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...

The West African Securities Regulators Association (WASRA - SEC Ghana, SEC Nigeria & CREMPF) is pleased to invite you to the inaugural West Africa Capital Market Conference (WACMaC) which is scheduled to hold from the 28th of October, 2019 to the 30th of October, 2019 at the Sofitel Hotel Ivoire, Abidjan. WASRA is a regional association for capital market regulators in West Africa wi...

Mr. President, Council Members, the Chief Executive Officer of ICAG, Inductees, the Media, and Distinguished invited guests, Ladies, and Gentlemen: I feel greatly honored to be part of this important ceremony that ushers in the progamme to prepare our newly qualified Accountants for the world of business in their new role as Chartered Accountants. I would like to congratulate the new Cha...

The attention of the Securities and Exchange Commission (SEC) has been drawn to a publication on page 44 of the Daily Graphic newspaper of 18th September, 2019, captioned “Out of adversity, golden key to the future” by Papa Kwesi Nduom of Gold Coast Fund Management Limited (GCFML) in relation to its inability to honour clients’ investments redemption requests and efforts at resolving the...

The SEC wishes to inform the investing and general public that it has placed a moratorium on the issuing of new Fund Management Licences for a period of six (6) months effective 1st October 2019. The SEC shall, however, continue to review applications for renewals for existing Fund Management Licencees and new market products. This is to enable the SEC to focus on the following... PUBL...

Mr. Chairman, Commissioner of Insurance, Directors of Ghana Reinsurance Company, CEOs of Insurance companies, Distinguished Guests, Ladies and Gentlemen; It is indeed a great privilege and an honour to be invited as a Guest Speaker for this year’s “Ghana Re’s 10th Cedants’ Awards night”. Your invitation as a guest speaker requires me to speak on the theme “THE IMPACT OF STANDARDIZATION ...