Regulatory Alerts2020-02-11
Update on Claims Process for Investors of 53 Fund Management Companies with Revoked Licences
The Securities and Exchange Commission (SEC) issued this notice to update investors regarding the claims process for 53 Fund Management Companies with revoked licences. The SEC confirmed that the initial claim submission period has concluded and that acknowledgments are still being processed for pending submissions. Two future payment phases are outlined, with the first relying on government-allocated funds and the second dependent on proceeds from court-appointed liquidation of the affected companies' assets.
‘Ensuring Investor Protection’ SECURITIES AND EXCHANGE COMMISSION The Securities and Exchange Commission (SEC) hereby issues this Notice pursuant to sections 3 and 209 of the Securities Industry Act, 2016 (Act 929) to all Investors (excluding Investors of Collective Investment Schemes) on claims for the 53 Fund Management Companies (“FMCs”) with revoked licences. SEC would like to thank Investors and all stakeholders for the successful completion of the submissions which commenced on 18th November 2019 and ended on 15th January 2020. Investors who are yet to receive acknowledgment of claims from SEC should note that acknowledgments are ongoing. Two phases of the payment of claims are yet to commence. In the first phase, the amount promised and allocated by Government would be paid to investors after the validation of claims submitted. The second phase, will be after a Court-appointed Official Liquidator realizes net proceeds upon successful winding- up proceedings in Court in relation to the affected Fund Managers’ assets. Further communication on when payments will commence will be made in due course. Investors may send emails to SEC at helpdesk@sec.gov.gh or call this toll-free number 0800-100- 065 for clarification. BY ORDER OF SECURITIES AND EXCHANGE COMMISSION DATED THE 11th FEBRUARY, 2020 PUBLIC NOTICE: UPDATE ON CLAIMS PROCESS FOR INVESTORS OF 53 FUND MANAGEMENT COMPANIES WITH REVOKED LICENCES NOTICE NO. SEC/PN/001/02/2020