RegAlertRule · SEC · 13 Mar 2018
Guidelines on Market Levies for 2018
The Securities and Exchange Commission issued these guidelines to establish the mandatory market levy framework for the 2018 financial year. The document mandates fixed annual fees for market operators ranging from GHS 3,000 to GHS 20,000, a 0.15% transaction levy on share trades, and a 0.003% depository levy on securities face value. Compliance requires operators to remit annual levies by the end of the first quarter, while transaction and depository levies must be paid within seven days following the month of the relevant trade, with non-payment subject to statutory sanctions.
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GUIDELINES ON MARKET LEVIES FOR 2018
‘Ensuring Investor Protection’
THE SECURITIES AND EXCHANGE COMMISSION SEC/GUI/001/01/2018
1.0. Preamble
These Guidelines are issued by the Securities and Exchange Commission (hereinafter referred to as “the Commission”) pursuant to section 15 of the Securities Industry Act, 2016 (Act 929) for the payment of market levies.
2.0. Applicability
These guidelines shall be applicable to Fund Managers and other Market Operators for the financial year 2018.
3.0. Market Operators’ Levy
Market Operators Levy
(GHS)
-
GSE 20,000
Primary Dealers 15,000
Custodians 15,000
Trustees 10,000
Fund Managers 5,000
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Broker Dealers 3,000
Investment Advisors 3,000
Registrars 3,000
3.1 Mode of payment
The Market Operator shall pay the required levy by the end of the first quarter of the year either in full or in a maximum of three installments.
4.0 Transaction levy
(1)The transaction levy shall be paid by the purchaser and seller of securities. (2)The transaction levy shall be charged on the purchase and sale as follows:
(a)For shares, 0.15% of the total transaction value; (b) For Bonds, the regulators’ commission of 0.01% of the nominal value of the trade shall be apportioned as follows:
(i) Ghana Fixed Income Market, 50/100 of the 0.01%; (ii) Central Securities Depository Ltd., 30/100 of the 0.01%; and (iii) Securities and Exchange Commission, 20/100 of the 0.01%.
4.1 Mode of payment
The transaction levy shall be paid within seven (7) days after the end of the month in which the transaction was effected.
5.0 Depository levy.
Securities in the depository shall attract a levy of 0.003% of the face value of the securities payable to the Commission.
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6.0 Mode of payment
The depository shall pay the required levy within seven (7) days after the end of the month in which the transaction was effected
6.1 Sanctions for non-payment
i. The Commission shall exercise its powers exercise under section 209
(4) Securities Industry Act, 2016 (Act 929).
Signed by Securities and Exchange Commission Date: 30th January, 2018
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The links and the sentences they come from (1)
- Issued under
- Securities Industry Act, 2016, Act 9292016 · SEC
“These Guidelines are issued by the Securities and Exchange Commission (hereinafter referred to as “the Commission”) pursuant to section 15 of the Securities Industry Act, 2016 (Act 929) for the payment of market levies.”
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Source: Securities and Exchange Commission Ghana — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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