Standard of Practise

A code of conduct is a set of rules outlining the responsibilities of or proper practices for an individual, party or organisation. In its 2007 International Good Practice Guidance, Defining and Developing an Effective Code of Conduct for Organisations, the International Federation of Accountants provided the following working definition: “Principles, values, standards, or rules of behaviour that guide the decisions, procedures and systems of an organisation in a way that (a) contributes to the welfare of its key stakeholders, and (b) respects the rights of all constituents affected by its operations.”

1. For the purposes of GSIA’s Code of Professional Conduct (the Code), Members shall include, as applicable, any of their employees and contractors.

2. Members shall conduct their activities in a professional and competent manner with respect for the public interest, maintaining the privacy and confidentiality in their dealings, and shall at all times act with integrity in dealing with clients, employees or sub-contractors, past and present, with their fellow Members and with the general public. The objective of the Code is for Members to adopt best practice industry standards.

3. Members shall not intentionally disseminate false or misleading information, whether written, spoken or implied, nor engage in false, misleading or deceptive conduct or otherwise bring the security industry into disrepute. Members have a duty to maintain truth, accuracy and good taste in advertising and sales promotion.

4. Members shall not represent conflicting or competing interests except with the express consent of those concerned given only after full disclosure of the facts to all interested parties.

5. Members shall refrain from knowingly associating with any business organization, which uses improper or illegal methods for obtaining business.

6. Members shall not intentionally injure the professional reputation or practice of another Member. 7. Members shall comply with all applicable legislation covering security providers and in particular statutory obligations, including but not limited to matters relating to securities laws, health and safety and workplace relations laws.

8. GSIA is to be informed when the Member’s attention has been drawn to any breach by that Member of the Code.

9. Members shall help to improve the body of knowledge of the profession by exchanging information and experience with fellow Members, participating in industry related programs designed to raise the standard of service delivery, and by applying their special skill and training for the benefit of others.

10. Members shall refrain from using their relationship with the Association in such a manner as to state or imply an official accreditation or approval beyond the scope of membership of the Association and its objectives, rules and policies.

11. Members shall cooperate with fellow Members in upholding and enforcing the GSIA Code of Professional Conduct

12. Members shall have in place procedures to deal appropriately and promptly with complaints about the provision of its services and actively engage in the resolution of complaints raised via GSIA’s dispute resolution policy and procedure.

13. Members shall maintain appropriate and accurate records in accordance with all relevant statutory requirements.

14. Where an alleged breach of this Code is appropriately brought to the attention of GSIA, then GSIA will in the first instance raise this matter in writing with the Member. GSIA will provide the Member with the opportunity to take remedial action, if that is appropriate under the circumstances, or where remedial action should have been but has not been carried out by the Member, then GSIA is to inform the Member that it will take the appropriate disciplinary action by way of a show cause notice why their membership should not now be cancelled.

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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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