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The Financial Services Board has confirmed that its Department for Market Abuse will investigate possible insider trading in certain foreign exchange futures contracts before the recall of former Finance Minister Pravin Gordhan from office.
4 May 2017 · Jessica Anne Wood
The Financial Services Board (FSB) has confirmed that its Department for Market Abuse will investigate possible insider trading in certain foreign exchange futures contracts before the recall of former Finance Minister Pravin Gordhan from office.
This follows claims in April where the Democratic Alliance (DA) announced that an investigation would be carried out. However, at the time the FSB cautioned that a report from the Johannesburg Stock Exchange (JSE) Market Regulation department was required before an investigation could be launched. The report has since been received.
With regards to the investigation, the FSB said: “Upon completion of its investigation, the Market Abuse Department will compile a report with its findings for the DMA (Directorate of Market Abuse), which may refer the matter to the Enforcement Committee (EC) of the FSB for enforcement action to be instituted against the offender/s if it believes that the Financial Markets Act (FMA) has been contravened. Alternatively, the DMA may close the matter if it believes that there is no or insufficient evidence of insider trading.”
If the case is referred to the EC, the decision of the EC will only be published once the matter is finalised.
“Disclosure of details of the investigation is subject to section 22 of the Financial Services Board Act which prohibits any member(s) or employees of the FSB from disclosing to any other person any information obtained in the performance of functions under this Act. The duration of the investigation will be determined by the complexity of the investigation,” added the FSB.
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