The Director-General of the Securities and Exchange Commission (SEC), Daniel Ogbarmey Tetteh, has said the SEC is ready to revoke the licenses of operators who will not comply with its directives.
He said that :“There are consequences when there is a corporate failure so directors must be well advised. As a commission, we are at the point where we will begin to ban people from operating in the industry.”
He added: “It’s not going to be only an issue of taking some kind of regulatory action or enforcement but just to protect the industry, we have to make sure that we are fit and proper.”
The SEC had served notice that it will soon conduct a clean-up exercise among operators to ensure a healthier sector.
Mr Ogbarmey Tetteh, disclosed this at Ghana Re’s 10th Cedant Awards in Accra.
Delivering a speech on “the impact of standardization and supervision on the financial sector in Ghana”, he stated: “All the sectors have undergone various reforms and are still going through shake-ups as the present or latest clean-up of the banking sector alludes. We understand that insurance is also going to follow suit, so is the securities sector.
“Because of the sectors’ separate development path, each is placed under separate regulatory agencies to oversee their respective developments and regulation.
“This has given rise to intense debate as to whether we should continue to follow our separate regulatory and development paths or whether it is time to converge.”
Laudbusiness
