The Securities and Exchange Commission (SEC) has warned all market operators as a reminder to strictly comply with provisions regulating placement of Advertisement in the Securities Industry.
Specifically, SEC said the Securities Industry Act, 2016 (Act 929): Sections 144, 149, 150 (1)(a)(b)(c), and 151 should be strictly followed.
“The Securities and Exchange Commission (hereinafter referred to as “SEC”) is the statutory body mandated by the Securities Industry Act 2016 (Act 929) as amended to promote the orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.
“Circular is issued to all market operators as a reminder to strictly comply with provisions regulating placement of Advertisement in the Securities Industry.”
SEC
The apex market regulator also reminded the securities industry of the Securities and Exchange Commission Regulations, 2003 (L.I. 1728): Regulations 39, 40, 41, 42 and 43.
Conduct of Business Guidelines
Regarding Conduct of Business Guidelines Section 29 under Part Six of the Guidelines, SEC urged market participants to visit its website to access the detailed guidelines there.
“The aforementioned provisions can be found in the respective documents on the SEC’s website: www.sec.gov.gh, under Laws and Regulations, or in the document labelled ‘Annex A’ attached to this Circular. This Circular is issued pursuant to section 3(i)(m) and 208© of the Securities Industry Act, 2016 (Act 929) as amended.
“Any requests for clarification on this Circular should be made through our toll-free line 0800100065 or main lines: 0302768970-2 for any clarification you may need.”
SEC
Securities Industry Act 2016 (Act 929)
Under the provisions of this act, SEC stated that a person, other than a person licensed, authorised or approved under this act, shall not publish or cause to be published an advertisement in connection with the conduct of an activity or provision of a service which requires a licence, approval, authorisation or registration under this Act.
“An advertisement in connection with the conduct of an activity or provision of a service which requires a licence, approval, authorisation or registration under this Act in a manner which is unclear, false or misleading in any material particular,” part of the instructions read.
SEC indicated that for the purposes of the performance of its functions under the Act, the commission may develop and promote programmes and initiatives, where necessary in collaboration with financial institutions or bodies of the financial services industry, to inform and educate consumers or potential consumers of financial products and financial services.
SEC indicated that where the Commission is satisfied that a person has contravened a provision of this section, the Commission may direct that person to immediately cease or modify the advertisement.
SEC iterated that a consumer of a financial product or of a financial service regulated by the commission who is aggrieved by an act or omission of a licensee may make a complaint in writing to the Commission.
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