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Amendment of section 33AV of Act of 1942
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52. Section 33AV of the Act of 1942 is amended—
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(a) by the substitution of the following subsection for subsection (1):
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“(1) If the Bank suspects on reasonable grounds that—
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(a) a person is committing or has committed a prescribed contravention, or
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(b) a person is participating or has participated, while performing a relevant controlled function, in the commission of a prescribed contravention by a regulated financial service provider,
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it may, except where the person acknowledges the commission of or participation in the prescribed contravention, enter into an agreement under this section in writing with the person to resolve the matter.”,
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(b) in subsection (2)—
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(i) by the substitution of “the person” for “the financial service provider or person”, and
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(ii) by the substitution of “the person” for “that financial service provider or person”,
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(c) in paragraph (a) of subsection (3), by the deletion of “or 33AR”,
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(d) in subsection (3A), by the substitution of “the person” for “the regulated financial service provider or person concerned in the management of the financial service provider”, and
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(e) in subsection (3B)—
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(i) by the substitution of “the person” for “the regulated financial service provider or person”, and
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(ii) by the substitution of “the person” for “that regulated financial service provider or person”.
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