Novare CIS fined R30 000

The Registrar of Collective Investment Schemes as he was referred to in section 7 of the Collective Investment Schemes, 45 of 2002(CISCA) referred a case against Novare CIS (RF) (Pty) Limited (the Respondent) to the Enforcement Committee of the Financial Services Board, the latter being the predecessor of the Financial Sector Conduct Authority (FSCA).

In a statement today, the FSCA says that the established facts revealed that from September 2016 to September 2017 theRespondent’s Minimum Disclosure Documents in respect of the Novare Money MarketFund (the Fund) quoted performance data for the period 2010 to 2015 which applied to a period during which the Fund was managed as a segregated fund.

“This period was prior to the Fund being regulated by the Registrar. The Registrar believed that the Respondent’s failure to indicate clearly that the performance data applied to a period prior to theRegistrar’s approval of the Fund had the potential to mislead investors in believing that theFund had a long track record.”

As aggravating factors the Registrar considered amongst other factors that theRespondent’s conduct showed “a lack of oversight in its publications” which led to the contravention. In mitigation the Registrar considered that the Respondent accepted responsibility for its actions, cooperated during the enforcement process and rectified the contravention. Taking all the above into consideration, the parties agreed on an administrative penalty of R30 000 which was imposed by the Enforcement Committee on 29 March 2018.

A copy of the order is available on the FSCA website: www.fsca.co.za



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