Regulatory Alerts2026-02-04
Directive to Market Operators on Investments in Foreign Securities for Collective Investment Schemes
The Securities and Exchange Commission of Ghana has issued a directive requiring fund managers, custodians, and trustees of Collective Investment Schemes to strictly limit investments in foreign securities to safeguard investor protection and macroeconomic stability. The regulation caps foreign exposure at 20% for schemes licensed for local investment only, restricts fully exposed schemes to a maximum of 70% foreign and 30% local holdings, and mandates that all foreign investments occur exclusively in approved markets with active regulatory cooperation agreements. Market operators must amend their scheme particulars to align with these restrictions within 90 days, with the SEC reserving the authority to impose sanctions under the Securities Industry Act for any non-compliance.