Companies Act 2014 section 944AB

Sanctions which Authority may impose on relevant director for certain conduct

Section 944AB sets out the sanctions that the Corporate Enforcement Authority may impose on a director (or former director) of a public-interest entity who has been found to have engaged in conduct that gave rise to a relevant regulatory contravention.

• Where a director has been found under the Authority's investigation process to have engaged in conduct contributing to a relevant contravention, the Authority may impose one or more sanctions on that director.
• Available sanctions include a direction to cease the offending conduct and not repeat it, a prohibition on performing functions in audit firms or public-interest entities for up to three years, and a financial penalty of up to €100,000 payable to the Authority.
• The Authority must have regard to the relevant circumstances set out elsewhere in the Act when deciding which sanctions to impose, and any financial penalty is subject to separate statutory limitations.
• If the director fails to pay a financial penalty, the Authority may recover the amount as a simple contract debt through any court of competent jurisdiction.