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SEC directs use of Ghana Card as ID in securities market

Ghana Card121212 File Photo: Ghana Card

Wed, 10 Aug 2022 Source: www.ghanaweb.com

The Securities and Exchange Commission (SEC) has asked all new investors and market operators to use the Ghana Card as the only identity card for all transactions in the Securities Market.

However, in the case of existing investors, the Ghana Card will be the sole identity card for all their transactions effective January 1, 2023.

SEC in a statement indicated that the directive was in compliance with Sections 2, 3, and 209 of the Securities Industry Act, 2016 (Act 929), and the National Identity Register Regulations, 2012 (L.I. 2111).

It further mentioned that the objective of the directive is to align the Securities Market’s operations to that of the entire financial sector, to enhance market surveillance, and ensure the integrity and security of information.

Meanwhile, investors and market operators have been advised to update their records with details from the Ghana Card.

“This Directive is issued by the Securities and Exchange Commission (hereinafter referred to as the “SEC”) pursuant to sections 2, 3, and 209 of the Securities Industry Act, 2016 (Act 929), and the National Identity Register Regulations, 2012 (L.I. 2111) as amended, for the use of the Ecowas Identity Card (“Ghana Card”) as the only identity card for transactions in the Securities Market.

“The SEC hereby directs that, with immediate effect, the “Ghana Card” shall be the sole identity card for all new investors seeking to undertake any transaction in the Securities Market. In the case of existing investors, the “Ghana Card” shall be the sole identity card for all their transactions with Market Operators, effective 1st January 2023,” part of the statement read.

“All Market Operators are directed to immediately take steps, including the use of digital channels to update investors’ records with the “Ghana Card”. All Investors who were admitted into the Securities Market with identity cards other than the 'Ghana Card' are to present their “Ghana Cards” for the update of their KYC records with their respective Market Operators.

“The objective of this Directive is to achieve uniformity in the identification of investors and to align the Securities Market’s operations to that of the entire financial sector, to enhance market surveillance, and ensure the integrity and security of information,” it added.

Read below the full statement from SEC

This Directive is issued by the Securities and Exchange Commission (hereinafter referred to as the “SEC”) pursuant to sections 2, 3, and 209 of the Securities Industry Act, 2016 (Act 929), and the National Identity Register Regulations, 2012 (L.I. 2111) as amended, for the use of the Ecowas Identity Card (“Ghana Card”) as the only identity card for transactions in the Securities Market.

The SEC hereby directs that, with immediate effect, the “Ghana Card” shall be the sole identity card for all new investors seeking to undertake any transaction in the Securities Market. In the case of existing investors, the “Ghana Card” shall be the sole identity card for all their transactions with Market Operators, effective 1st January 2023.

All Market Operators are directed to immediately take steps, including the use of digital channels to update investors’ records with the “Ghana Card”.

All Investors who were admitted into the Securities Market with identity cards other than the “Ghana Card” are to present their “Ghana Cards” for the update of their KYC records with their respective Market Operators.

The objective of this Directive is to achieve uniformity in the identification of investors and to align the Securities Market’s operations to that of the entire financial sector, to enhance market surveillance, and ensure the integrity and security of information.

Where there is a breach of any provision stipulated in this Directive, the SEC may take any action(s) specified under section 209(4) of the Securities Industry Act, 2016(Act 929) as amended, and/or any other relevant law or any provision applicable under the Securities Industry Act, 2016(Act 929) as amended.

The SEC may revise, amend, vary or revoke this Directive.

Where any doubt arises about the meaning of any provision contained in this Directive, the same shall be referred to the SEC and the interpretation provided by the SEC shall be final.

This Directive shall take immediate effect and shall remain in force until otherwise revised, varied, amended, or revoked.

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DS/PEN

Source: www.ghanaweb.com
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