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Parliament passes Security Industry Bill

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

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 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.

By: Vivian Kai Lokko/citibusinessnews.com/Ghana