SEC Launches “Time with the Commission” Series to Improve Investor Protection

The Securities and Exchange Commission (SEC) has launched an engagement series dubbed, “Time with the Commission” to drive closer partnerships with the investing public and other market operators in the capital market.
The initiative forms part of the Commission’s mandate of regulating, innovating, and promoting the growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.

The first in the series of engagement programmes has been held in Accra with the Ghana Securities Industry Association (GSIA) and its members to highlight the contents of the following newly issued guidelines for market operators: licensing requirements for market operators; code of business guidelines; regulatory sandbox licensing guidelines and the corporate governance code.

The commission was represented at the maiden event by the Director-General (DG), Rev. Daniel Ogbarmey Tetteh, and his two Deputy Directors-General, Mrs. Deborah Agyemfra and Mr. Paul Ababio.

The Director-General in his presentation noted that the rationale for the new guidelines was to raise the integrity bar for operators in the market and enhance the regulatory oversight of the Commission. He also indicated that, in addition to ensuring compliance with the new licensing requirements, the SEC shall have regard to the market operators’ ability to carry on the regulated activity competently, honestly, and fairly.

The Director-General further emphasized that, with the new Minimum Capital Requirement (MCR), existing market operators would be expected to be fully compliant by December 31, 2021, while new entrants would be required to meet the new requirements immediately.

In the Conduct of Business Guidelines, market operators were told to apply due care, skill, and diligence in the best interest of their clients and the integrity of the capital market.

The programme included an interactive Question & Answer (Q & A) session, where market operators sought for and received clarity on the new licensing requirements.

The next engagement of the series, scheduled for November 19, 2020, will involve members of the investing public and other key stakeholders and will shed light on important developments to be introduced to further ensure investor protection and also provide important updates on the bailout situation.

Requests for information can be made by sending an email to info@sec.gov.gh , or via toll-free line, 0800100065, or visiting the SEC at www.sec.gov.gh .

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