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FSCA fines 36ONE Asset Management (Pty) Ltd R350 000

Publish date: 12 April 2019
Issue Number: 66
Diary: CompliNEWS
Category: Enforcement

The Financial Sector Conduct Authority (FSCA) imposed an administrative penalty of R350 000 on 36ONE Asset Management (Pty) Ltd, for contravening s 65(3) of the Collective Investment Schemes Act 45 of 2002 (CISCA).

The Authority found that, from August 2015 to 1 March 2018, 36ONE promoted investment into two unapproved funds, namely the 36ONE Hedge Portfolio and the 36ONE Offshore Portfolio. 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.

Full FSCA media release

Working Smart

By Lee Rossini

Nothing in life is static for long; change is always taking place around us in different forms and guises. Although we sometimes drive the changes ourselves, often they are imposed on us. New regulations, technologies, client demands, competitors; these are some of the reasons why a financial advice business must constantly update and re-engineer its strategies. While some business owners relish change, others fear and resent it. However, to be an effective business owner or manager, it is essential to recognise when change is desirable or at least inevitable although this does not necessarily mean that employees will feel the same way.  

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