Regulatory Alerts2003-01-01
Implementation of Regulations 14 and 22 of the Securities and Exchange Commission Regulations 2003
The Securities and Exchange Commission requires all broker-dealers and investment advisers with capital below one billion cedis to raise their minimum capital to ¢1.0 billion by 1 October 2005, while new license applicants must meet this threshold before approval. Effective 1 October 2004, these entities must also maintain liquid funds equal to twenty percent of their aggregate indebtedness and inject fresh capital within three days if the balance drops below the minimum. During the twelve-month build-up period, regulated firms must submit quarterly progress reports and notify the Commission whenever liquidity adjustments are made.
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