[ 2016-07-15 ]

Dr. Adu Anane Antwi,Director General of Securities and Exchange Commission,

Parliament passes Security Industry Bill
Parliament has passed the Security Industry Bill
(SIB).

The Bill will among other things give the
Securities and Exchange Commission (SEC), the
mandate to sanction illegal operators in the
capital market.

It will also enable SEC attract its own
investments whilst engaging with other exchanges
across the world for efficient performance.

Some analysts have already welcomed the SIB law
since it strengthens the existing law and promotes
further growth of the market.

Speaking to Citi Business News after the bill was
passed earlier today (Friday), the Director
General of Securities and Exchange Commission, Dr.
Adu Anane Antwi said the development will further
strengthen the financial industry.

“Basically it is to help us share information
and be co-operative with other regulatory bodies
across the world. We have also added to the new
law many new provisions that should improve the
industry.

These include derivatives like the commodity
exchanges, nominee account to be operated as well
as other issues like lending and borrowing,” he
explained.

Meanwhile Dr. Anane Antwi believes the provisions
created to allow the sharing of information among
other international exchanges will equip the SEC
to clamp down on culprits of crimes committed via
the investment market.
“We also have aspects to help us share
information with our international partners.

We also have the ability to assess or to help the
SEC in the investigation of any crime that will be
detected.”

Securities Industry Bill must allow investors’
access to other markets
Some players in the investment sector earlier
advocated that the Securities Industry Bill
defines the operations of the investment business
and allow access to other markets across Africa.

The Head of Research at Groupe Nduom, Samuel
Ampah, was of the view that investments will be
viable if these issues were critically looked at.

“It will clearly define the operations of the
investment community and then strengthen us to
meet into the African market. If we are able to
have the integration process well seated, it gives
the opportunity for Ghanaians to own shares in
other countries as you are not restricted to only
the capital market in Ghana but enables you to
diversify your portfolios and reduce your
risks,” Samuel Ampah stated.

Source - citifmonline.com

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