Section 348 Investments and Securities Act

Section 348 of the Investments and Securities Act 2025 is about Power to recover administrative penalties as debt. It is under Part XVIII (Miscellaneous Provisions) of the Act. It provides as follows:

(1) Where a person has failed to comply with a penalty imposed by the Commission, the Commission may sue and recover the administrative penalty as a civil debt.

(2) Without prejudice to any other remedy, where the Commission has directed a person in breach to make restitution in the form of monetary payment, and the person in breach fails to pay the restitution, the Commission may sue and recover the restitution as a civil debt due to the persons aggrieved by the breach.

(3) Nothing in this section shall preclude the Commission from taking any of the actions that it is empowered to take under this Act or other applicable laws against the person in breach.

(4) For the purposes of this section —
“breach” means a failure to comply with directives of the Commission, observe or give effect to the provisions of this Act or any rules and regulations made under this Act, in circumstances where there is an obligation to do so; and

“person in breach” means a person who contravenes or fails to comply with directives of the Commission, observe or give effect to the provisions of this Act or any rules and regulations made under this Act, in circumstances where the person is under an obligation to do so.