Agreement for prohibition notice to have effect without confirmation
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31. The Act of 2010 is amended by the substitution of the following section for section 46:
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“46. (1) Where the Bank or the Governor has issued a prohibition notice, the prohibited person and any person to whom subsection (2) applies may agree in writing with the Bank or the Governor, as the case may be, to comply with the prohibition notice for such period as is agreed.
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(2) Where the prohibited person is performing a controlled function at the time of issue of the prohibition notice, this subsection applies to the regulated financial service provider or holding company in relation to which that person is at that time performing the controlled function.
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(3) Where a prohibition notice is the subject of an agreement under this section—
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(a) the prohibition notice has effect for the period agreed in the agreement,
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(b) sections 43(4D) and 45 do not apply (and section 43(8) and (9) apply accordingly), and
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(c) if the prohibited person performs a controlled function in contravention of the prohibition notice, or if a person to whom subsection (2) applies who is a party to the agreement permits the prohibited person to perform a controlled function in contravention of the prohibition notice, the Head of Financial Regulation may apply ex parte to the Court for an order directing the person concerned to comply with the notice.
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(4) 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 this section, the Bank or the Governor, as the case may be, may terminate the agreement by written notice to the other parties.
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(5) On termination of an agreement under subsection (4) the prohibition notice ceases to have effect.”.
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