Regulatory Alerts2020-08-28
Update on SEC License Revocations and Investor Bailout
The Securities and Exchange Commission (SEC) of Ghana issued an update on its enforcement action revoking fifty-three Fund Management Company licenses due to unreturned client funds and regulatory breaches. The regulator has validated claims totaling GHS 10.83 billion across forty firms and obtained court liquidation orders for twenty-two companies, appointing the Registrar General as official liquidator. The government will execute a phased bailout package for affected investors starting in September, while four firms continue to challenge the license revocations through ongoing judicial proceedings.
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