Regulatory Alerts2022-02-25
Circular to Market Operators on the Submission of Licence Renewal Applications
The Securities and Exchange Commission of Ghana mandates all licensed market operators to submit licence renewal applications at least three months prior to expiry. Operators must adhere to specific submission deadlines, with mutual funds and unit trusts required to apply by October 1 for December 31 expirations, while fund managers, issuing houses, representatives, broker dealers, and investment advisors must apply by April 1 for June 30 expirations. This directive, issued under the Securities Industry Act 2016, ensures continuous regulatory compliance and market integrity.
“Ensuring Investor Protection” SECURITIES AND EXCHANGE COMMISSION OF GHANA
The Securities and Exchange Commission (hereinafter referred to as “SEC”) is the statutory body mandated by the Securities Industry Act, 2016 (Act 929) as amended (hereinafter referred to as “the Act”), to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected. The SEC also has the mandate to maintain surveillance over activities in securities to ensure orderly, fair, and equitable dealings in securities and to protect the integrity of the market in accordance with Sections 2, 3, and 109 of the Act. Section 111 (1) of the Act provides that an application for the renewal of a licence shall be made to the Commission at least three months before the expiry of the licence, in the prescribed form and accompanied by the prescribed fee. Market Operators are required to note the following licence renewal dates for compliance: Market Operator Licence Expiry/ Renewal Deadline 3 Months to Licence Expiry Mutual Funds 31st December 1 st October Unit Trusts 31st December 1 st October Fund Managers 30th June 1 st April Issuing Houses 30th June 1 st April Representatives 30th June 1 st April Broker Dealers 30th June 1 st April CIRCULAR TO MARKET OPERATORS ON THE SUBMISSION OF LICENCE RENEWAL APPLICATIONS
(NOTICE NO. SEC/CIR/001/02/2022)
Investment Advisors 30th June 1 st April All Market Operators shall submit their renewal applications before the expiry of their licences as stated above. Please visit the SEC’s website www.sec.gov.gh for any further clarification or information. The SEC can also be contacted on its Toll-free number: 0800-100-065 or mainline: 0302-768-970 for the same purpose. The Commission wishes to assure all market operators, investors, and the general public that it is committed to ensuring rigorous enforcement of all the rules for operators in the capital market in order to promote the growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected. This Circular is issued pursuant to sections 2, 3, 111 (1), 208 (c) and 209 of the Securities Industry Act 2016, (Act 929) as amended. ISSUED BY ORDER OF THE SECURITIES AND EXCHANGE COMMISSION (SEC) DATED: February 9, 2022