Duties for the Company

1. Devotion to Duties
Executives or employees of GSIA members shall be devoted to their duties and shall receive prior approval before undertaking additional duties or activities that may affect the performance of their duties for the company. However, in the case of an event of force major, an ex post facto report shall be reported immediately.

2. Protection of Information
Executives or employees of GSIA members shall not divulge important information related to their duties or the company. The maintenance and management of such information shall be in accordance with the due process of the law.

3. Maintenance of Dignity
Executives or employees of GSIA members shall not perform any conduct that defames the social trust or the company’s dignity through their action.

4. Prohibition of Illegal Use of Company Properties
Executives or employees of GSIA members shall not illegally use the company’s properties or use their position for their own personal interest.

5. Supervision and Management
The management of GSIA members shall provide appropriate supervision and management so that those under their command and supervision are not in violation of the relevant laws, etc. in connection with the performance of their duties.

6. Duty after the Expiration of the Employment Contract
In the case where executives or employees of GSIA members retires from the company, appropriate follow-up measures shall be taken, and for a considerable period of time after retirement, such employees shall not engage in conduct that damages the interests of the company they have retired from

close-link
close-link
   

PRESS RELEASE

STATEMENT BY THE GHANA SECURITIES INDUSTRY ASSOCIATION (GSIA) ON THE REVOCATION OF LICENCES OF FUND MANAGEMENT FIRMS BY THE SECURITIES & EXCHANGE COMMISSION (SEC)

On Friday November 8, 2019 the (SEC) revoked the licences of 53 fund management companies. The action was meant to protect investor interest and the integrity of the capital market. We welcome any moves that will shore up the industry and ultimately boost investor confidence. We wish, however, to state the following:

There is no need for panic withdrawals by investors. The industry is no worse off today than it was before the action by the SEC. Twenty One (21) of the firms whose licences had been revoked were already not operational and several of the 32 who were operating were already facing serious governance, operational and liquidity challenges. There are several robust fund management firms that are liquid and operating with healthy balance sheets and we are confident that these will continue providing solid services to the investing public.

The Ministry of Finance (MOF), SEC and Bank of Ghana (BOG) must urgently support the investment industry by pushing the Receivers of failed Savings and Loans (S&Ls), Finance Houses and Microfinance firms (MFIs) to pay liabilities to Fund Management firms with validated exposures. Poor governance and ethics played a part in this industry’s current challenges but the banking sector clean-up was the final trigger causing the liquidity challenges that some firms face. Piecemeal pay-outs for validated exposures exacerbate these liquidity challenges and given that pronouncements have been made that no depositors will lose their funds, it is important that validated claims by Fund Managers are immediately honoured.

The SEC must provide clarity on the path forward for investors whose monies were with collapsed firms. This will reduce investor panic and help to forestall a run on the industry. There must also be a clearly spelt out process for firms whose licences have been revoked and who feel they may have a genuine case for review.

The investment industry is the understated complement to the banking sector. Its average growth – 69.5% per annum over the past decade and its size (Ghs 40 billion) are clear pointers to its importance to the broader economy. In order for it to continue playing its intermediation role in the economy it will need a better resourced and engaged regulator, a well-informed investing public and robust, well governed firms that act in the interest of clients.

We wish to assure the investing public that the GSIA will engage with all key stakeholders in order to promote a healthy and vibrant industry that creates wealth for all.

Thank you.

Executive Secretary
Issued on behalf of the Governing Council


11/11/2019 
close-link

blog lam dep | toc dep | giam can nhanh

|

toc ngan dep 2016 | duong da dep | 999+ kieu vay dep 2016

| toc dep 2016 | du lichdia diem an uong

xem hai

the best premium magento themes

dat ten cho con

áo sơ mi nữ

giảm cân nhanh

kiểu tóc đẹp

đặt tên hay cho con

xu hướng thời trangPhunuso.vn

shop giày nữ

giày lười nữgiày thể thao nữthời trang f5Responsive WordPress Themenha cap 4 nong thonmau biet thu deptoc dephouse beautifulgiay the thao nugiay luoi nutạp chí phụ nữhardware resourcesshop giày lườithời trang nam hàn quốcgiày hàn quốcgiày nam 2015shop giày onlineáo sơ mi hàn quốcshop thời trang nam nữdiễn đàn người tiêu dùngdiễn đàn thời tranggiày thể thao nữ hcmphụ kiện thời trang giá rẻ