SEC Seeks Closer Ties With Investors

Rev 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 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 engagements was held in Accra with the Ghana Securities Industry Association (GSIA) and its members to highlight the licencing requirements for market operators; code of business guidelines; regulatory sandbox licencing guidelines; and the corporate governance code.

Director General of SEC, Rev. Daniel Ogbarmey Tetteh, and his two deputy director generals, Deborah Agyemfra and Paul Ababio, were in attendance at the event.

In a presentation, Rev. Ogbarmey-Tetteh 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 said to ensure compliance with the new licencing requirements SEC should regard 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.

Market operators also received clarity on the new licencing requirements.

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

A business desk report