Invest in ICT driven service delivery platforms – SEC to Fund Managers

Rev. Daniel Ogbarmey Tetteh, Director General of the Securities and Exchange Commission (SEC), has urged Fund Managers to invest more in ICT driven service delivery platforms.

Speaking as the guest speaker at the 2020 GIMPA Law School Webinar Conference, Rev Ogbarmey Tetteh, noted that the outbreak of the coronavirus pandemic has ushered the world into a new normal which requires that the Fund Managers rely heavily on ICT to conduct their businesses.

“In the case of assets under management, there seems to a balance between withdrawals and new investments. What is clear is the need for investment in ICT driven service delivery platforms.

“As someone has said, the new normal means that work is no longer a place you go but what you do. We expect our licensees to invest more in ICT and also take note of the potential threat of cyber risk. We expect our licensees to rely on ICT to ensure adequate disclosure and engagements with the investing public,” he said.

He added: “As a Commission, we recently issued guidelines on holding virtual annual general meetings for the guidance of listed companies and market intermediaries and we expect that the firms would retain the option of using virtual platforms in addition to the traditional in-person meetings beyond the Covid-19 era.

“We have also given direction to the market to do electronic submissions to the Commission. Without doubt, this period also calls for all to interrogate their business and operating models in order to stay relevant,” he said.