The SEC will set a payment schedule for clients of fund management companies that did not exist at the end of June. The Securities and Exchange Commission (SEC) announced that it could decide on a payment schedule for clients from defunct fund management companies by the end of June 2020.

According to the Commission, the validation process for the relevant investor is currently being completed. This will affect how you pay.

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The SEC Director-General said, “The first thing we did was to start the closing process, which meant that the official liquidator, who was the Registrar General, was in court.

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“We cannot say when this process will end because this is an ongoing in court’s domain,” the CEO told JoyNews on June 9, 2020, monitored by straightnewsonline

However, he believes: “The SEC will be able to make a clear announcement at the end of this month, so I believe that at the end of this month everyone should know what to expect and when to expect it.

In 2019, the Securities and Exchange Commission revoked licenses of 53 fund management companies. In a statement, the SEC said the withdrawal took place after the company “failed to return blocked customer funds and in many cases even shutdown”.

“Basically, they have not carried out their functions effectively, fairly, and fairly, and in some cases continue to violate the legal requirements, rules, or provisions of relevant securities, even though the SEC offers them opportunities within a reasonable period of time for correction of all violations of regulations.” After a deep commitment to these institutions, the SEC has concluded that their continued existence poses a serious risk to capital market stability and the interests of investors, with their behavior, “the statement said.

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The Exchange and Exchange Commission also concluded talks with the Ministry of Finance that would lead to a rescue package for clients from non-existent fund management companies.

The move is now needed because the amount needed is more than the initial budget set by the Ministry of Finance.

Rev Obgame Tetteh noted that the budget was GHS 1.5 billion, originally budgeted by the Ministry of Finance. This happened after most of the validation from investors to these non-existent institutions was confirmed.

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