Licenses of 53 securities, fund management companies revoked



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The Securities and Exchange Commission (SEC) has, with effect from today revoked the licenses of Fifty-Three (53) Fund Management Companies.

These actions were taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2016 (Act 929 or “the Act”) which authorises the Securities and Exchange Commission to revoke the licence of a market operator under any of the following circumstances:

(a) If it is wound up;

(b) It ceases to carry on the business for which it was licensed;

(c) If the Commission has reason to believe that the licensed body or any of its directors or

employees has not performed its functions or the functions of directors efficiently, honestly

and fairly;

(d) If the licensed body contravenes or fails to comply with a condition or restriction

applicable in respect of the license or any other provision of Act 929; and

(e) If the licensed person fails to commence business within 6 months of being granted a

 

See full list of affected companies below:

 

 

 

Ghana | Atinkaonline.com