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Securities Services Act, 2004 (Act No. 36 of 2004)

Chapter IX : General Provisions

Enforcement committee

103. Admission by respondent

 

(1) If a respondent admits that he or she has committed the contravention or failure of which the respondent is charged and the panel and the respondent agree on the appropriate amount of an administrative penalty, the panel may—
(a) impose that penalty; and
(b) if necessary, instruct the respondent to take any remedial action as contemplated in section 94(c),

and the respondent must pay the penalty to the board and take the remedial action within the time specified by the panel.

 

(2) If the respondent fails to pay the agreed penalty or to take the remedial action instructed within the specified time, the registrar or directorate, as the case may be, may file with the clerk or registrar of any competent court a statement certified as correct, stating the amount of the penalty imposed on the respondent and the contents of the instruction, and such statement thereupon has all the effects of a civil judgment lawfully given in that court in favour of the board.