The Financial Services Commission (FSC) published the Settlement Framework (the “Framework") on 11 December 2020. The purpose of the Framework is to assist in resolving certain cases instigated by the FSC against licensees who have committed breaches. The FSC reserves the right to decide upon the suitability of each case to be resolved through the Settlement Framework to ensure that outcomes are consistent, fair and in the best interest of the public.

The Framework is an integrated part of the Enforcement Manual published by the FSC in June 2020 that details the policies and procedures undertaken by the Commission to combat breach of relevant laws and guidelines. To encourage early Settlement, the Commission will apply a graduated penalty reduction scheme to the administrative penalties to be imposed in line with practices adopted by peer regulators. Further details can be found on the link below:
Settlement Framework: Here