Regulatory Alerts2023-01-01
Fees and Charges Miscellaneous Provisions Regulations 2023
The Securities and Exchange Commission, under the Ministry of Finance, issues a detailed schedule fixing initial and renewal licensing fees for securities market entities. The regulations mandate specific Ghana Cedi charges for fund managers, trustees, broker-dealers, custodians, and market infrastructure operators. Furthermore, the framework establishes tiered percentage-based prospectus approval fees for equity and debt offerings, calculated progressively based on the total value of securities raised.
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L.I. 2481
FEES AND CHARGES (MISCELLANEOUS PROVISIONS) REGULATIONS, 2023
| MINISTRY OF FINANCE | |
|---|---|
| SECURITIES AND EXCHANGE COMMISSION | |
| REVENUE ITEMS | APPROVED FEES AND CHARGES (GH¢) |
| LICENSING FEES AND RENWAL | |
| Fund Managers | |
| Corporate Licence - Initial | 10,000.00 |
| Corporate Licence - Renewal | 5,000.00 |
| Representative Licence | |
| Initial | 1,000.00 |
| Renewal | 500.00 |
| Mutual Funds | |
| Initial | 5,000.00 |
| Renewal | 2,500.00 |
| Unit Trust | |
| Initial | 5,000.00 |
| Renewal | 2,500.00 |
| Custodians | |
| Initial | 25,000.00 |
| Renewal | 12,500.00 |
L.I. 2481
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FEES AND CHARGES (MISCELLANEOUS PROVISIONS) REGULATIONS, 2023
| MINISTRY OF FINANCE | |
|---|---|
| SECURITIES AND EXCHANGE COMMISSION | |
| REVENUE ITEMS | APPROVED FEES AND CHARGES (GH¢) |
| LICENSING FEES AND RENWAL | |
| Trustees | |
| Initial | 25,000.00 |
| Renewal | 12,500.00 |
| Broker Dealers | |
| Corporate Licence - Initial | 7,500.00 |
| Corporate Licence - Renewal | 3,750.00 |
| Investment Advisers | |
| Initial | 5,000.00 |
| Renewal | 2,500.00 |
| Primary Dealer | |
| Initial | 30,000.00 |
| Renewal | 15,000.00 |
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L.I. 2481
FEES AND CHARGES (MISCELLANEOUS PROVISIONS) REGULATIONS, 2023
| MINISTRY OF FINANCE | |
|---|---|
| SECURITIES AND EXCHANGE COMMISSION | |
| REVENUE ITEMS | APPROVED FEES AND CHARGES (GH¢) |
| MARKET INFRASTRUCTURE | |
| Securities Depository | |
| Initial | 50,000.00 |
| Renewal | 25,000.00 |
| Securities Exchange | |
| Initial | 50,000.00 |
| Renewal | 25,000.00 |
| Registrars | |
| Initial | 5,000.00 |
| Renewal | 2,500.00 |
| Issuing House | |
| Corporate Licence - Initial | 5,000.00 |
| Corporate Licence - Renewal | 2,500.00 |
L.I. 2481
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FEES AND CHARGES (MISCELLANEOUS PROVISIONS) REGULATIONS, 2023
| MINISTRY OF FINANCE | |
|---|---|
| SECURITIES AND EXCHANGE COMMISSION | |
| REVENUE ITEMS | APPROVED FEES AND CHARGES (GH¢) |
| PUBLIC OFFERING OF SECURITIES | |
| Prospectus Approval Fees - Debt Securities (GSE - Ghana Fixed Income Market) | |
| Broker-Dealer / Margin Trader | |
| Initial | 10,000.00 |
| Renewal | 5,000.00 |
| Prospectus Approval Fees - Debt Securities (GSE - Ghana Fixed Income Market) | |
| Broker-Dealer / Market Maker | |
| Initial | 15,000.00 |
| Renewal | 5,000.00 |
| Broker-Dealer / Margin Trader (MT) / Market Maker | |
| Initial | 20,000.00 |
| Renewal | 5,000.00 |
| Clearing House | |
| Initial | 50,000.00 |
| Renewal | 25,000.00 |
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L.I. 2481
FEES AND CHARGES (MISCELLANEOUS PROVISIONS) REGULATIONS, 2023
| MINISTRY OF FINANCE | |
|---|---|
| SECURITIES AND EXCHANGE COMMISSION | |
| REVENUE ITEMS | APPROVED FEES AND CHARGES (GH¢) |
| PUBLIC OFFERING OF SECURITIES | |
| Prospectus Approval Fees - Debt Securities (GSE - Ghana Fixed Income Market) | |
| Credit Rating Agency | |
| Initial | 5,000.00 |
| Renewal | 2,500.00 |
| Hedge Fund | |
| Initial | 10,000.00 |
| Renewal | 5,000.00 |
| Nominee | |
| Initial | 5,000.00 |
| Renewal | 2,500.00 |
| Private Equity Fund | |
| Initial | 10,000.00 |
| Renewal | 5,000.00 |
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FEES AND CHARGES (MISCELLANEOUS PROVISIONS) REGULATIONS, 2023
| MINISTRY OF FINANCE | |
|---|---|
| SECURITIES AND EXCHANGE COMMISSION | |
| REVENUE ITEMS | APPROVED FEES AND CHARGES (GH¢) |
| PUBLIC OFFERING OF SECURITIES | |
| Real Esate Investment Trusts | |
| Initial | 10,000.00 |
| Renewal | 5,000.00 |
| Underwriter | |
| Initial | 6,250.00 |
| Renewal | 5,000.00 |
| Venture Capital Fund | |
| Initial | 10,000.00 |
| Renewal | 5,000.00 |
| Fund Manager / Broker-Dealer Representative | |
| Initial | |
| 1 - 3 Representative | 1,000.00 |
| 4-10 Representative | 1,000.00 |
| 11-20 Representative | 1,000.00 |
| 21 Representative or more | 1,000.00 |
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L.I. 2481
FEES AND CHARGES (MISCELLANEOUS PROVISIONS) REGULATIONS, 2023
| MINISTRY OF FINANCE | |
|---|---|
| SECURITIES AND EXCHANGE COMMISSION | |
| REVENUE ITEMS | APPROVED FEES AND CHARGES (GH¢) |
| Fund Manager / Broker-Dealer Representative | |
| Renewal | |
| 1 - 3 Representative | 400.00 |
| 4 - 10 Representative | 400.00 |
| 11 - 20 Representative | 300.00 |
| 21 Representative or more | 250.00 |
| FUND MANAGER / BROKER-DEALER REPRESENTATIVE | |
| Commodities Warehouse Operator | |
| Initial | |
| One Location | 10,000.00 |
| Renewal | |
| 1 - 5 Locations | 4,000.00 |
| 6 - 10 Locations | 3,500.00 |
| 11 or more Locations | 3,250.00 |
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FEES AND CHARGES (MISCELLANEOUS PROVISIONS) REGULATIONS, 2023
| MINISTRY OF FINANCE | |
|---|---|
| SECURITIES AND EXCHANGE COMMISSION | |
| REVENUE ITEMS | APPROVED FEES AND CHARGES (GH¢) |
| FUND MANAGER / BROKER DEALLER REPRESENTATIVE | |
| Warehouse Specialist Staff | |
| Initial | |
| One Staff | 1,000.00 |
| Renewal | |
| 1 - 3 Staff | 500.00 |
| 4 - 10 Staff | 400.00 |
| 11 - 20 Staff | 300.00 |
| 21 and above | 200.00 |
| Prospectus Approval Fees - IPO Right Issue (GSE Equity) | |
| Value of Equity Security | |
| First 100 million | 0.25% |
| Next 100 million | 0.15% |
| Next 300 million | 0.10% |
| Next 500 million | 0.08% |
| Above 500 million | 0.04% |
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L.I. 2481
FEES AND CHARGES (MISCELLANEOUS PROVISIONS) REGULATIONS, 2023
| MINISTRY OF FINANCE | |
|---|---|
| SECURITIES AND EXCHANGE COMMISSION | |
| REVENUE ITEMS | APPROVED FEES AND CHARGES (GH¢) |
| FUND MANAGER / BROKER DEALLER REPRESENTATIVE | |
| Prospectus Approval Fees - IPO Right Issue (GSE Equity) | |
| Value of Equity Security | |
| Approval Fees for Bonus Issues, Introductory Listing, Cross Listing | 25% of the fees for Public Offers in (1) above |
| Propectus Approval Fees - Debt Secrities (GSE - Ghana Fixed Income Market) | |
| Value of Equity Security - Amount Raised (GH¢) | |
| First 100 million | 0.20% |
| Next 100 million | 0.18% |
| Next 300 million | 0.14% |
| Next 500 million | 0.10% |
| Above 500 million | 0.05% |