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ENSURING INVESTOR PROTECTION SEC OFFICIALNEWS NEWSLETTER OF SECURITIES & EXCHANGE COMMISSION 2ND QUARTER, 2018 43rd Annual IOSCO Conference Held Corporate Governance: The Checks and balances from investor and regulatory perspective 2nd Quarter Market Summary Analysis & Highlights. Key Market Statistics Important Notice to the General Public. “An investor without investment objectives is like a traveler without a destination” SECURITIES & EXCHANGE COMMISSION SEC NEWS 2018 TABLE OF CONTENTS 04 PUBLIC ADVICE Members of the general public are advised to use the Commission’s Toll Free Line 0800100065 or Main Line 030768970-2 to contact the Commission on any issue they may have relating to the securities market and investments 05 INTERNATIONAL UPDATES Members of the International Organization of Securities Commissions (IOSCO) met at the organization´s 43rd Annual Conference in Budapest on the 10th of May 2018 to discuss and address issues facing securities market regulators and supervisors. 10 KNOWLEDGE BANK Most of the tragic corporate collapses and financial losses in recent times in Ghana has brought to fore the role that good corporate governance practices play in safeguarding investors’ interests and maintaining viable entities. 12 FACTS & FIGURES - Assets under Management (2nd Quarter 2018) - Ofers and Other Approvals - Enforcement Actions - Capital Market Statistics and Analysis 18 SECOND QUARTER MARKET ANALYSIS The GSE-Composite Index (GSE-CI) closed at 2,879.43 points as at the end June 2018, down from 3,366.87 points recorded at the end of March 2018. EDITORIAL TEAM 1. Dr. Jacob Aidoo 5. Mrs. Naomi Simpson 2. Mr. Emmanuel Ashong-Katai 6. Ms Dorothy Yeboah-Asiamah 3. Mrs Marian Afriye-Opoku 7. Mrs. Lilian Danso Afum 4. Mr. Frank Biney Donkor 8. Mr. Andy Anim A LOOP CONSULTING COMPANY ISSUE 2, 2018 1 DESIGNED & PRINTED BY: DESIGNED & PRINTED BY: SECURITIES & EXCHANGE COMMISSION SEC NEWS 2018 1. NOTICE TO THE PUBLIC Members of the general public are advised to use the Commission’s Toll Free Line 0800100065 or Main Line 030768970-2 to contact the Commission on any issue they may have relating to the securities market and investments, including: • Seeking general information about the securities market and products. • Seeking information about licensed capital market operators. • Reporting persons suspected to be operating in the securities market without a license. • Reporting fraudulent investment schemes (e.g. ponzi schemes). • Reporting fraudulent activities of capital market operators. • Making complaints against capital market operators. No. 30, 3rd Circular Toll Free Line P.O. Box CT 6181 www.sec.gov.gh Road,Cantonments, 0800100065 Cantonments, ACcra. [email protected] ACcra. Main Line Digital Address: 030768970-2 GL-076-6028 2 ISSUE 2, 2018 SECURITIESSECURITIES & & EXCHANGE EXCHANGE COMMISSION COMMISSION SECSEC NEWS NEWS 2018 2018 INTERNATIONALINTERNATIONAL UPDATES ORGANIZATION 2. OF SECURITIES COMMISSIONS (IOSCO) ANNUAL CONFERENCE DOROTHY YEBOAH - ASIAMAH Manager, International Relations & Board Secretary embers of the (AMCC) advanced their initiatives Strengthening the structural International aimed at protecting investors, resilience of capital markets ensuring fair, efficient and Organization In the area of asset management, of Securities transparent markets, and mitigating systemic risk. the Board discussed Exchange Commissions Traded Funds (ETFs) and heard M from an IOSCO member-led (IOSCO) met at the organization´s Investor protection and investor education group conducting an exploratory 43rd Annual Conference in work stream linking any Budapest on the 10th of May The Board discussed how best to idiosyncratic risks that may 2018 to discuss and address approach the continuing groWth arise from ETF structures. It issues faCing securities market of Initial Coin Offerings (ICOs). also reviewed the progress of regulators and supervisors. It agreed to develop a Support IOSCO’s efforts to complete its Framework to assist members work on measuring leverage The Magyar Nemzeti in their bid to address the in investments funds. This Bank, the Hungarian domestic and cross-border issues work forms part of IOSCO´s central bank, hosted the stemming from coin offerings commitment to take forWard 2018 Annual Conference, that could impact investor the relevant Financial Stability which attracted about protection. Board (FSB) recommendations 650 securities regulators, industry representatives The Board also reported that it and other financial market had made progress on its work participants from around to protect retail investors from the world. the risks stemming from the offer of binary options and other OTC In their meetings, the leveraged products, particularly IOSCO Board, IOSCO´s by unlicensed firms on a cross- GroWth and Emerging border basis. Members discussed Markets (GEM) Committee, enforcement practices found the four Regional to be effective in mitigating Committees and the the risks of these products to Affiliate Members unsophisticated retail investors. Consultative Committee ISSUEISSUE 2, 2, 2018 2018 33 SECURITIES & EXCHANGE COMMISSION SEC NEWS 2018 to address potential structural states from 25th May 2018. The Board vulnerabilities related to asset Discussed how the GDPR impedes management activities. information sharing and cross-border cooperation among IOSCO members The 43rd Annual In the area of standards under the IOSCO Multilateral ISCO Conference implementation, the Board supported Memorandum of Understanding a proposal to assess the consistency (MMoU) on cooperation and exchange was hosted by in implementation by various of information. They promised to Magyar Nemzeti IOSCO members of Money Market continue to engage with European Fund (MMF) reforms alongside authorities to address any issues Bank, the IOSCO´s 2012 recommendations that would be identified with the for MMFs. The MMF reforms are a implementation of the GDPR. The Hungarian central key component of the G20 efforts MMoU is the primary instrument used bank, in Budapest to transform shadow banking into by securities regulators to combat resilient market-based finance in the cross-border misconduct in financial on the 10th of Wake of the global financial crisis. markets. Members supported a proposal for May 2018, and a third implementation review of Analysing the role of securities attracted about the Principles for the Regulation markets in sustainability issues, and Supervision of Commodity and the related role of securities 650 securities Derivatives Markets. IOSCO issued regulation regulators, the principles in 2011 to ensure Board members shared their a globally consistent approach to experiences regarDing non-financial industry market oversight that aims to improve reporting, sustainability disclosures representatives price transparency and deter market and other aspects of sustainable manipulation in the commodity finance in their jurisdictions. They and other derivatives markets. agreed to establish an information- sharing network among IOSCO financial market Addressing information sharing members to gain insight into participants from issues the issues around sustainability, Board members discussed the including the details of issuer around the world. implications for IOSCO of the Disclosure and its relevance to European Union’s (EU) General Data investor decision making. The Board Protection Regulation (GDPR), the Discussed the work of the GEM European data privacy regime that Committee in enabling sustainable Was to take effect in all EU member capital markets in emerging markets. 4 ISSUE 2, 2018 SECURITIESSECURITIES & & EXCHANGE EXCHANGE COMMISSION COMMISSION SECSEC NEWS NEWS 2018 2018 Many GEM Committee members Superintendencia The Securities and Exchange are adopting frameworks del Mercado de Commission was represented designed to foster the groWth Valores. at the IOSCO Conference of sustainable instruments by Rev Daniel Ogbarmey and enhance transparency and • Zambia, Securities Tetteh (Director-General of Disclosure. and Exchanges the Commission), Dr Yeboah Commission Amoa (Board chairman of the Examining the role of regulation Commission), Mr. Emmanuel in financial technology and Of the 118 MMoU signatories, Appiah-Mensah (Head of automation five were recognized in Budapest Audit and Risk Management as signatories to the Enhanced The Board agreed to launch a Department) and Dr. Jacob Aidoo Multilateral Memorandum of (Head of Issuers department). FinTech Network to faCilitate Understanding (EMMoU). the sharing of information, knowledge, and experiences The EMMoU was introduced related to FinTech among IOSCO in 2017 to expand the range members. The Fintech Network of enforcement powers that also will serve as a forum for signatories may use to safeguard collaborative work on regulatory the integrity and stability of issues, trends, and emerging markets, protect investors, and risks. deter misconduct and fraud. Inauguration of the New IOSCO These powers were introduced Board in light of the new enforcement IOSCO inaugurated a new Board. challenges spawned by groWing The new Board confirmed Mr. cross-border activity and Ashley Alder, Chief Executive far-reaching technological Officer, Securities and Futures developments in securities Commission, Hong Kong, as its markets. The signatories are: Chair, and Mr. Jean Paul Servais, • Australia, Chairman of the Financial Australian Securities Services and Markets Authority, and Investments Belgium, as its Vice Chair. Commission • Canada, British New signatories to the MMoU Columbia Securities
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