Back Print this page
CompliNEWS   |   Financial Service Intelligence Watch Friday 24 May 2019

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

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