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Sanctions Act 1977 transfer order

Laws and regulations

Published: 15 January 2007

Under Section 10f of the Sanctions Act 1977, the Minister of Finance may transfer the supervisory powers provided for by the Sanctions Act 1977 to the designated supervisory authorities (see Sanctions Act 1977 Legal Entities Designation Order).

Pursuant to the Order in question, DNB, in its capacity of supervisor for compliance with the sanctions regulations (Sanctions Act 1977 and the derivative regulations) by credit institutions, money transaction offices, pension funds and insurers, is invested with enforcement powers that it may choose to exercise within these context of its supervisory role.

The powers transferred to DNB by this Order include:

  • the power to set rules for operational management regarding the administrative organisation and internal control (‘AO/IC’) of the financial institutions under DNB’s supervision.

  • the power to impose a cease and desist order in the event of violation of the rules regarding AO/IC and

  • the power to impose an administrative fine in the event of violation of the rules regarding the AO/IC.

Subsequently, the Minister has made the transfer of the powers concerned subject to several restrictions and conditions, such as the requirement for DNB to notify the Minister forthwith of relevant information, to conclude cooperation agreements with the other supervisory authorities and to consult with the Minister on the exercise of specific powers.

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