Asset manager fined R350 000 for promoting unapproved funds | Fin24
 
  • New CEO

    After months of speculation and delays, Andre de Ruyter has been named Eskom's new head.

  • Flag Carrier

    The escalating strike at SAA is set to test President Cyril Ramaphosa’s will.

  • The Namibian Link

    Evidence is mounting that VBS Mutual Bank aided another elaborate bank heist.

Loading...

Asset manager fined R350 000 for promoting unapproved funds

Apr 12 2019 12:33
Lameez Omarjee

The Financial Sector Conduct Authority has fined 36ONE Asset Management R350 000 for promoting investments in two of its unapproved funds.

According to a statement issued by the market conduct regulator on Thursday, 36ONE Asset Management promoted the 36ONE Hedge Portfolio and 36ONE Offshore Portfolio, both unapproved funds, between August 2015 and March 1, 2018.

Cayman Islands

"During the period of the contraventions, both these funds were registered in the Cayman Islands and were not approved by the Authority to be marketed to members of the South African public," the FSCA said.

The FSCA based the fine on the fact that the unapproved funds were hosted on 36ONE’s webpage for two years and seven months, and that the promotion of investments into the unapproved funds had a wide reach.

According to the maket conduct regulator, 36ONE had co-operated in the enforcement process.

"They rectified the contravention as soon as the authority notified them and there were no actual investments as a result of the contravention," the statement read.

The FSCA regulates financial institutions that provide financial services and products - this includes banks, insurers retirement funds and administrators, among others.

financial services  |  fines
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...