The Deputy Director-General, Finance, of the Securities Exchange Commission, Mr Lawrence Yirenkyi Boafo, has said the passage of the Securities Industry Bill by Parliament last week will further enhance the development of the capital market.
The bill, which is awaiting the Presidential assent, will facilitate the development of the market and also enhance the legal framework to regulate new sectors.
Mr Yirenkyi Boafo said this at the official opening of the new branch of FirstBanc Financial Services in Tema.
He pointed out that the law would also create the opportunity for market operators to add to their bouquet of products.
“The law will also strengthen the Commission’s mandate to tighten regulations and increase investor education with the aim of ensuring investor protection,” he stated.
The Securities Industry Bill, which was presented to Parliament in 2015, has finally been passed and is awaiting the President’s assent.
The bill seeks to revise and consolidate existing laws relating to the securities industry.
The laws that regulated the securities sector had been in place for over 20 years and as such some provisions had become obsolete, given the dynamic nature of the industry.
The Securities Industry Act, 1993 (PNDCL, 333) and Securities Industry (Amendment) Act, 2000 (Act 590) which currently provided the legal framework and regulated the sector, did not meet international standards and had led to the country being suspended from participating in the activities of the International Organisation of Securities Commissions (IOSCO).
The new law would, therefore, ensure compliance with IOSCO objectives and principles and provide a comprehensive legal framework for the securities industry in the country.
FirstBanc new branch
FirstBanc Financial Services, in a bid to get closer to its client, has opened a new office in Tema.
The Managing Director of FirstBanc, Mr Samuel Asiedu, said the opening of new branches outside the Accra metropolis to provide investment banking services in a time as this could not be overemphasised as its clientele base had grown significantly.
He said its clientele base had grown from 842 in 2010 to over 14,000 across the country.
He said the new branch would provide its cherished customers and potential clients the opportunity to open investment accounts, top up their investments and enjoy investment and financial advisory services to support their businesses.