(1) Section 933(1) applies to the interpretation of this section as it applies to the interpretation of section 933.

(2) Subject to subsection (3), if the Supervisory Authority believes on reasonable grounds -

(a) if the relevant body falls within paragraph (a) of the definition of "relevant body", that the body did not comply with the approved investigation and disciplinary procedures, or

(b) if the relevant body falls within paragraph (b) of the definition of "relevant body", that the body did not comply with the applicable provisions in performing the Part 27 function or Part 28 function,

the Supervisory Authority and the relevant body may, at their absolute discretion, enter into an agreement (in this section referred to as a "section 933A agreement") to resolve the matters the subject of the non-compliance.

(3) The following provisions shall apply to the section 933A agreement:

(a) the agreement may be entered into notwithstanding that no enquiry under section 933 into the non-compliance has been commenced;

(b) the agreement may be entered into after an enquiry under section 933 into the non-compliance has been commenced but not, subject to paragraph (d), after it has been completed;