A R50 million fine imposed on Viceroy Research by the Financial Sector Conduct Authority (FSCA) has been set aside by the Financial Services Tribunal (FST).
This comes after the FSCA announced last year in September 2021, that it had imposed sanctions on the partnership called Viceroy Research and its partners, Fraser Perring, Gabriel Bernarde and Aiden Lau for contravening section 81 of the Financial Markets Act 19 of 2012 (FMA).
Yesterday, majority of the members of the FST ruled in favour of the applicants and determined that the FSCA did not have jurisdiction to impose a penalty on Perring, Bernarde and Lau.
The FSCA said in a statement, “It is noted that the minority of the Tribunal members ruled that the FSCA did have jurisdiction to impose the penalty. The FSCA is studying the Tribunal decision and will decide on the most appropriate way forward.”
BUSINESS REPORT