PRESCRIBED. Drug – means any substance prescribed for th e individual consuming i t by a l icensed medical practitioner; and
PRESCRIBED. CONTRAVENTIONS The Firm’s failure to apply correct interest rates to customers’ mortgage accounts occurred as: The Firm failed to act with due skill, care and diligence in the best interests of its customers when applying interest rates to their mortgage accounts during the periods between August 2008 and December 2011 (in breach of Chapter 1, General Principle 2 of the Consumer Protection Code 2006 (the “2006 Code”)) and January 2012 to July 2015 (in breach of Chapter 2, General Principle 2.2 of the Consumer Protection Code 2012 (the “2012 Code”)); The Firm failed to have and/or effectively employ adequate and/or appropriate resources and procedures and systems and control checks to ensure compliance with the 2006 Code during the period between August 2008 and December 2011 (in breach of Chapter 1, General Principle 4 of the 2006 Code) and to have and/or effectively employ adequate and/or appropriate resources, policies and procedures, systems and control checks including compliance checks and staff training to ensure compliance with the 2012 Code during the period between January 2012 to July 2015 (in breach of Chapter 2, General Principle 2.4 of the 2012 Code); and The Firm also failed to have adequate systems and controls in place to ensure compliance with the 2006 Code in breach of Chapter 2, Provision 57 of the 2006 Code during the period between August 2008 and December 2011. Effect of the Breaches As a result of the breaches higher interest rates were applied to 222 customer mortgage accounts and impacted customers therefore made higher mortgage repayments than they were required to during the relevant period. The length of time customers were required to make higher mortgage repayments than required ranged between 12 months and 6 years and 11 months. The average amount overcharged to a customer’s account was €19,351. Overcharged amounts ranged from approximately €100 to approximately €68,000. Having to make higher mortgage repayments caused serious difficulties for customers with some customers going into mortgage arrears and some being subjected to legal proceedings. In order to address the serious detriment suffered by impacted customers the Central Bank required the Firm to implement a major redress and compensation programme in July 2015. Key elements of the Firm’s redress and compensation programme are as follows: The restoration of impacted customer accounts to the correct tracker interest rate; The adjustment of the balance of imp...
PRESCRIBED. BURNING Federal agencies are exempt from DNR permitting requirements if the project is covered under an agency approved Prescribed Fire Plan. All federal and state agencies and the general public are required to follow the Alaska Department of Environmental Conservation (DEC) permitting regulations for prescribed burning. DEC issues Open Burn Approvals. Applications are available at xxxx://xxx.xxxxxx.xxx/air/ap/OpenBurn.htm. Information and regulations are available at xxxx://xxx.xxxxxx.xxx/air/ap/Burn_infor.htm. See Clause 25 for more information.
PRESCRIBED. CONTRAVENTIONS The Central Bank’s investigation identified 8 breaches of the CJA 2010, namely: Poor controls over AML/CFT outsourcing Ulster Bank Ireland is part of a group of companies headed by Royal Bank of Scotland plc (‘RBS’) as the ultimate holding company. Ulster Bank Ireland outsources 25 AML/CFT activities mainly to other entities in the RBS group. The outsourced activities involve a wide range of key AML/CFT obligations under the CJA 2010. The Central Bank identified two significant failings in respect of Ulster Bank Ireland’s governance and oversight of those outsourced AML/CFT activities between 15 July 2010 and 15 October 2016. Firstly, Ulster Bank Ireland failed to put an outsourcing policy in place from 15 July 2010 until June 2011 (an 11 month period). Secondly, Ulster Bank Ireland failed to put a service level agreement (‘SLA’) in place for 19 of the 25 outsourced activities when the outsourcing commenced, as required by its internal policy. Of the 19 activites which were not covered by SLAs, the average duration of the gap was 2 years, with 13 of those 19 activities not covered for a period of 3 years and longer. Given Ulster Bank Ireland’s extensive reliance on AML/CFT outsourcing, the absence of these two important controls over outsourcing exposed it to an unacceptable risk that an outsourcing failure would prevent it from meeting its CJA 2010 obligations. An outsourcing policy is a key control that sets out the governance of outsourcing arrangements in order to ensure that a firm has the necessary oversight and control, including how the arrangement is set up and monitored, who is responsible for monitoring, and what happens in the case of an expected or unexpected termination of the services. SLAs provide further control in the form of a framework or contract for an individual outsourcing relationship that sets out the rights and duties of the parties and usually specifies agreed performance levels. Failure to conduct ML/TF risk assessment A thorough assessment of ML/TF risk exposure is fundamental to a robust AML/CFT framework as it allows a firm to identify the particular ML/TF risks to which it is exposed as a result of its business model and to inform the development of appropriate AML/CFT policies and procedures, and the design of proportionate systems. The risk assessment must be proportionate to the nature, scale and complexity of a firm’s activities. Insufficient or absent ML/TF risk management policies, procedures and proces...
PRESCRIBED. CONTRAVENTIONS The Central Bank identified 9 prescribed contraventions of the Corporate Governance Code and these are viewed seriously by the Central Bank. In particular, the breaches relate to key parts of the Firm’s governance structure, namely, its Board, its Risk Committee, oversight of its subsidiary, and the consistency and completeness of certain of the Firm’s governance, risk and policy documentation. The Central Bank identified three separate breaches by the Firm of Section 6.3. Section 6.3 is a key section of the Corporate Governance Code and provides: All institutions shall have robust governance arrangements which include a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which it is or might be exposed, adequate internal control mechanisms, including sound administrative and accounting procedures, IT systems and controls, remuneration policies and practices that are consistent with and promote sound and effective risk management both on a solo basis and at group level. The system of governance shall be subject to regular internal review. The Firm breached Section 6.3 in the following respects:
PRESCRIBED. You may not take any controlled medication that is not currently approved by this office. This includes even old prescriptions of which should have been disposed.
PRESCRIBED. CONTRAVENTIONS The Central Bank’s investigation identified the following grounds upon which section 21 of the 2010 Act was breached by Merrion: Due diligence failings Regulated firms are required to conduct thorough due diligence to ensure that employees performing CFs comply with the Standards. This due diligence is at the heart of the Fitness and Probity regime and must be conducted, both upon initial appointment, and on an ongoing basis. Strict adherence by regulated firms to these requirements is crucial to ensure that persons in senior positions are competent and capable, honest, ethical have integrity and are also financially sound. In addition, firms are required to assess the appropriate CF or PCF categorisations applicable to individuals. Failing to do so correctly can result in a firm not knowing what parts of the Standards apply to those individuals. For the period covered by this breach, Merrion failed to conduct the requisite level of due diligence for the ongoing assessment of CFs and PCFs. Systems and controls deficiencies Regulated firms cannot permit individuals to perform CF or PCF roles unless they have satisfied themselves on reasonable grounds that those individuals comply with the Standards. For reasonable grounds to exist and to be capable of objective demonstration, regulated firms must put in place proper systems and controls against which compliance can be monitored. Merrion did not put in place written Fitness and Probity policies and procedures until 24 April 2015. However, these were not adequate, and as a result:
PRESCRIBED. CONTRAVENTIONS The Firm has accepted that it failed to comply with Part 4 of the Handbook of Prudential Requirements for Investment Intermediaries which requires Investment Intermediaries to hold PII on a continuous basis. CENTRAL BANK ACTION The Central Bank’s Consumer Protection Directorate became aware of the breach as a result of a thematic review by the Consumer Protection Directorate in relation to retail intermediaries and their professional indemnity cover. PENALTY DECISION FACTORS In deciding the appropriate penalty, the Central Bank considered the following matters: The previous compliance record of the Firm; and The fact that the firm settled at an early stage in the Administrative Sanctions Procedure. The Central Bank confirms its investigation into the Firm in respect of this matter is now closed.