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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`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. The settlement procedure is parallel to an investigation and it should be noted that an indication of willingness to enter into settlement negotiations does not result in the suspension of an investigation. 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. A settlement meeting is agreed between the central bank and the regulated entity to discuss the resolution. This meeting takes place in a location determined by the Central Bank and can normally last up to one day. The central bank will present its case and the regulated financial service provider/regulated person will have the opportunity to visit. 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. 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, taking into account all the relevant facts.

This includes determining whether all concerns have been addressed to the satisfaction of the Central Bank and any other relevant considerations. The degree of cooperation between the regulated entity or person and the central bank during an investigation will also be relevant to the regulation. All settling of scores is voluntary. Some frequently asked questions of regulated firms and individuals regarding the settlement procedure are listed below: before the settlement meeting, the regulated financial incentive/person is indicated in writing on the sanction(s) (e.g. B, reprimand, disqualification, amount of fine, etc.) requested by the central bank. The transaction agreement is a written document signed that is legally binding on the central bank and the regulated entity. .