Regulatory Alerts2019-10-15
Market Guidance Note – New Funds Undermanagement Reporting Format
The Securities and Exchange Commission of Ghana mandates Fund Managers to submit quarterly Funds Under Management reports using a newly prescribed format, alongside placement reports for Collective Investment Schemes. The initial Third Quarter 2019 filings are due by October 21, 2019, with late submissions subject to penalties under Regulation 35 of LI 1728. Subsequent reports will be consolidated with standard quarterly returns per Regulation 33(3), streamlining compliance for capital market operators.
THE SECURITIES AND EXCHANGE COMMISSION, GHANA This Market Guidance Note is issued pursuant to sections 3 and 209 of the Securities Industry Act, 2016 (Act 929) to all capital market operators operating as Fund Managers. Fund Managers are to submit Funds Under Management (FUM) Report in line with the attached reporting format, to the Commission every quarter. In addition, Fund Managers who are operating collective investment schemes (Unit Trusts and Mutual Funds), are to submit quarterly placement report on them. Submission of the completed Funds Under Management and CIS Placement Reports for the Third Quarter, 2019 must be received by the Commission on or before 21st October, 2019. Failure to comply will attract a penalty under Regulation 35 of the Securities and Exchange Commission Regulations, 2003 (L.I 1728). Subsequent submissions of the FUM in the new format and CIS placement reports shall be made together with quarterly returns as per Regulations 33 (3) of L.I 1728. BY ORDER OF THE SECURITIES AND EXCHANGE COMMISSION Dated October 15, 2019 MARKET GUIDANCE NOTES CIRCULAR NUMBER: SEC/CIR/001/10/19 FUNDS UNDERMANAGEMENT REPORT FROM FUND MANAGERS