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Proceedings by whom to be taken and power to compound offences

Securities Industry Act

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—(1) Proceedings for an offence —(a)against any provision of Part IX may be taken only with the consent of the Attorney-General; and(b)against any other provisions of this Act may be taken by the Authority or, with the consent of the Attorney-General, by any other person.(2) The Authority may, without instituting proceedings against any person for an offence under this Act or the regulations made thereunder which is punishable only by a fine, demand and receive the amount of such fine or such reduced amount as he thinks fit from such person, whereupon —(a)if such person pays such amount to the Authority within 14 days after the demand, no proceedings shall be taken against him in relation to the offence;(b)if such person does not pay the amount so demanded, the Authority may cause proceedings to be instituted in relation to the offence.(3) The powers conferred upon the Authority under subsection (2) shall only be exercised where a person admits the offence and agrees in writing to the offence being dealt with under that subsection.(4) Any punishment authorised by this Act may be imposed by a District Court, notwithstanding that it is a greater punishment than such Court is otherwise empowered to impose.

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