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Ghana: SEC Extends Moratorium On Issuance of New Fund Management Licences

ghana sec extends moratorium on issuance of new fund management licences
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The Securities and Exchange Commission (SEC) has extended the moratorium on issuing new Fund Management licences for a further period of six months.

This is pursuant to section 3(i)(m) and 208 of the Securities Industry Act, 2016 (Act 929).

In a statement, it said “market operators, the investing, and the general public are hereby advised to visit the SEC’s website www.sec.gov.gh for any further clarification or information.”

The commission assured all market operators, investors, and the general public of its commitment to ensuring rigorous enforcement of all the rules for operators in the capital market.

“This is to promote the growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected,” the statement said.

SEC is the statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.

It also has the mandate to maintain surveillance over activities in securities to ensure orderly, fair, and equitable dealings in securities and to protect the integrity of the market in accordance with Sections 2, 3, and 208 of Act 929.

In November 2019, the SEC revoked the licences of 53 fund management companies.

This was after the affected companies failed to return client funds which remained locked up in, contravention of the investment rules.