DISCIPLINARY BYE-LAWS

PROPOSED NEW DISCIPLINARY BYE-LAWS: NOT IN FORCE The Institute of Chartered Accountants In Ireland Incorporated by Royal Charter 14 th May 1888 Operating as DISCIPLINARY BYE-LAWS Effective Date: [ ] NOT IN FORCE

CONTENTS Page No 1 Citation... 1 2 Commencement... 1 3 Transitional provisions... 1 4 Definitions... 1 5 Interpretation... 4 6 Objective... 5 7 Obligation to co-operate... 5 8 Liability to disciplinary action... 5 9 Appointments by the Board... 8 10 Disciplinary Regulations... 9 11 Orders... 10 12 Alteration of Disciplinary Bye-Laws... 13 13 FRC Scheme... 14 14 Powers under Companies Acts... 14

1 Citation These Bye-Laws may be cited as the Disciplinary Bye-Laws of the Institute of Chartered Accountants in Ireland. 2 Commencement These Disciplinary Bye-Laws shall come into force on [ ]. From this date the Disciplinary Bye-Laws which came into force on 1 December 2012 are, subject to Bye-Law 3, repealed. 3 Transitional provisions 3.1 A Member, Member Firm, Student or Affiliate shall be liable to disciplinary action in accordance with the Disciplinary Bye-Laws in force at the time the Event giving rise to liability to disciplinary action occurred notwithstanding any subsequent amendment or repeal. All disciplinary proceedings shall be conducted, however, in accordance with the Disciplinary Bye-Laws and the Disciplinary Regulations in force at the time of such proceedings. 3.2 For the avoidance of doubt: 3.2.1 no order may be made in relation to a Member, Member Firm, Student or Affiliate, which was not provided for in the Disciplinary Bye-Laws or Disciplinary Regulations effective at the time the Event giving rise to liability to disciplinary action occurred; and 3.2.2 no Member, Member Firm, Student or Affiliate may be subject to disciplinary action on grounds that would not have rendered the Member, Member Firm, Student or Affiliate liable to disciplinary action under the Disciplinary Bye-Laws effective at the time the Event occurred. 4 Definitions In these Disciplinary Bye-Laws, unless the context otherwise requires, the following words and expressions have the following meanings: Affiliate has the meaning given in the Principal Bye-Laws. Appeal Panel means the panel of persons appointed by the Board under these Disciplinary Bye-Laws from whom the members of Appeal Tribunals and Independent Review Committees are selected. Appeal Tribunal has the meaning given in the Disciplinary Regulations. Board means the Board of CARB. CARB means the Chartered Accountants Regulatory Board. A reference to CARB in these Disciplinary Bye-Laws includes the Board and shall, where the context so requires or permits, include the Executive and any committee or Disciplinary Body of CARB. Case Presenter means any person appointed by the Conduct Committee to represent the Conduct Committee before a Disciplinary Tribunal or an Appeal Tribunal.

Code of Ethics means the Code of Ethics made by the Board and adopted by the Council in accordance with the provisions of the Principal Bye-Laws and the Regulations relating to the Chartered Accountants Regulatory Board. Competent Authority means any statutory or professional body having regulatory or disciplinary functions or any committee or person that has been delegated such functions by such body. Complainant means a person (other than an officer or employee of the Institute acting in such capacity) who brings a Complaint to the attention of the Head of Professional Conduct and, where such person has died, shall include the personal representatives of such person. Complaint means a communication made in writing to the Head of Professional Conduct expressing concern or dissatisfaction with the conduct or performance of a Member, Member Firm, Student or Affiliate. Conduct Committee means the Conduct Committee as appointed by the Board under these Disciplinary Bye-Laws. Convenor means a member of the Disciplinary Panel or the Appeal Panel who has been appointed as convenor of those panels by the Board under these Disciplinary Bye-Laws. Council means the Council of the Institute. Deputy Convenor means a member of the Disciplinary Panel or the Appeal Panel who has been appointed as deputy convenor of those panels by the Board under these Disciplinary Bye-Laws. Disciplinary Bodies means the Conduct Committee, the Disciplinary Panel, any Disciplinary Tribunal, the Appeal Panel, any Appeal Tribunal, any Independent Review Committee, each Independent Reviewer, the Convenor, the Deputy Convenor, any Special Investigator and any predecessor or successor to any such body and Disciplinary Body means any of them. Disciplinary Matter has the meaning given in the Disciplinary Regulations. Disciplinary Panel means the panel of persons appointed by the Board under these Disciplinary Bye-Laws from whom the members of Disciplinary Tribunals are selected. Disciplinary Regulations means any disciplinary regulations made by the Board and adopted by the Council of the Institute in accordance with Disciplinary Bye-Law 10, Principal Bye-Law 41 and the Regulations relating to the Chartered Accountants Regulatory Board. Disciplinary Tribunal has the meaning given in the Disciplinary Regulations. Event means an act, omission, fact, matter or circumstance. Executive means the staff of CARB who assist in carrying out the functions of CARB. Formal Allegation means one or more formal allegations to be heard by a Disciplinary Tribunal in accordance with the Disciplinary Regulations. FRC Scheme means the scheme adopted by the Accountancy and Actuarial Discipline Board ( AADB ) of the Financial Reporting Council ("FRC ) on 13 May 2004 and amended on 13 September 2007, 26 February 2010, 8 December 2011 and 24 July 2013 as transferred by the AADB to the FRC as the same may be amended, extended, supplemented or replaced from time to time. 2

Head of Professional Conduct means the Head of Professional Conduct for the time being by whatever title he or she may be called or any deputy to such person, or any person acting in such capacity by the direction of the Board, or to the extent of such delegation, any person to whom any of his or her powers, authorities and discretions has been delegated. Independent Reviewer means any person appointed as an independent reviewer under these Disciplinary Bye-Laws. Independent Review Committee has the meaning given in the Disciplinary Regulations. Insolvency Event means the occurrence in relation to a Member or an Affiliate of any of the following circumstances: (a) (b) failure to satisfy a judgment debt in any jurisdiction; or the making of any order or form of arrangement for the purpose of the management or repayment of debts of the Member or Affiliate to his or her creditors including but not limited to: (i) (in the Republic of Ireland) bankruptcy, debt settlement agreements, personal insolvency agreements and debt relief notices; (ii) (in Northern Ireland and Great Britain) bankruptcy, interim orders or individual voluntary arrangements; (iii) (in Scotland) sequestration, trust deeds and debt arrangement schemes; or (iv) anything analogous to any of the foregoing in any jurisdiction. Institute means the Institute of Chartered Accountants in Ireland operating as Chartered Accountants Ireland. Interim Order means an order for a specified period (for the avoidance of doubt, such period may exceed one year), or until the termination or conclusion of a Disciplinary Matter, suspending such rights, privileges, membership and / or status as a Student or Affiliate as a Tribunal may determine and / or imposing such conditions as the Tribunal may determine. Member has the meaning given in the Principal Bye-Laws. Member Firm has the meaning given in the Principal Bye-Laws. Misconduct means: (a) (b) any serious act or omission likely to bring a Member, Member Firm, Student, Affiliate, the Institute or the regulated profession of accountancy into disrepute, whether in the course of carrying out his, her or its professional duties or otherwise; or a serious falling short of the standards reasonably to be expected of a Member, Member Firm, Student or Affiliate whether in the course of carrying out his, her or its professional duties or otherwise including but not limited to: (i) breaches of undertakings or consents given to Disciplinary Bodies or Regulatory Committees; and / or (ii) breaches of the standards of the Institute to such an extent, or on such number of occasions, as to call into question the competence of the Member, Member Firm, Student or Affiliate. 3

Poor Professional Performance means any act or omission by a Member, Member Firm, Student or Affiliate, whether in the course of carrying out his, her or its professional duties or otherwise which falls below the standards reasonably to be expected of a Member, Member Firm, Student or Affiliate but which does not amount to Misconduct. Principal Bye-Laws means the Principal Bye-Laws of the Institute. Regulatory Committees means the Quality Assurance Committee, the Quality Assurance Review Committee, the Quality Assurance Appeal Committee and the Insolvency Licensing Committee appointed by the Board and any predecessor or successor to any such committee and Regulatory Committee means any of them. Special Investigator has the meaning given in the Disciplinary Regulations. Student has the meaning given in the Principal Bye-Laws. United Kingdom means the United Kingdom of Great Britain and Northern Ireland (including the Channel Islands and the Isle of Man). 5 Interpretation 5.1 In these Disciplinary Bye-Laws unless the context otherwise requires: 5.1.1 unless otherwise stated or defined, terms defined in the Principal Bye-Laws or the Disciplinary Regulations have the same meaning when used in these Disciplinary Bye-Laws; 5.1.2 words denoting any gender include all genders and words denoting the singular include the plural and vice versa; 5.1.3 any headings are inserted for convenience only and shall not affect the construction of these Disciplinary Bye-Laws; 5.1.4 any reference to any statutory provision, or to any order, regulation, rule, byelaw (including these Disciplinary Bye-Laws) code, policy or standard shall be construed as a reference to that statutory provision, order, regulation, rule, byelaw, code, policy or standard as extended, modified, replaced or re-enacted from time to time (whether before or after the coming into effect of these Disciplinary Bye-Laws) and all regulations and orders from time to time made thereunder or deriving validity therefrom; 5.1.5 any reference to a report includes any appendices to such report; 5.1.6 unless otherwise stated any reference to a Bye-Law in these Disciplinary Bye- Laws is to a Disciplinary Bye-Law; 5.1.7 any reference to a Member or Member Firm includes an individual or entity (not being a Member, Member Firm, Student or Affiliate) who or which has agreed to be bound by these Disciplinary Bye-Laws and the Disciplinary Regulations; 5.1.8 any reference to a Disciplinary Matter includes any part of the Disciplinary Matter; and 4

5.1.9 in writing or any similar expression includes transmission by fax or by email. 5.2 These Disciplinary Bye-Laws shall be interpreted in accordance with the normal rules of interpretation applied by the courts. For the avoidance of doubt, any provision that: 5.2.1 is obscure or ambiguous; or 5.2.2 on a literal interpretation would be absurd, shall be interpreted using a purposive approach, that is to say in accordance with the rule of interpretation which is commonly known as the purposive rule of interpretation. 6 Objective 6.1 The objective of these Disciplinary Bye-Laws is to promote adherence to the highest possible standards of professional and business conduct, efficiency and competency by: 6.1.1 Members; 6.1.2 Member Firms; 6.1.3 Students; and 6.1.4 Affiliates, by providing an efficient, effective and fair system for dealing with Complaints and for investigating the activities and affairs of, and, where appropriate, disciplining, Members, Member Firms, Students and Affiliates. 6.2 The Board, the Disciplinary Bodies, the Head of Professional Conduct, the Executive and any lawful delegate of the foregoing are empowered to do all such lawful things as are incidental to or conducive to the attainment of the objective set out in Bye-Law 6.1. 7 Obligation to co-operate It shall be the duty of every Member, Member Firm, Student or Affiliate, (including such Members, Member Firms, Students or Affiliates who are not involved in or the subject of disciplinary proceedings) to co-operate with CARB and the Institute in the course of the handling of a Complaint or a Disciplinary Matter including any investigation which is being carried out under the Disciplinary Regulations. Such co-operation may include, but shall not be limited to, providing such information, explanations, documents and computer and other electronic records as the Head of Professional Conduct, Disciplinary Body, or any person appointed by the Head of Professional Conduct or a Disciplinary Body to assist it in performing its functions under the Disciplinary Regulations, may consider necessary to enable them to carry out their duties. 8 Liability to disciplinary action 8.1 Liability to disciplinary action arises on the grounds of: 8.1.1 Misconduct; 8.1.2 Poor Professional Performance; and / or 5

8.1.3 failure or neglect to respond or co-operate adequately or at all to CARB (including any Disciplinary Body) or to any officer or member of staff of the Institute whether in the course of disciplinary proceedings or otherwise. 8.2 It will be presumed, unless the contrary is established, that the following constitute proof of Misconduct or, as appropriate, Poor Professional Performance on the part of a Member, Member Firm, Student or Affiliate: 8.2.1 in any jurisdiction, pleading or being found guilty of any offence involving dishonesty, violence, indecency, subversion, drug trafficking, money laundering, terrorist financing, tax evasion (such finding not being set aside on appeal or otherwise) or an offence (such offence not being set aside on appeal or otherwise) which, if committed in the Republic of Ireland and / or any part of the United Kingdom, would be an indictable offence under company law or complicity in any such offences or having been found, in civil proceedings, to have acted fraudulently or dishonestly (such finding not being set aside on appeal or otherwise); 8.2.2 being prohibited (such prohibition not being set aside on appeal or otherwise) from acting as a company director under company law in the Republic of Ireland or any part of the United Kingdom or any analogous law in any other jurisdiction; 8.2.3 being the subject of an adverse finding (such finding not being set aside on appeal or otherwise) of comparable gravity in disciplinary proceedings taken by another Competent Authority; or 8.2.4 being the subject of an adverse finding (such finding not being set aside on appeal or otherwise) of comparable gravity, in respect of conduct, by inspectors appointed under company law in the Republic of Ireland or any part of the United Kingdom or any analogous law in any other jurisdiction. 8.3 In deciding whether a Member, Member Firm, Student or Affiliate is liable to disciplinary action, regard may be had to any matter which the Disciplinary Body or the Head of Professional Conduct considers relevant including but not limited to: 8.3.1 any failure to observe any code of practice or other guidance whether ethical or technical; 8.3.2 any failure to comply with any applicable professional standards including, but not limited to, the Principal Bye-Laws, the Disciplinary Bye-Laws and any regulations applicable to Members, Member Firms, Students or Affiliates; 8.3.3 the findings of another Competent Authority; 8.3.4 any facts or matters which have come to the attention of any Regulatory Committee whether or not such facts or matters have led to an adverse finding by such Regulatory Committee; 8.3.5 any order made by a Disciplinary Body within the previous six years; 6

8.3.6 the behaviour of the Member, Member Firm, Student or Affiliate in the context of any Insolvency Event that has occurred in relation to the Member, Member Firm, Student or Affiliate; 8.3.7 any failure to comply with an order or requirement of a Disciplinary Body or a Regulatory Committee or any failure to duly implement advice obtained pursuant to an order or requirement of a Disciplinary Body or a Regulatory Committee; 8.3.8 any failure to pay any fine or any other amount payable pursuant to an order of a Disciplinary Body or any fine or other amount imposed by and payable to an Oversight Authority; and / or 8.3.9 any matter, which, in accordance with the Disciplinary Regulations, is to be treated as rendering the Member, Member Firm, Student or Affiliate concerned potentially liable to disciplinary action in circumstances where disciplinary action in respect thereof has not yet been taken and which, as provided under the Disciplinary Regulations, may be taken into consideration and which may influence decisions of the Executive, Head of Professional Conduct and Disciplinary Bodies. 8.4 Any Member, Member Firm, Student or Affiliate may be liable to disciplinary action in respect of acts or omissions which took place prior to becoming, as the case may be, a Member, Member Firm, Student or Affiliate but only if they were not fully disclosed to the Institute before becoming a Member, Member Firm, Student or Affiliate. 8.5 A Member, Student or Affiliate may be liable to disciplinary action in respect of an Event which took place during any period when, as the case may be, his or her membership or student or affiliate status is suspended. 8.6 If, after a Disciplinary Matter comes to the attention of the Head of Professional Conduct, a Member, Student or Affiliate tenders his or her resignation such resignation shall not be effective until any or all proceedings arising from such Disciplinary Matter have concluded unless the Council in its absolute discretion decide otherwise. 8.7 Members, Member Firms, Students and Affiliates may, at the discretion of the Head of Professional Conduct, after they cease to be, as the case may be, Members, Member Firms, Students or Affiliates, remain liable to disciplinary action in accordance with these Disciplinary Bye-Laws for an Event which took place while they were, as the case may be, a Member, Member Firm, Student or Affiliate. 8.8 The fact that one or more principals have joined or left a Member Firm since the time of the Event giving rise to liability to disciplinary action shall not affect the Member Firm s liability to such action unless the Head of Professional Conduct or the relevant Disciplinary Body, as appropriate, is satisfied that, as currently constituted, the Member Firm has substantially lost its identity with the Member Firm as constituted at that time. If the Member Firm continues to have the same or substantially the same name, that fact shall be evidence that such identity has not been lost. 8.9 A Member, Member Firm, Student or Affiliate will not be liable to disciplinary action in relation to an Event arising more than six years prior to the time that it first comes to the 7

attention of the Head of Professional Conduct unless the Head of Professional Conduct, in his or her absolute discretion, determines otherwise. 8.10 Subject to the presumption that may arise under Disciplinary Bye-Law 8.2, a Formal Allegation against a Member, Member Firm, Student or Affiliate shall not be proved in whole or in part unless and until it has been proved by the Case Presenter to the satisfaction of the Disciplinary Tribunal or Appeal Tribunal in accordance with the standard of proof applicable under this Disciplinary Bye-Law. The standard of proof applicable shall be proof on the balance of probabilities. 9 Appointments by the Board 9.1 The Board shall appoint: 9.1.1 a Conduct Committee; 9.1.2 a Disciplinary Panel; 9.1.3 an Appeal Panel; 9.1.4 one or more Independent Reviewers; 9.1.5 a Convenor; and 9.1.6 a Deputy Convenor. 9.2 Each person so appointed shall be appointed for a term of five years. Any such appointment may be renewed for one subsequent term. Any person who is appointed as chairperson or vice-chairperson of the Conduct Committee or Convenor or Deputy Convenor may, for so long as he or she remains chairperson, vice-chairperson, Convenor or Deputy Convenor serve a third term of five years. In reckoning the duration of any term of service by a person on the Conduct Committee, the Disciplinary Panel or the Appeal Panel or as an Independent Reviewer no account shall be taken of any period during which such person stepped down from membership of such committee or panel or as an Independent Reviewer. 9.3 If the term of service of an Independent Reviewer or a person appointed to a Disciplinary Tribunal or an Appeal Tribunal would otherwise end prior to the completion of the Independent Reviewer s review or the conclusion of proceedings before the Disciplinary Tribunal or Appeal Tribunal, such person shall be permitted to continue to serve until such time as the Independent Reviewer s review has been completed or the proceedings before the Disciplinary Tribunal or Appeal Tribunal hearing have concluded. 9.4 No person who is a member of the Executive and / or an employee of the Institute may be a member of a Disciplinary Body. 9.5 No person may be a member of more than one of the Conduct Committee, the Disciplinary Panel and the Appeal Panel at the same time. 9.6 No person who is or has been a member of the Council or the Board, may, within two years of the date upon which he or she ceased to be a member of the Council, or, as the case may be, the Board be a member of a Disciplinary Body. However, if during the course of a 8

hearing a member of a Tribunal is elected or appointed to the Council or to the Board, he or she may take up his or her position on the Council or, as the case may be, the Board and may continue in office as a member of the Tribunal until such hearing has concluded. 9.7 No person who is a Member or employee of the Institute or who is a member of the Council, the Board, the Conduct Committee, the Disciplinary Panel, or the Appeal Panel or any other committee of the Institute may be an Independent Reviewer. 9.8 The Board shall have power to pay remuneration to, and the reasonable expenses of, any individual appointed as or to a Disciplinary Body. 9.9 The Board may from time to time appoint persons (who may be members of the Executive and / or employees of the Institute) to act as registrars to provide administrative support to the Disciplinary Bodies. 9.10 The Board may, in its absolute discretion, terminate a person s membership of a Disciplinary Body on the grounds of misconduct or incapacity. 9.11 The acts of a Disciplinary Body shall be valid notwithstanding any defect that may afterwards be discovered in the appointment or qualification of a member of that Disciplinary Body. 10 Disciplinary Regulations 10.1 The Board shall, from time to time, make Disciplinary Regulations (not being inconsistent with these Disciplinary Bye-Laws, the Principal Bye-Laws or any applicable legislation) governing the process whereby the activities and affairs of Members, Member Firms, Students and Affiliates may be investigated and Members, Member Firms, Students and Affiliates may be disciplined. Without prejudice to the generality of the foregoing the Disciplinary Regulations shall prescribe or provide for: 10.1.1 the rights of Members, Member Firms, Students and Affiliates including but not limited to the right to: 10.1.1.1 notice that disciplinary proceedings are to be brought against him her or it; 10.1.1.2 attend and be represented at any hearing before a Disciplinary or Appeal Tribunal; 10.1.1.3 call and cross examine witnesses at any hearing before a Disciplinary or Appeal Tribunal; and 10.1.1.4 appeal an order made by a Disciplinary Tribunal on specified grounds; 10.1.2 the circumstances in which appeals may be brought and the procedure for hearing such appeals; 10.1.3 the conduct of business of the Disciplinary Bodies including, without limitation, quorum and composition requirements and their powers, duties and permissible delegations; 9

10.1.4 procedures governing the conduct of any proceedings whereby Members, Member Firms, Students or Affiliates may become subject to disciplinary action; 10.1.5 publication, in the public interest, of notice of findings and orders made; 10.1.6 publication, in the public interest, of notice of hearings being held in public; 10.1.7 procedures governing the handling of matters of public concern; and 10.1.8 the resolution of Disciplinary Matters by agreement. 10.2 Regulations made by the Board under Disciplinary Bye-Law 10.1 shall have force and be binding upon Members, Member Firms, Students and Affiliates and on all other individuals and entities who or which have agreed to be bound by these Bye-Laws and the Disciplinary Regulations from such day as the Board may appoint following their adoption by the Council and approval by relevant oversight authorities. 10.3 The Board may from time to time commence, repeal, amend, alter or add to the Disciplinary Regulations in any manner which is not inconsistent with these Disciplinary Bye-Laws, the Principal Bye-Laws or any applicable legislation. Any such commencement, repeal, amendment, alteration or addition shall only take effect from such day as the Board may appoint provided the repeal, amendment, alteration or addition has been adopted by the Council and approved by all relevant oversight authorities. 11 Orders The orders (including orders made with the consent of a Member, Member Firm, Student or Affiliate) which may be made shall include: 11.1 If the Disciplinary Matter concerns a Member: 11.1.1 that the Member be excluded from membership; 11.1.2 that the Member be suspended from membership for a period not exceeding one year; 11.1.3 that some or all of the practising rights, licences, registrations, designations, certificates or authorisations held by the Member be withdrawn; 11.1.4 that the Member be declared ineligible for a practising certificate and / or any other certificate, licence, registration or authorisation; 11.1.5 that the Member be severely reprimanded; 11.1.6 that the Member be reprimanded; 11.1.7 that the Member be issued an unpublished caution; 11.1.8 that no further action be taken against the Member; 11.1.9 that the Member be fined an amount not exceeding 100,000; 10

11.1.10 that the Member pay a specified amount in respect of costs and expenses of whatsoever nature incurred by or on behalf of CARB or the Institute subject to such limitations as may be stipulated in the Disciplinary Regulations; 11.1.11 that the Member pay a specified amount to the Institute, not exceeding 1,000, or such other sum as may be prescribed for the purpose of this Disciplinary Bye-Law by the Board, in respect of costs incurred by a Complainant; 11.1.12 that the Member waive or repay the whole or part of any fee or commission received; 11.1.13 that the Member take such steps as may be specified (other than payment of compensation) for the purpose of resolving the issues which gave rise to the disciplinary proceedings (a remedial order); and 11.1.14 an Interim Order. 11.2 If the Disciplinary Matter concerns a Member Firm: 11.2.1 that the Member Firm be prohibited from describing itself as Chartered Accountants for a specified period; 11.2.2 that some or all of the practising rights, licences, registrations, designations, certificates or authorisations granted to the Member Firm be withdrawn; 11.2.3 that the Member Firm be declared ineligible for, practising rights and / or any certificates, licences, registrations or authorisations; 11.2.4 that the Member Firm be severely reprimanded; 11.2.5 that the Member Firm be reprimanded; 11.2.6 that the Member Firm be issued an unpublished caution; 11.2.7 that no further action be taken in respect of the Member Firm; 11.2.8 that the Member Firm be fined an amount not exceeding 100,000 per principal in the Member Firm who is a Member or an Affiliate; 11.2.9 that the Member Firm pay a specified amount in respect of costs and expenses of whatsoever nature incurred by or on behalf of CARB or the Institute subject to such limitations as may be stipulated in the Disciplinary Regulations; 11.2.10 that the Member Firm pay a specified amount to the Institute, not exceeding 1,000, or such other sum as may be prescribed for the purpose of this Disciplinary Bye-Law by the Board, in respect of costs incurred by a Complainant; 11.2.11 that the Member Firm waive or repay the whole or part of any fee or commission received; 11

11.2.12 that the Member Firm take such steps as may be specified (other than payment of compensation) for the purpose of resolving the issues which gave rise to the disciplinary proceedings (a remedial order); and 11.2.13 an Interim Order. 11.3 If the Disciplinary Matter concerns a Student: 11.3.1 that the Student be declared unfit to become a Member, for a specified period or otherwise; 11.3.2 that the registration of his or her training contract be suspended for such period, not exceeding two years, as the Disciplinary Tribunal or Appeal Tribunal may determine; 11.3.3 that the Student be declared ineligible for a period, not exceeding two years, to sit for particular examinations of the Institute; 11.3.4 that the Student be disqualified from an examination or examinations of the Institute, not being an examination or examinations the result of which shall have been duly notified to him or her prior to the date of the order; 11.3.5 that the Student be severely reprimanded; 11.3.6 that the Student be reprimanded; 11.3.7 that the Student be issued an unpublished caution; 11.3.8 that no further action be taken in respect of the Student; 11.3.9 that the Student be fined an amount not exceeding 5,000; 11.3.10 that the Student pay a specified amount in respect of costs and expenses of whatsoever nature incurred by or on behalf of CARB or the Institute subject to such limitations as may be stipulated in the Disciplinary Regulations; 11.3.11 that the Student pay a specified amount to the Institute, not exceeding 1,000, or such other sum as may be prescribed for the purpose of this Disciplinary Bye-Law by the Board, in respect of costs incurred by a Complainant; and 11.3.12 an Interim Order. 11.4 If the Disciplinary Matter concerns an Affiliate: 11.4.1 that the Affiliate s affiliate status be withdrawn; 11.4.2 that the Affiliate s affiliate status be suspended for a period not exceeding one year; 11.4.3 that the Affiliate be severely reprimanded; 11.4.4 that the Affiliate be reprimanded; 12

11.4.5 that the Affiliate be issued an unpublished caution; 11.4.6 that no further action be taken against the Affiliate; 11.4.7 that the Affiliate be fined an amount not exceeding 100,000; 11.4.8 that the Affiliate pay a specified amount in respect of costs and expenses of whatsoever nature incurred by or on behalf of CARB or the Institute subject to such limitations as may be stipulated in the Disciplinary Regulations; 11.4.9 that the Affiliate pay a specified amount to the Institute, not exceeding 1,000, or such other sum as may be prescribed for the purpose of this Disciplinary Bye-Law by the Board, in respect of costs incurred by a Complainant; 11.4.10 that the Affiliate waive or repay the whole or part of any fee or commission received; 11.4.11 that the Affiliate take such steps as may be specified (other that payment of compensation) for the purpose of resolving the issues which gave rise to the disciplinary proceedings (a remedial order); and 11.4.12 an Interim Order. 11.5 An order suspending a Member from membership or an Affiliate s affiliate status shall, amongst others, have the following effects: 11.5.1 the Member shall not be entitled to describe himself or herself as a Chartered Accountant for the period of the suspension; 11.5.2 the Member or Affiliate shall lose all rights and privileges of membership or affiliate status for the period of the suspension; 11.5.3 any practising rights, licences, registrations, designations, certificates, authorisations, or other permit granted to him or her by CARB or the Institute shall be withdrawn; and 11.5.4 the Member or Affiliate shall remain bound by the professional standards of the Institute including but not limited to the Code of Ethics, the Principal Bye-Laws, the Disciplinary Bye-Laws and any regulations made thereunder for the period of the suspension. 11.6 If, after the end of the period of suspension, the Member or Affiliate wishes once again to avail of any practising rights, licences, registrations, designations, certificates, authorisations, or other permits he or she must re-apply for same. 12 Alteration of Disciplinary Bye-Laws 12.1 The Institute in general meeting may from time to time by resolution passed by not less than two thirds of the members entitled to vote and voting upon such resolution repeal, amend, alter or add to these Disciplinary Bye-Laws in any manner which is not inconsistent with the Royal Charter of Incorporation of the Institute granted on 14 May 1888 as amended by the Institute of Chartered Accountants in Ireland (Charter Amendment) Act 13

1966 (Republic of Ireland), and the Institute of Chartered Accountants in Ireland (Charter Amendment) Act 1966 (Northern Ireland). 12.2 Any such resolution as is referred to in Disciplinary Bye-Law 12.1 shall only take effect from such day as the Board may appoint being a day on or after the date upon which it is allowed by both the Department of Enterprise, Trade and Investment (of Northern Ireland), or any successor to such body and the Irish Auditing and Accounting Supervisory Authority (Republic of Ireland) or any successor to such body. 13 FRC Scheme The Institute shall, unless and until the Council resolves to the contrary, participate in the FRC Scheme. 14 Powers under Companies Acts Each of the Disciplinary Bodies (other than the Disciplinary Panel or Appeal Panel) and the Executive (through the Head of Professional Conduct) shall be entitled to avail of all powers conferred on it by section 192A of the Companies Act 1990 (as inserted by section 36 of the Companies (Auditing and Accounting) Act 2003, Section 934 of the Companies Act 2014 or any analogous legislation in any other jurisdiction. 14