Companies Act 2014 section 944AA

Provisions applicable where Authority receives particulars from Supervisory Authority concerning relevant contravention and relevant director

Section 944AA sets out the procedures that apply when the Corporate Enforcement Authority receives information from the Supervisory Authority about a contravention involving a director of a public interest entity, including investigation, sanctions, appeals and reporting obligations.

• Where the Corporate Enforcement Authority receives particulars and supporting information from the Supervisory Authority, it may investigate a relevant director under Part 13 to determine whether that director engaged in conduct giving rise to a relevant contravention.
• If the Authority finds the director engaged in such conduct, it may impose an appropriate sanction, having regard to the relevant circumstances; the director may appeal to the court within 3 months of being notified of the decision.
• A finding or sanction decision by the Authority does not prevent any separate civil or criminal proceedings being taken against the same director.
• After imposing a sanction, the Corporate Enforcement Authority must promptly notify the Supervisory Authority of the director's details and the sanction imposed, and must immediately communicate particulars of any direction it has given.