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Settlement Agreements Central Bank

Non classé / No Comment / 7 octobre 2021

As a result of the Central Bank`s investigation, it was found that between November 2009 and April 2015, for a sample of 11 accounts receivable held with banks and custodian banks, the title of the accounts was not properly defined to indicate that the assets of these accounts were (1) customer assets and (2) were subject to the legal protection of customers` assets. The Central Bank does not conduct lengthy transaction negotiations. If the settlement negotiations are not conclusive on that day, the case may proceed to the investigation or evaluation phase. A regulated entity or person may receive a settlement letter from the central bank at the same time as or at any time after receipt of the investigation letter. The Sttlement Letter, published « without prejudice », is a letter that makes it possible to remedy alleged prescribed infringements with the Central Bank by means of a settlement agreement. At any time, a supervised entity or person who has received an investigation letter may write to the Central Bank and request transaction negotiations to attempt to remedy the alleged prescribed violations. The central bank will, where appropriate, issue a settlement letter to the regulated financial entity or regulated financial person in response to a request to open the resolution process. In this case, the company did not ensure that all customer accounts were opened with third parties in accordance with the client`s asset requirements. The company did not correctly indicate the title of all client asset accounts in such a way as to make it clear that the accounts contained client assets. The company has also not obtained the necessary confirmations from banks, brokers and custodian banks, which confirm, among other things, how customers` assets are held. The Central Bank`s investigation showed that the company did not receive the required confirmations, in accordance with requirement 5.2.1, for 28 typical client asset accounts of 9 banks and custodian banks. The first deposit of customers` money into these typical accounts took place between 2009 and 2014. Under a settlement agreement, the central bank may impose one or more of the following sanctions: the central bank will present its case and the regulated financial service provider/data subject will have the opportunity to represent himself.

An agreement on sanctions can then be reached and the regulated financial service provider/data subject will have the opportunity to express his or her views on the Central Bank`s public statement. The transaction agreement is then signed. Prior to the transaction meeting, the central bank will seek in writing to the enterist/regulated financial person the sanction(s) (e.g. The Central Banks Act 1942 (as amended) and the Securities Markets Regulations give regulated financial service providers and persons currently or formerly involved in their management and under investigation the opportunity to make a comparison with the central bank. The Central Bank`s policy is to promote the early resolution option, but it must be satisfied that the basis for resolution is appropriate in light of all relevant facts. . . .

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