Procedure for administrative measure and penalties

(1) If the Central Bank intends to take an administrative measure or impose an administrative penalty under sections 33 or 34, the Central Bank shall notify the concerned operator, participant or payment service provider, as well as, where applicable, the concerned officer, manager or employee– (a) of the administrative measure or penalty it intends to take or impose and reasons; and (b) of the opportunity to make representations to the Central Bank in relation to the matter within ten days, or any longer period as the Central Bank indicates in the notice. (2) Notwithstanding sub-section (1), if the Central Bank is of the opinion that the public interest may be prejudiced by a director or officer continuing to exercise the powers or carry out the functions of that office during the period for making representations under sub-section (1)(b), the Central Bank may suspend the officer or director for that period. (3) A person may appeal the decision of the Central Bank to the Appeals Board established under section 128 of the Domestic Banks and Financial Institutions Act, and the Appeal Board may dismiss the appeal or set aside the decision of the Central Bank but an order to remove a person from office under section 34 is not stayed by an appeal. CAP. 263.