Notice of intention to take administrative action

(1) Where it intends to take administrative action against a financial institution, the competent authority shall send a notice of its intention to the financial institution – (a) specifying– (i) the alleged administrative violation and the relevant facts surrounding the violation; and Mutual Administrative Assistance (ii) the amount of the penalty that it intends to impose; (b) advising the financial institution of its right to make written representation to the competent authority in accordance with sub-section (2); and (c) the date on which notice of intention to take administrative action in respect of that violation was sent to the financial institution. (2) After the expiration of twenty-eight days from the date that it sent a notice under sub-section (1) to an financial institution the competent authority may take administrative action against that financial institution by sending it the administrative penalty directive stating– (a) the administrative violation in respect of which the notice is issued; (b) the amount of the administrative penalty imposed; (c) a date not less than fourteen days after the date of the penalty notice, by which the penalty shall be paid by the financial institution; (d) that if the financial institution does not pay the administrative penalty or exercise his rights of appeal under section 25, on or before the date referred to; (e) the financial institution will be considered to have committed the offence and is liable on summary conviction to a fine of twenty thousand dollars; Mutual Administrative Assistance (f) the remedial actions required to be taken; and (g) the timeframe for completion of the remedial action under paragraph (f).