Under Chapters 2&3 of Part 9 of the CBB Law, the CBB may impose financial penalties on licensees or persons referred to in paragraph (b) of Article (68 bis 1) of the CBB Law. Their use is generally limited to situations where major breaches of regulatory requirements have taken place and a licensee or persons referred to in paragraph (b) of Article (68 bis 1) of the CBB Law have failed to respond in an acceptable manner to the concerns expressed by the CBB. Financial penalties are thus normally preceded by the issuance of a written formal notice and/or Direction.