Viceroy’s R50m Capitec fine set aside by tribunal
Financial Services Tribunal’s majority ruling states that the FSCA did not have sufficient jurisdiction to impose a fine on foreigners not resident in SA
The Financial Services Tribunal (FST) has set aside a R50m fine imposed on Viceroy Research by the Financial Sector Conduct Authority (FSCA) and granted the activist short-seller’s application for the penalty to be reconsidered.
The majority ruling, handed down by a three-member panel on November 15, found that while the FSCA has jurisdiction over the conduct of the authors of a Viceroy report that was highly critical of Capitec, it did not have jurisdiction over their person. By extension, that means the regulator did not have jurisdiction to impose a penalty given that the three authors were foreign nationals and not based in SA...
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