Common use of The Settlement Process Clause in Contracts

The Settlement Process. 4.1. A licensee which is facing the prospect of enforcement action(s), may make a request in writing to the Chief Executive, indicating that the licensee wishes to avail itself of an opportunity to resolve matters through Settlement. 4.2. The responsibility for requesting/initiating Settlement discussions rests with the licensee. 4.3. However, the decision to engage in Settlement discussions with any licensee is at the sole discretion of the Chief Executive. 4.4. Where the Chief Executive has determined that Settlement discussions may take place, this will be communicated to the licensee and arrangements will be made by the Commision for discussions to commence. 4.5. There may be circumstances in which the Chief Executive deems that Settlement is not appropriate and that it is necessary to pursue enforcement action(s) by the Commission or that the matter be referred to the Enforcement Committee, as the case may be. 4.6. Any member of the board or senior management of a licensee may attend Settlement discussions. Any person, who is a member of senior management but who is not a member of the board, should obtain prior authorisation in writing by the board to attend Settlement discussions. A licensee may also be accompanied by a law practitioner. 4.7. Settlement discussions are possible at any stage of the enforcement process1 up to the issue of a Decision Notice issued by the Enforcement Committee, as long as the Commission considers that it has sufficient understanding of the nature and gravity of the breach to make a reasonable assessment and can reach an appropriate outcome. 4.8. Settlement discussions may, therefore, take place in parallel with any investigation, inquiry or referral to the Enforcement Committee2, which has already started. Any ongoing investigation inquiry or referral to the Enforcement Committee will continue unless the matter is resolved through Settlement. In this regard, the Commission expects that licensees will continue to cooperate and comply with any request for information raised in connection with an investigation or inquiry. Any response to requests for information concerning an ongoing investigation or inquiry is therefore to be provided in open correspondence. 4.9. Settlement discussions may be halted by the Commission if new information indicates that the matter at hand is more serious or otherwise no longer suitable for Settlement discussions. 4.10. All Settlement outcomes will be approved by the Board of the Commission. 4.11. If an agreed outcome cannot be reached, the case will proceed in accordance with the enforcement process. 1 The enforcement process encompasses the information gathering and review, investigation, inquiry and show cause stages for the purposes of enforcement action.

The Settlement Process. 4.1. A licensee which is facing the prospect of enforcement action(s), may make a request in writing to the Chief Executive, indicating that the licensee wishes to avail itself of an opportunity to resolve matters through Settlement. 4.2. The responsibility If problems arise between the Customer and the Company, we consider the situation mutually. If the Company has provided financial services without a license or in violation of applicable law, the Client has the right to receive compensation for requesting/initiating Settlement discussions rests with the licenseepersonal funds invested and profits lost in the course of work. 4.3. However, the decision to engage in Settlement discussions with any licensee is at the sole discretion of the Chief Executive. 4.4. Where the Chief Executive has determined that Settlement discussions may take place, this will be communicated to the licensee and arrangements will be made by the Commision for discussions to commence. 4.5. There may be circumstances in which the Chief Executive deems that Settlement is not appropriate and that it is necessary to pursue enforcement action(s) by the Commission or that the matter be referred to the Enforcement Committee, as the case may be. 4.6. Any member of the board or senior management of a licensee may attend Settlement discussions. Any person, who is a member of senior management but who is not a member of the board, should obtain prior authorisation in writing by the board to attend Settlement discussions. A licensee may also be accompanied by a law practitioner. 4.7. Settlement discussions are possible at any stage of the enforcement process1 up to the issue of a Decision Notice issued by the Enforcement Committee, as long as the Commission considers that it has sufficient understanding of the nature and gravity of the breach to make a reasonable assessment and can reach an appropriate outcome. 4.84.7. Settlement discussions may, therefore, take place in parallel with any investigation, inquiry or referral to the Enforcement Committee2, which has already started. Any ongoing investigation inquiry or referral to the Enforcement Committee will continue unless the matter is resolved through Settlement. In this regard, the Commission expects that licensees will continue to cooperate and comply with any request for information raised in connection with an investigation or inquiry. Any response to requests for information concerning an ongoing investigation or inquiry is therefore to be provided in open correspondence. 4.94.8. Settlement discussions may be halted by the Commission if new information indicates that the matter at hand is more serious or otherwise no longer suitable for Settlement discussions. 4.104.9. All Settlement outcomes will be approved by the Board of the Commission. 4.114.10. If an agreed outcome cannot be reached, the case will proceed in accordance with the enforcement process. 1 The enforcement process encompasses the information gathering and review, investigation, inquiry and show cause stages for the purposes of enforcement action.