Tag: Securities and Exchange Commission
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Customers of defunct fund managers will be paid after verification – SEC assures
The Deputy Director-General of the Securities and Exchange Commission, SEC, Paul Ababio, says investors of the collapsed fund management companies would soon have access to their funds when their claims are successfully validated. This follows renewed concerns over the silence of the capital market regulator which revoked the licenses of some 53 fund management companies…
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Customers of defunct fund managers issue 2-week ultimatum over locked up cash
The members of the Coalition of Aggrieved Customers of the defunct 53 Fund Management Companies are calling on government to commence payment of their locked up funds before March 24, 2020. According to the group, the government has sidelined customers of the collapsed fund management companies in the payment of depositors monies following the financial…
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Remove cap on payments to enable us settle customers – Fund Managers to gov’t
The Ghana Securities Industry Association, the umbrella body of organisations licensed by the Securities and Exchange Commission, is urging government to consider increasing the payouts to collapsed fund management companies whose funds are with the receiver. A Governing Council Member of the Association, Kisseih Antonio, in an interview with Citi Business News said while the…
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SEC set to issue new licenses to streamline investment banking activities
Capital market operators who would like to engage in assisting firms to raise capital in the form of Initial Public Offerings and bonds should be ready to obtain separate licenses for such activities anytime soon. It follows plans by the regulator, the Securities and Exchange Commission, SEC, to ensure sanity in the market. This will…
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SEC apologizes to customers of defunct fund management firms; assures of smooth validation process
The Securities and Exchange Commission, SEC, has attributed its inability to attend to customers of some defunct fund management companies in parts of the country to logistical challenges. Customers of the defunct fund management companies who visited various validation centres in Kumasi, Accra, Tamale and Ho, were left stranded as no official from the SEC…
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Banking crisis partly to blame for collapse of some fund managers — Securities Industry Association
The Ghana Securities Industry Association (GSIA) says some of the collapsed fund managers had their funds locked up in savings and loans and microfinance companies that were placed into receivership by the Bank of Ghana. The association, whose membership includes capital market players, in its response after the capital market regulator shut down 53 fund…
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List of Fund Managers remaining after SEC mass license revocation
The Securities and Exchange Commission last Friday revoked the licenses of 53 fund management companies citing several regulatory breaches. A press release issued by SEC said the companies among other things failed to honour clients’ redemption requests, placed funds in unregulated investments, used clients’ funds to fund related parties’ activities. Out of the 53 companies,…
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Hundreds rendered jobless after SEC’s closure of struggling fund managers
The Securities and Exchange Commission’s decision to withdraw the licenses of struggling fund management companies has immediately rendered 249 people jobless; a figure which could exceed 1,200. Although the SEC mass shutdown exercise involved 53 fund management companies, 21 firms had already ceased operations with the remaining 32 still in operation at the time their…
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Staff found culpable in capital market crisis will be prosecuted — SEC
The Securities and Exchange Commission (SEC) has stated that it will not hesitate to take action against any employee whose action may have contributed to the shutdown in any of the 53 fund management companies. The regulator has come under intense criticisms following the shutdown of nearly 40 percent of the 141 companies with various…
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Frequently Asked Questions on SEC’s revocation of licences of Fund Managers
The Securities and Exchange Commission yesterday revoked the licenses of 53 fund management companies. In the aftermath of the mass shut down, there are a number of questions that are begging for answers and SEC has put together this Frequently Asked Questions (FAQs) on Revocation of Licences of Fund Managers. 1. What has called for…