The Securities and Exchange Commission (SEC) has placed a six-month moratorium on the issuance of new fund management licensing as it begins processes to overhaul the licencing regime as well as clean up troubled sector.
A release issued by the Commission stated that it will, however, continue to review applications for renewals for existing Fund Management Licencees and new market products.
The release stated that SEC will use the period to focus on:
• A thorough review of the current licensing regime for a stronger and more efficient and resilient market and the introduction of new licensing guidelines and directives
• A resolution of the current challenges facing the securities industry and the capital market
• The introduction of new products in the capital market to deepen the existing market and to provide more investment options for investors and the general public
• A thorough overhaul of the Commission’s activities Market operators, the investing and general public is hereby advised to visit the
“The Commission wishes to assure all market operators, investors and the general public that it is committed to ensuring rigorous enforcement of all the rules for operators in the capital market in order 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 added.