Public Service Commission Act, 1997
R 385
Credit Rating Services Act, 2012 (Act No. 24 of 2012)Chapter 6 : Administration of Act28. Fees and penalties |
(1)
| (a) | The registrar may by notice on the FSB official website determine the fees payable to the registrar by any person, or category of persons seeking a decision, applying for registration or the performance of any other act by the registrar under this Act, and the registrar may in a similar manner amend, substitute or withdraw any such notice. |
| (b) | The fees are payable in the manner, and are subject to the requirements, determined by the registrar by notice on the FSB official website. |
(2)
| (a) | A person who is liable to pay the fees contemplated in subsection (1)(a) and who fails to pay the amount due on the date or within the period specified, must pay interest on the amount outstanding at the prescribed rate. |
| (b) | The fees and interest owed in respect thereof are regarded as debts due to the registrar and may be recovered by the registrar by way of a judicial process in a competent court. |
| (3) | The registrar may impose an administrative penalty on a registered credit rating agency for failure to submit, to the registrar within a period specified in terms of this Act, any statement, report, return or other document or information required to be submitted in terms of this Act, such penalty to be prescribed by the registrar for every day during which the failure continues. |
| (4) | The registrar must, before imposing a penalty, by written notice to the registered credit rating agency— |
| (a) | inform the registered credit rating agency of the intention of the registrar to impose a penalty; |
| (b) | specify the particulars of the alleged failure; |
| (c) | set out the reasons for the intended imposition of a penalty; |
| (d) | specify the amount of the penalty intended to be imposed; and |
| (e) | call upon the registered credit rating agency to show cause within a period specified by the registrar why the penalty should not be imposed. |
| (5) | If the registrar, after consideration of representations made by the registered credit rating agency, decides to impose a penalty, the registrar must notify the registered credit rating agency in writing that it may— |
| (a) | pay the penalty within a stipulated period; or |
| (b) | appeal to appeal board in accordance with section 33 against the imposition of the penalty. |
| (6) | If a registered credit rating agency fails to pay the penalty or to note an appeal within the periods stipulated in the notice contemplated in subsection (5), the registrar may, by way of civil action in any competent court, recover the amount of the penalty from the registered credit rating agency concerned. |
