Regulatory Alerts2007-01-01
Other Financial Services (Amendment) Act 2007
Enacted by the Sierra Leonean Parliament and administered by the Central Bank, this legislation amends the 2001 Financial Services Act to formally establish and regulate domestic stock exchanges. It mandates Central Bank approval for exchange operations, outlines strict governance and financial criteria, and grants the regulator comprehensive powers to issue directions, impose administrative fines, suspend trading, and cancel approvals in the public interest. The Act further creates a statutorily funded Investor Compensation Fund to cover claims against licensed market participants while introducing a comprehensive licensing framework for dealers, brokers, fund managers, and other securities operators.
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