No­vare fined R30 000

Weekend Argus (Saturday Edition) - - SPORT -

IN­VEST­MENT com­pany No­vare CIS has been fined R30 000 by the en­force­ment com­mit­tee of the Fi­nan­cial Ser­vices Board, the pre­de­ces­sor of the Fi­nan­cial Sec­tor Con­duct Au­thor­ity (FSCA), for quot­ing per­for­mance data for a fund for a pe­riod prior to the fund be­ing reg­u­lated by the Reg­is­trar of Col­lec­tive In­vest­ment Schemes.

The FSCA says that from Septem­ber 2016 to Septem­ber 2017, the min­i­mum dis­clo­sure doc­u­ments in re­spect of the No­vare Money Mar­ket Fund quoted per­for­mance data for 2010 to 2015, dur­ing which pe­riod the fund was man­aged as a se­gre­gated fund.

This was prior to the fund be­ing reg­u­lated by the reg­is­trar, the FSCA says.

The reg­is­trar be­lieved that No­vare’s fail­ure to in­di­cate clearly that the data ap­plied to a pe­riod prior to the reg­is­trar’s ap­proval of the fund had the po­ten­tial to mis­lead in­vestors into be­liev­ing that the fund had a long track record. – Staff Re­porter

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