Pursuant to the provisions of Article 31, Paragraph 31.1 of the Annex to the Convention governing the Banking Commission, when the Banking Commission determines that the banking regulations or any other legislation applicable to credit institutions, financial companies, decentralized financial systems, electronic money institutions or any other entity subject to its supervision in the territory of a Member State have been breached, it shall inform the Minister of Finance of that State and, without prejudice to any criminal or other sanctions that may be incurred, shall issue one or more of the following disciplinary sanctions :
- a warning,
- a reprimand,
- total or partial suspension or prohibition of operations,
- any other restrictions on the exercise of the profession,
- suspension or compulsory resignation of the officials responsible,
- prohibiting the persons responsible from directing, administering, or managing an institution subject to its supervision or one of its agencies. Depending on the seriousness of the offence committed, such a prohibition may be permanent or limited in time. The prohibition may be imposed even after the above-mentioned persons have been removed from office,
- withdrawal of accreditation or establishment authorization.
