Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 13 : Administrative Penalties

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(1)	The responsible authority for a financial sector law may, by order served on a person, impose on the person an appropriate administrative penalty, that must be paid to the financial sector regulator, if the person—

(a)	has contravened a financial sector law; or

(b)	has contravened an enforceable undertaking accepted by the responsible authority.

(2)	In determining an appropriate administrative penalty for particular conduct—

(a)	the matters that the responsible authority must have regard to include the following:

(i)	The need to deter such conduct;

(ii)	the degree to which the person has co-operated with a financial sector regulator in relation to the contravention; and

(iii)

any submissions by, or on behalf of, the person that is relevant to the matter, including mitigating factors referred to in those submissions; and

(b)	without limiting paragraph (a), the matters that the responsible authority may have regard to include the following:

(i)	The nature, duration, seriousness and extent of the contravention;

(ii)	any loss or damage suffered by any person as a result of the conduct;

(iii)

the extent of any financial or commercial benefit to the person, or a juristic person related to the person, arising from the conduct;

(iv)	whether the person has previously contravened a financial sector law;

(v)	the effect of the conduct on the financial system and financial stability;

(vi)	the effect of the proposed penalty on financial stability;

(vii)

the extent to which the conduct was deliberate or reckless.

(3)	An administrative penalty may include an amount to reimburse the responsible authority for reasonable costs incurred by the responsible authority in connection with the contravention.

(4)	The responsible authority may not impose an administrative penalty on a person if a prosecution of the person for an offence arising out of the same set of facts has been commenced.

(5)	An administrative penalty order is not a previous conviction as contemplated in Chapter 27 of the Criminal Procedure Act, 1977 (Act No. 51 of 1977).

(6)	The responsible authority that makes an administrative penalty order must publish the order.