These Guidelines are issued by the Securities and Exchange Commission (hereinafter referred to as “the SEC”) pursuant to sections 3, 146 and 209 of the Securities Industry Act, 2016 (Act 929) with respect to services provided by Auditors to public companies and SEC licensees (hereinafter referred to as “Auditee firms”). CLICK TO DOWNLOAD Guidelines on Auditors...

These Guidelines are issued by the Securities and Exchange Commission (hereinafter referred to as “the SEC”) pursuant to sections 3, 146 and 209 of the Securities Industry Act, 2016 (Act 929) for Accountants reporting for public companies... CLICK TO DOWNLOAD Guidelines on Reporting Accountants...

In accordance with section 88 (6) of the Securities Industry Act, 2019 (Act 929), Boards of Directors (for Mutual Funds) and Trustees (for Unit Trusts) of the 18 Collective Investment Schemes (CIS) whose Managers have had their licences revoked were directed by the Securities and Exchange Commission on 15th November 2019 to appoint new Fund Managers for the management of the CIS. As at ...

Pursuant to Section 122 (2) of the Securities Industry Act, 2016 (Act 929), the Securities and Exchange Commission (SEC) on 8th November 2019 revoked the licences of 53 Fund Management Companies (“FMCs”) after which investors were invited to submit their claims from 18th November 2019. The SEC wishes to extend its appreciation to all stakeholders for their cooperation, patience, and sup...

Pursuant to Section 122 (2) of the Securities Industry Act, 2016 (Act 929), the Securities and Exchange Commission (SEC) on 8th November 2019 revoked the licences of 53 Fund Management Companies (“FMCs”). The SEC wishes to inform the general public that the submission of claims exercise which began Monday, 18th November, 2019, is scheduled to end on Wednesday, 18th December, 2019. To fac...

Pursuant to Section 122 (2) of the Securities Industry Act, 2016 (Act 929), the Securities and Exchange Commission (SEC) on 8th November 2019 revoked the licences of 53 Fund Management Companies (“FMCs”). Some of the affected FMCs were managers of Collective Investment Schemes (CIS) in the form of Mutual Funds or Unit Trusts. Please note that the revocation of the licences of the Fund M...

Pursuant to Section 122 (2) of the Securities Industry Act, 2016 (Act 929), the Securities and Exchange Commission (SEC) on 8th November 2019 revoked the licences of 53 Fund Management Companies (“FMCs”). This serves as an update on NOTICE NO. SEC/PN/013/11/2019 issued on 12th November, 2019. The SEC wishes to inform the general public that effective Monday, 18th November, 2019, there...

Pursuant to Section 122 (2) of the Securities Industry Act, 2016 (Act 929), the Securities and Exchange Commission (SEC) on 8th November 2019 revoked the licences of 53 Fund Management Companies (“FMCs”). Following the revocation of the licences of these firms, SEC has, in accordance with Section 26 of Act 929, appointed an Agent to support in the closing down, securing the premises and ...

Frequently Asked Questions (FAQs) on Revocation of Licences of Fund Managers by the Securities & Exchange Commission 1. What has called for this exercise/action by the Securities & Exchange Commission (SEC)? Answer: The protection of investors and the integrity of the market are fundamental to the mandate given to the Commission by Securities Industry Act, 2016 (Act 929). Efforts by t...

The Securities and Exchange Commission (SEC) has, with effect from today revoked the licences of Fifty-Three (53) Fund Management Companies (see Annex A for list of Companies). These actions were taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2016 (Act 929 or “the Act”) which authorises the Securities and Exchange Commission to revoke the licence of a market operat...