Protection of Businesses Act, 1978
R 385
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 13 : Administrative Penalties174. Prohibition of indemnity for administrative penalties |
| (1) | Except in circumstances prescribed by a joint standard, a person may not undertake to indemnify or compensate another person, directly or indirectly, wholly or partly, in respect of a payment made or liability incurred by the other person in connection with an administrative penalty order imposed on the other person. |
| (2) | An undertaking in terms of subsection (1) is void. |
