1) Licensed Financial Institutions, along with their legal representatives, compliance officers, and auditors of accounts shall be responsible for, immediate reporting of any of the following to the Central Bank:

1. a. Occurrence of any material or crucial developments, which may impact its activities, structure, or overall position.
2. b. Occurrence of any violation to the provisions of this Decretal Law or the decisions, regulations, or instructions issued in implementation thereof.

2) The aforementioned Persons referred to in item (1) of this article shall not be considered to have breached any of their obligations if they, acting in good faith, filed a report as per provisions of this article, or provided information or opinion to the Central Bank. The Licensed Financial Institution shall not dismiss those mentioned in item (1) of this article without obtaining approval of the Central Bank.

3) The Central Bank shall establish a mechanism for accepting notifications concerning violations referred to in item (1) of this article.