Regulatory Alerts2020-09-02
SEC Update on Fund Management Company Revocations and Government Bailout
The Securities and Exchange Commission (SEC) issued this update to clarify the government bailout framework for investors affected by the November 2019 license revocations of 53 fund management companies. The Commission emphasizes that bailout disbursements are strictly contingent upon completing claim validation and securing court-ordered liquidations, as Ghanaian securities law does not permit the SEC to appoint receivers and requires reliance on an Official Liquidator for asset distribution. Furthermore, the SEC refutes misleading allegations by Blackshield Capital Management Limited regarding regulatory directives and data access, while reaffirming that the phased bailout will comprehensively cover all validated investor claims.
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