The SEC directive, in accordance with Section 209 of the Securities Industry Act 2016 (Act 929), is in line with the Commission’s mandate to regulate and promote the growth and development of an efficient, fair and transparent securities market, in which investors and the integrity of the market are protected.
Fixed date for implementation
The director general of the SEC, Daniel Ogbarmey Tetteh, said the new minimum capital requirements for market operators are expected to come into force by the end of next year.
He says the existing market operators will be expected to be fully compliant by 31 December 2021, while new entrants will be required to meet the requirements immediately.
Ogbarmey Tetteh further said that the new requirements, set out in the just-released licensing requirement guidelines for market operators, should come as no surprise to the market, because the new capital thresholds have been discussed extensively with market operators in the capital market industry.
Besides the new licensing guidelines, the SEC has issued other guidelines to steer operations and activities of market operators. These include guidelines on the conduct of business and regulatory sandbox licensing, as well as the corporate governance code for listed companies.