Enforcement Committee

Enforcement Committee

The Enforcement Committee is an internal independent committee of the FSC established under section 52 of the FSA.

 

The Enforcement Committee may exercise the disciplinary powers of the FSC under section 7(1) (c) of the FSA to impose an administrative sanction on a licensee/officer.

 

Where a matter has been referred by the Chief Executive under a relevant Act and the Enforcement Committee intends to impose an administrative sanction under section (7) (1) (c) of the FSA against a licensee and/or an officer of a licensee, the Enforcement Committee shall issue a notice to the licensee stating -

  • the intention of the Enforcement Committee to impose an administrative sanction;
  • the type and terms of the administrative sanction; and
  • the right of the licensee/officer to make written representations to the Enforcement Committee within such time as the Enforcement Committee deems appropriate in the circumstances, but not exceeding 21 days from the date of the notice.

Where, after considering the written representations made by the licensee/officer or where no written representations are received within the time specified in the notice and the Enforcement Committee decides to impose an administrative sanction, it shall issue a written notification to the licensee/officer stating the type and the terms of the administrative sanction.


Any licensee/officer aggrieved by the decision of the Enforcement Committee may, within 21 days of the issue of the written notification, apply to the Financial Services Review Panel for a review of the decision of the Enforcement Committee. The application must be made by registered post and must specify the reasons for a review of the decision. A copy of the application must also be submitted, by registered post, to the FSC.


The decision of the Enforcement Committee shall be given effect immediately after the expiry of the 21 days from the date of the written notification unless the implementation of the decision has been suspended by the Financial Services Review Panel under section 53(7) of the FSA.


The FSC may publish the decision of the Enforcement Committee.