The Securities and Exchange Commission (“SEC”) has directed that the Ghana Card shall be the sole identity card for all new investors seeking to undertake any transaction in the securities market, with immediate effect. Existing investors have until 1 January 2023 to update their records to include their Ghana Cards with their respective market operators as market operators must also take steps, including the use of digital channels, to update investors’ records with the Ghana Card.
The directive was issued by 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. It aims to achieve uniformity in the identification of investors and to align the securities market’s operations to that of the entire financial sector, enhance market alliance, and ensure the integrity and security of information.
The SEC may either suspend or revoke a licence, impose restrictions or conditions or impose an administrative penalty of GHS 6,000 on any party that fails to comply with the directive.
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