Regulatory Alerts2024-05-22
Circular on the Revised Fees and Charges of the SEC
The Securities and Exchange Commission of Ghana has issued a circular revising its official fees and charges, effective January 1, 2023. Market operators are mandated to remit these updated payments directly to the SEC Revenue Collections Account at Consolidated Bank Ghana Limited, as detailed in the attached schedule. Failure to adhere to the revised fee structure will subject non-compliant entities to enforcement actions under section 209(4) of the Securities Industry Act, 2016.
‘Ensuring Investor Protection’ THE SECURITIES AND EXCHANGE COMMISSION NUMBER: SEC/CIRC/001/05/2024 1.0 Preamble 1.1 This Circular is issued by the Securities and Exchange Commission (hereinafter referred to as “the SEC”) pursuant to sections 3, 14, and 209 of the Securities Industry Act, 2016 (Act 929) as amended by the Securities Industry (Amendment) Act, 2021 (Act 1062), the Fees and Charges (Miscellaneous Provisions) Act 2022 (Act 1080) (hereinafter referred to as “the Principal Enactment”) and the Fees and Charges (Miscellaneous Provisions) Regulations 2023 (L.I. 2481) which amended the Principal Enactment by substituting its first schedule with a new schedule contained in L.I 2481. 1.2. Pursuant to the amendment of the first schedule above, the Fees and Charges of the SEC are hereby revised accordingly effective 1st January 2023 as contained in the schedule attached. 2.0 Scope and Application 2.1 Market Operators shall take note of the revised fees and make payment to the SEC Revenue Collections Account with the details below: BANK NAME: Consolidated Bank Ghana Limited ACCOUNT NAME: SEC Revenue Collection Account ACCOUNT NUMBER: 1774358120001 BRANCH: Manet Tower 3 3.0 Sanctions for Non-Compliance 3.1 Failure to comply with this Circular shall leave the SEC with no option but to take any action(s) specified under section 209(4) of the Securities Industry Act, 2016 (Act 929) as amended by the Securities Industry (Amendment) Act, 2021 (Act 1062), and/or any other relevant provision applicable under the same Act. CIRCULAR ON THE REVISED FEES AND CHARGES OF THE SECURITIES AND EXCHANGE COMMISSION, GHANA (CIRCULAR NO. SEC/CIRC/001/03/2024 OPERATORS
4.0 Revocation, Variation and Revision 4.1 The SEC may revise, amend, vary, or revoke this Circular. 5.0 Interpretation 5.1 Where any doubt arises about the meaning of any provision contained in this Circular, the same shall be referred to the SEC and the interpretation provided by the SEC shall be final. ISSUED BY ORDER OF THE SECURITIES & EXCHANGE COMMISSION (SEC) DATED: MAY 22, 2024