Tag: SEC
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SEC increases capital requirement for market operators to GHS2M
As part of efforts to sanitize and strengthen the capital market, the Securities and Exchange Commission, SEC, has set a new capital requirement for market operators in the Ghanaian Capital Market Industry. The new directive, which sees an increase for fund managers from GHS100,000 to GHS2 million, is in accordance with Section 209 of the…
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Registrar General begins payment to investors of collapsed FMCs
The official liquidator of the 53 defunct fund management companies, Jemima Oware, has stated that payment of bailout funds for the first batch of investors of the companies, whose licenses were revoked by the Securities and Exchanges Commission, SEC, has begun. According to her, the payment will be to investors of only 20 of the…
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Increase cash pay-out to fund management companies – GSIA urges Gov’t
The Ghana Securities Industry Association (GSIA) has appealed to government to increase the cash pay-out to existing fund management companies in the country to enable them honour their obligations to their customers. According to GSIA, this will ease the current tensions among stakeholders in the industry. The appeal comes days after the Securities and Exchange…
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Our clients must also benefit from bailout package – BlackShield Capital Limited
The Management of BlackShield Capital Limited is unhappy that its clients will not benefit from the government’s bailout package for customers of the 53 defunct Fund Management Companies (FMCs). Government will in the coming days announce a bailout package in the form of social intervention for customers whose funds were locked up in collapsed fund…
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Government to announce bailout package for clients of defunct Fund Management Companies
The Securities and Exchange Commission (SEC) has disclosed that government is set to announce a bailout package for clients of the 53 defunct Fund Management Companies (FMCs). According to SEC, the package will be given in phases with the first phase covering clients of the twenty-two (22) companies currently under official liquidation. This announcement comes…
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SEC urges fund managers to invest more in ICT services
The Director General of the Securities and Exchange Commission, SEC, Rev. Daniel Ogbarmey Tetteh, has emphasized the need for fund managers to leverage on technology for business growth. According to him, the impact of information and communication technology (ICT) in the securities industry has become increasingly critical considering the impact of the novel Coronavirus on…
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Receiver to publish names of debtors to collapsed Microfinance Companies
Mr. Eric Nana Nipah, the Receiver of the collapsed 347 defunct Microfinance Companies and 23 Savings and Loans and Finance House Companies, is urging individuals, groups and institutions who took loan facilities from the microfinance firms to repay the loans immediately. According to him, he will soon publish the first list of recalcitrant defaulters and…
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Publish names of customers you have paid – Menzgold customers to NAM1
Aggrieved Customers of Menzgold Ghana Limited are demanding a publication of the names of customers supposedly paid by the struggling firm. This follows a claim by the embattled CEO of the company, Nana Appiah Mensah to the effect that, some payments to the tune of GHC 9.6 million have been made to customers. At a…
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Customers of collapsed Fund Management firms appeal to SEC to facilitate payments
Customers whose monies have been locked up in collapsed Fund Management Companies are appealing to the Securities and Exchange Commission, SEC, to expedite payments based on the progress made with validation so far. The appeal comes after the Commission’s completion of its work on some Fund Managers who challenged the revocation of their licenses. The…
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SEC upholds revocation of ‘Gold Coast Fund Management’s’ license; restores some and suspends others
The Securities and Exchange Commission, SEC, has sustained the revocation of the license of Blackshield Capital Management Limited, formerly Gold Coast Fund Management Limited following the completion of work by the Commission’s Administrative Hearings Committee. A circular, published on the website of the SEC said four other companies have had their revocations sustained after they…