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Section 599 of The Companies Act No. 17 of 2015: Power of Authority to impose sanctions for breaches of Takeover Rules

    

) The Authority may impose sanctions on a person who—
(a) has contravened or is contravening, or has failed to comply with or is failing to comply with, a provision of the Takeover Rules; or
(b) has failed or is failing to comply with a direction given under rules made for the purpose of section 595.
(2) The Authority may not impose sanctions under subsection (1) unless it has published a statement of its policy with respect to—
(a) the imposition of such sanctions; and
(b) if the sanction is a financial penalty — the amount of the penalty that can be imposed.
(3) As an element of the policy, the Authority shall, in making a decision to impose a sanction, take into account the following factors— (a) the seriousness of the contravention or failure concerned;
(b) the extent to which the contravention or failure was deliberate or reckless;
(c) whether the person on whom the sanction is to be imposed is a natural person or a body corporate.
(4) The Authority may at any time revise a policy statement.
(5) Before publishing a policy statement or a revised policy statement, the Authority shall prepare a draft of the statement and consult such persons about the draft as it considers appropriate.
(6) In exercising, or deciding whether to exercise, its power to impose a sanction under subsection (2) with respect to a particular contravention or failure, the Authority shall have regard to any relevant policy statement published and in force at the time when the contravention or failure occurred.

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Disclaimer: This document is not to be taken as legal advise.

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