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The Financial Sector Conduct Authority (FSCA) levied a penalty of R30,000 on one of SA’s new upstart bourses, 4 Africa Exchange, for failing to submit its financial statements.
Its statements were due more than a year ago, at end-July 2018.
“In mitigation, however, the FSCA considered, amongst others, the fact that 4AX admitted to the contravention and cooperated with the FSCA in all respects.”
4AX was launched in 2017, along with other new exchanges ZARX and A2X, as a competitor to the JSE.
4AX has a handful of listings, including the agricultural business NWK and the insurer Assupol.
