SEC launches ‘Time with the Commission’ series to enhance investor protection

Business News for Tuesday, November 3, 2020

Source: Starr FM

2020-11-03

The Securities and Exchange Commission (SEC) has launched a series of commitments called “Time with the Commission” to foster closer partnerships with the investing public and other market operators in the capital markets.

The initiative is part of the Commission’s mandate to regulate, innovate 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.

The first in the series of engagement programs was held in Accra with the Ghana Securities Industry Association (GSIA) and its members to highlight the content of the following recently published guidelines for market operators: Licensing requirements for market operators; business code guidelines; the regulatory guidelines for sandbox licensing and the corporate governance code.

The commission was represented at the opening ceremony by the Director General (DG), Rev. Daniel Ogbarmey Tetteh and his two Deputy Directors General, Ms. Deborah Agyemfra and Mr. Paul Ababio.

In his presentation, the Director General noted that the rationale for the new guidelines was to raise the bar of integrity for market operators and improve the regulatory oversight of the Commission. He also indicated that, in addition to ensuring compliance with the new licensing requirements, the SEC will take into account the capacity of market operators to develop the regulated activity in a competent, honest and fair manner.

The CEO further emphasized that, with the new Minimum Capital Requirement (MCR), existing market operators are expected to be fully compliant by December 31, 2021, while new entrants will need to meet the new requirements immediately.

In the Business Conduct Guidelines, market operators were told to exercise due care, skill and diligence in the best interest of their clients and the integrity of the capital market.

The program included an interactive Questions and Answers (Q&A) session, where market operators sought and received clarity on the new licensing requirements.

The series’ next engagement, scheduled for November 19, 2020, will engage members of the investing public and other key stakeholders, and will shed light on the important developments to be introduced to further ensure investor protection and also provide important updates on the ransom status. .