The Securities and Exchange Commission (The Commission) has assured the investing public that there is no need for public withdrawals as it introduces regulatory measures to help ensure a stable, efficient, transparent and fair marketplace where investors’ funds are protected.
It, however, advised dissatisfied customers to lodge written complaints with the Commission.
The Commission in a Public Notice said it is committed to regulating and promoting the growth and development of an efficient, fair and transparent securities market in which both investors and the integrity of the market are protected.
“The Commission is engaging with stakeholders on efforts to improve liquidity in the industry. The Commission has and continues to introduce regulatory measures to help ensure a stable, efficient, transparent and fair marketplace where investors’ funds are protected,” the statement said.
Some of these measures include:
- Holding AMCs/FMs accountable for honoring their obligations to their clients
- The introduction and enforcement of corporate governance guidelines for operators in the industry including AMCs/FMs,
- Higher minimum capital/liquidity requirements for AMCs/FMs and other operators,
- Stringent licensing requirements,
- Investment guidelines including restrictions on related party investments/guaranteed investments and
- Streamlining of the Commission’s internal processes including through automation of processes to promote efficiency.
The Commission said it was also aware that certain investors were unable to access their matured investments from some licensed Asset Management Companies (AMCs) and Fund Managers (FMs) due to some liquidity challenges.
It said it had instructed all AMCs/FMs to put in place mechanisms to meet their obligations as they fall due to their clients, consistent with the terms and conditions of the investment contracts signed with them.
