The Securities and Exchange Commission (‘the Commission’) is established by the Securities Industry Act, 2016 (Act 929) (‘the Act’) with the object to regulate and promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
Functions of the Commission
To achieve the object of the commission, the commission shall:
- Advise the Minister on matters relating to the securities industry.
- Maintain surveillance over activities in securities to ensure orderly, fair, and equitable dealings in securities.
- Register, licence, authorize or regulate, in accordance with the Act or the Regulations, the establishment of securities exchanges, commodities and futures exchanges, securities depositories, clearing and settlement institutions, credit rating agencies, fund managers, investment advisers, unit trusts, mutual funds, hedge funds, private equity funds, venture capital funds, nominees, underwriters, issuing houses, registrars, custodians, trustees, primary dealers, broker-dealers the mode of conduct of securities businesses, issues concerning Accounts and Audits, the establishment of fidelity funds and trading in securities.
- Formulate principles for the guidance of the industry.
- Monitor the solvency of licence holders and take measures to protect the interest of customers where the solvency of a licence holder is in doubt.