(AP Photo/Jenny Kane, File)
(AP Photo/Jenny Kane, File)

Personal Finance weekly news roundup

By Supplied Time of article published Sep 11, 2019

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Judge Bernard Makgabo Ngoepe

Minsiter of Finance Tito Mboweni has extended the term of office of the Tax Ombud, Judge Bernard Makgabo Ngoepe, for three years, starting on October 1. Judge Ngoepe became the country’s first Tax Ombud in October 2013.

Judge Ngoepe welcomed the extension and said he would continue to pursue independence of the office from the South African Revenue Service (Sars).

He said: “The next three years will provide us with more time to pursue the objective of turning the ombud’s office into an independent institution that will ensure a balance between Sars’s powers on the one hand, and taxpayer rights and obligations on the other.”

Profiledata to launch SA hedge fund database

Financial data supplier ProfileData is in the final stages of engineering a hedge fund database for the South African market, with the aim of launching it by the end of the year.

The regulation of hedge funds in South Africa in 2016 did not trigger the retail interest that many expected. Profile Group chairperson Ernie Alexander believes this is partly because hedge funds remain less transparent than other collective investments.

“It’s not easy to source data or compare net returns within the hedge fund sector. Our new database offering will help to change that.”

Like Profile’s FundsData database of collective investment schemes, the product will allow users to filter fund characteristics and compare funds across investment periods.

Fortress, lighthouse cleared of wrongdoing

The Financial Sector Conduct Authority (FSCA) has closed its investigations of Fortress real estate investment trust and Lighthouse Capital (formerly known as Greenbay) regarding alleged share manipulation and insider trading, saying it has found no evidence of wrongdoing.

* Fortress REIT: “We are satisfied based on evidence currently available, that there is no substance in the allegations made that directors or related parties were supporting the Fortress share price during the investigation period, October 1, 2017 to February 28, 2018 (investigation period) The FSCA has now closed the investigation in this matter,” the FSCA says.

* Lighthouse Capital: “The FSCA focused on market transactions executed prior to SENS announcements dated May 31, 2016; September 21, 2016; May 30 2017; March 16, 2017 and August 8, 2017. The FSCA has decided to close the investigation into insider trading.”

Regulator warns not to deal with MGM Markets

The Financial Sector Conduct Authority (FSCA) warns against dealing with MGM Markets.

MGM Markets claims on its website that it is an online trading platform for trading contracts for difference in cryptocurrency.

The FSCA says MGM Markets is not an authorised financial services provider.

It also warns that cryptocurrencies are not regulated in South Africa and anybody trading in them does so at their own risk.


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