Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 10 : EnforcementPart 3 : Enforceable undertakings151. Enforceable undertakings |
| (1) | A person may give a written undertaking to the responsible authority concerning that person’s future conduct in relation to a matter regulated by a financial sector law, and that undertaking, upon its acceptance by the responsible authority, becomes enforceable by the responsible authority as contemplated in this Act. |
| (2) | A written undertaking referred to in subsection (1) may include an undertaking to provide specified redress to financial customers. |
| (3) | The person who gave an enforceable undertaking may, with the consent of the responsible authority, vary or withdraw the undertaking at any time, except if the undertaking is already a subject of enforcement. |
| (4) | If a financial institution licensed under a specific financial sector law that gave an enforceable undertaking breaches a term of the undertaking, the responsible authority may suspend or withdraw the licence. |
| (5) | The responsible authority must publish each enforceable undertaking that it accepts, and each variation or withdrawal of an enforceable undertaking. |
| (6) | If the Tribunal is satisfied, on application by the responsible authority, that a person has contravened an enforceable undertaking, the Tribunal may make any one or more of the following orders: |
| (a) | An order directing the person to comply with the undertaking; |
| (b) | if the undertaking relates to a past contravention of the financial sector law, an order directing the person to perform a specified act, or refrain from performing a specified act, for one or both of the following purposes: |
| (i) | to remedy the effects of the contravention; |
| (ii) | to ensure that the person does not contravene the undertaking again; |
| (c) | any other incidental or relevant order. |
| (7) | The responsible authority may file with the registrar of a competent court a certified copy of an order in terms of subsection (6), if— |
| (a) | the order has not been complied with; and |
| (b) | either— |
| (i) | no proceedings in a court in relation to the making of the order have been commenced by the end of the period for lodging such appeals; or |
| (ii) | if such proceedings have been commenced, they have been finally disposed of. |
| (8) | The order, on being filed, has the effect of a civil judgment, and may be enforced as if lawfully given in that court. |