Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 10 : EnforcementPart 6 : Leniency agreements156. Leniency agreements |
| (1) | The responsible authority for a financial sector law may, in exchange for a person's co-operation in an investigation or in proceedings in relation to conduct that contravenes or may contravene that law, enter into a leniency agreement with the person, which may provide that the responsible authority undertakes not to impose an administrative penalty on the person in respect of the conduct. |
| (2) | A leniency agreement with a person may provide that the agreement also applies to— |
| (a) | specified persons in the service of, or acting on behalf of, the person; or |
| (b) | specified partners and associates of the person. |
| (3) | The responsible authority may not enter into a leniency agreement with a person unless it is satisfied that it is appropriate to do so, having regard, among other matters, to— |
| (a) | the nature and effect of the contravention concerned; |
| (b) | the nature and extent of the person’s involvement in the contravention; and |
| (c) | the extent of the person’s co-operation. |
| (4) | The responsible authority that enters into a leniency agreement must publish it, unless the responsible authority determines that the publication may— |
| (a) | create an unjustifiable risk to the safety of a person; or |
| (b) | prejudice an investigation into a contravention of a law. |
| (5) | The responsible authority that enters into a leniency agreement may, by notice to the person with whom it entered into the agreement, terminate the agreement— |
| (a) | if the person agrees; |
| (b) | if the person gave the responsible authority false or misleading information in relation to entering into the agreement; |
| (c) | if the person has failed to comply with the agreement; or |
| (d) | in circumstances specified in the agreement. |