The Securities and Exchange Commission (SEC) has assured the investing public that it has put measures in place to ensure a vibrant asset management industry.
This follows the circulation of rumours among the public predicting the collapse of some licensed asset management firms, which have created uncertainty and fear amongst investors, causing some panic withdrawals from managed fund schemes.
In a statement released on March 18, SEC indicated that it has introduced corporate governance guidelines, investment guidelines and financial resources guidelines to ensure properly capitalized and well governed asset management firms.
SEC notes that, in view of this, supervision and enforcement is also being strengthened to ensure that the licensees deliver on their mandate to the investing public.
SEC has also assured that due process will be followed to resolve complaints lodged with it against some of its licensees in accordance with the provisions of Act 929 and with the aim of achieving investor protection.
Furthermore, the SEC is working at enabling quicker access by the investing public to information on its licensees with the help of information technology to assist the investing public to make informed decisions rather than being misled by unsubstantiated claims in the social media.
This year, the Commission is expected to commence the implementation of guidelines on private funds which are expected to attract much needed investments from private equity firms to boost Government’s drive towards job creation and infrastructural development.
By Joshua W. Amlanu