Duties for the Customers

1. Priority on Customer Interests
Executives or employees of GSIA members shall make the interests of the customers their first priority. One’s own interest or a third party’s interest shall not be put before the interests of the customers.

2. Duty of Due Diligence
Executives or employees of GSIA members shall, when performing their duties, do their best to pay attention as an expert to ensure the maximum returns for customers and the integrity of the market.

3. Maintenance of Suitability
Executives or employees of GSIA members shall, when recommending investments to customers, induce suitable investments by clearly identifying the customer’s investment purpose, the customer’s investment experience, and the level of risks that the customer is willing to take, etc.

4. Maintenance of Fairness
Executives or employees of GSIA members shall not discriminate between customers without justifiable reasons when performing their duties

5. Duty of Notification and Explanation
Executives or employees of GSIA members shall, when trading with customers, give in-depth notification about any conditions that are likely to have an important effect on such trading. Important information shall also be explained to ensure the customers understand.

6. Provision of Reasonable Grounds
Executives or employees of GSIA members shall, when providing investment information or recommending investment to customers, give data based on precise investigation and analysis based on reasonable and sufficient grounds.

7. Duty of Accurate Expression
Executives or employees of GSIA members shall, when providing investment information or recommending investment to customers, clearly differentiate personal opinions from objective facts, and shall not provide conclusive judgment on uncertain matters, including expressions that may mislead customers as a guarantee of investment returns.

8. Duty of Reporting and Recording
The results of the duties delegated by the customers to executives or employees of GSIA members shall be reported to the customers without delay. Records and evidences related to performing the duties shall be stored according to due process.

9. Prohibition of Divulging and Illegally Using Customer Information
Executives or employees of GSIA members shall not divulge customer information, or illegally use it for their own or a third party’s interests.

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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 
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