SEC launches ‘Time with the Commission’ series to improve investor protection

Director General of the Securities and Exchange Commission, Reverend Daniel Ogbarmey Tetteh

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 for regulating, innovating and promoting the growth and development of an efficient, fair, and transparent securities market in which investors and integrity of the market are protected.

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

The Commission was represented at the maiden event by its 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 Commission’s regulatory oversight. He also indicated that in addition to ensuring compliance with the new licencing requirements, the SEC will have responsibility for market operators’ ability to carry on the regulated activity competently, honestly, and fairly.

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

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

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

The series’ next engagement, 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.

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