following:
- the assessment report submitted by Alpine to Cost Cap Administration on 2 April 2024,
as required pursuant to Article 5.1(d) as part of its Reporting Documentation in respect
of the 2023 Reporting Period, contained significant deficiencies. Several required
procedures had not been performed at all, and several other procedures had only been
partially completed.
- an updated assessment report dated 6 May 2024 was submitted by Alpine to the Cost
Cap Administration on 7 May 2024. The Cost Cap Administration has reviewed the
updated assessment report and has concluded that it addresses all of the deficiencies
previously identified.
Alpine has therefore accepted that it has breached Articles 8.1, 8.2(d) and 8.2(e) of the Power
Unit Financial Regulations, in delaying the exercise by the Cost Cap Administration of its
regulatory function and in submitting Reporting Documentation in respect of the 2023 Reporting
Period that was inaccurate by omitting relevant information.
On that basis, Alpine has accepted the imposition of the following sanctions in full and final
settlement of the Procedural Breach:
- Alpine must pay a Financial Penalty of USD 400,000 to the FIA within 30 days of the date
of execution of the ABA (Article 9.5 of the Power Unit Financial Regulations); and
- Alpine bears the costs incurred by the Cost Cap Administration in connection with the
preparation of the ABA.
The decision of the Cost Cap Administration to enter into the ABA constitutes its final decision
resolving this matter and is not subject to appeal. Non-compliance by Alpine with any terms of
the ABA will result in a further Procedural Breach under Articles 6.30 and 8.2(f) of the Power Unit
Financial Regulations and automatic referral to the Cost Cap Adjudication Panel
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