Companies Act 2014 section 934E

Resolution of suspected relevant contravention by agreement - specified person

Section 934E allows the Supervisory Authority (IAASA) and a specified person suspected of a relevant contravention to resolve the matter by entering into a voluntary binding agreement, without necessarily completing a full investigation.

• Where IAASA reasonably believes a specified person is committing or has committed a relevant contravention, both parties may voluntarily enter into a binding resolution agreement (a "section 934E agreement") — either before any investigation has begun, or during an investigation before it has been completed
• The agreement may include the person accepting one or more sanctions (as available under section 934) and, where an investigation has already commenced, paying the associated investigation costs; an agreement may also be reached after an investigation has been carried out solely to determine which sanctions to impose
• If the person fails to comply with the agreement's terms, IAASA may apply to court to compel compliance; any unpaid amounts due under the agreement can be recovered as a simple contract debt through any court of competent jurisdiction
• IAASA must publish on its website the details of the contravention, the sanctions imposed, and the identity of the person sanctioned; the appeal provisions in section 941 do not apply to section 934E agreements

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