Securities Industry Act, 2016 (ACT 929)
Section 112: (1) Subject to subsection (3), where an applicant meets the requirements of section 111, the Commission shall grant that applicant a licence.(2) A licence to a market operator other than an investment adviser shall only be granted to a body corporate, including an incorporated private partnership.(3) A licence shall only be granted to a market operator if that market operator meets and continues to meet the minimum financial requirements determined by the Commission generally or specifically.(4) A licence granted by the Commission is subject to conditions specified in the licence.(5) Subject to section 111 (3) and the Regulations, where an application is made for the grant or renewal of a licence, the Commission shall refuse the application if in the case of an applicant who is an individual's(a) the applicant has been adjudged bankrupt anywhere;(b) the applicant has been convicted, either within the Republic or elsewhere, within the period of ten years immediately preceding the date on which the application is made, of an offence involving fraud or dishonesty punishable on conviction with imprisonment for a term of three months or more;(c) the Commission is not satisfied as to the educational qualifications or experience of the applicant having regard to the nature of the duties of a holder of the licence;(d) the Commission has reason to believe that the applicant is not of good reputation or character; or (e) the Commission has reason to believe that the applicant will not perform the function of a holder of the relevant licence efficiently, honestly and fairly.(6) Subject to section 111 (3) and the Regulations, where an application is made for the grant or renewal of a licence by a body corporate including an incorporated private partnership, the Commission shall refuse the application whereas (a) the body corporate or the partnership is in the course of being wound up under the Companies Act, 1963 (Act 179) or the Incorporated Private Partnership Act, 1962 (Act 152);(b) the body corporate is one in respect of which a receiver, or a receiver and manager, has been appointed under the Companies Act, 1963 (Act 179);(c) the body corporate or partnership has, whether within or outside the country, entered into a compromise or scheme of arrangement with its creditors, which is still in operation;(d) the Commission is not satisfied as to the educational qualifications or experience of the officers of, or partners of the applicant who are to perform functions in connection with the licence of the market operator; or (e) the Commission has reason to believe that the applicant will not perform the functions of a market operator efficiently, honestly and fairly.
Subject : Trust DeedProcedure to Follow
Not Avaiable
Responsible Institution
Securities and Exchange Commission
No. 30, 3rd Circular Road, Cantonments, Accra.
- Email: info@sec.gov.gh
- Website: https://sec.gov.gh/
- GPS: GL-076-6028
- Telephone: 0302768970
Relevant Forms to Download
Not Available
Online System
Fees/ charges
Not Avaiable
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