Regulatory Alerts2012-10-19
Guidelines for Investment in Commercial Paper
The Securities and Exchange Commission of Ghana has issued binding guidelines directing fund managers to invest in qualified commercial paper that meets strict financial and structural criteria, including a minimum GH¢500,000 net worth and 15-to-270-day maturities. The regulations cap fund exposure at 20 percent of discretionary assets, limit single-issuer holdings to 10 percent of net asset value, and restrict participation in any single issue to 60 percent. Compliance requires rigorous record-keeping, prompt default reporting to Credit Referencing Bureaus, and allows for 90-day rollovers or case-specific clearance, with immediate effect and enforceable sanctions.
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