| (1) | Subject to subsection (3), the Commission, or the Executive Director of the Panel, may issue a compliance notice in the prescribed form to any person whom the Commission or Executive Director, as the case may be, on reasonable grounds believes— |
| (b) | assented to, was implicated in, or directly or indirectly benefited from, a contravention of this Act, |
unless the alleged contravention could otherwise be addressed in terms of this Act by an application to a court or to the Companies Tribunal.
| (2) | A compliance notice may require the person to whom it is addressed to— |
| (a) | cease, correct or reverse any action in contravention of this Act; |
| (b) | take any action required by this Act; |
| (c) | restore assets or their value to a company or any other person; |
| (d) | provide a community service, in the case of a notice issued by the Commission; or |
| (e) | take any other steps reasonably related to the contravention and designed to rectify its effect. |
| (3) | When issuing a notice in terms of subsection (1) to a regulated person or entity, the Commission or Executive Director, as the case may be, must send a copy of the notice to the regulatory authority that granted a licence or similar authority to that regulated person or entity, and in terms of which that person is authorised to conduct business. |
| (4) | A compliance notice contemplated in subsection (1) must set out— |
| (a) | the person or association to whom the notice applies; |
| (b) | the provision of this Act that has been contravened; |
| (c) | details of the nature and extent of the non-compliance; |
| (d) | any steps that are required to be taken and the period within which those steps must be taken; and |
| (e) | any penalty that may be imposed in terms of this Act if those steps are not taken. |
| (5) | A compliance notice issued in terms of this section, or any part of it, remains in force until— |
| (i) | the Companies Tribunal, or a court upon a review of the notice, in the case of a notice issued by the Commission; or |
| (ii) | the Takeover Special Committee, or a court upon a review of the notice, in the case of a notice issued by the Executive Director; or |
| (b) | the Commission, or Executive Director, as the case may be, issues a compliance certificate contemplated in subsection (6). |
| (6) | If the requirements of a compliance notice issued in terms of subsection (1) have been satisfied, the Commission or the Executive Director, as the case may be, must issue a compliance certificate. |
| (7) | If a person to whom a compliance notice has been issued fails to comply with the notice, the Commission or the Executive Director, as the case may be, may either— |
| (a) | apply to a court for the imposition of an administrative fine; or |
| (b) | refer the matter to the National Prosecuting Authority for prosecution as an offence in terms of section 214(3), |
but may not do both in respect of any particular compliance notice.
