The Securities and Exchange Commission (SEC) has clarified that
Zenith Bank Ghana Limited remains an operator in Ghana’s securities
market and banking sector.
An earlier statement from the Commission indicated that Zenith Bank
Ghana Limited, a licensed Trustee that engaged in Trustee activities in
the securities industry and capital market, has voluntarily requested to
cease operations.
“All investors, market operators and the general and investing public
are hereby assured that the SEC is committed to ensuring rigorous
enforcement of all the rules for operators in the capital market in
order to promote the growth and development of an efficient, fair and
transparent securities market in which investors and the integrity of
the market are protected,” a statement issued by SEC on Wednesday,
January 18 said.
However, the Commission says their statement has been misinterpreted.
In a second statement, the Commission clarified "that, as stated in
the Public Notice referenced above, Zenith Bank Ghana Limited
voluntarily requested to cease operations as a Trustee. Although Zenith
Bank Ghana Limited voluntarily ceased its Trustee services for Unit
Trust Schemes in 2022, the Bank continues to hold a Custodian license
issued by the SEC under the Securities Industry Act, 2016 (Act 929) and
remains an active operator in the Ghanaian Securities market and banking
industry".
Read the full statement below
PUBLIC NOTICE ON CAPITAL MARKET OPERATIONS BY ZENITH BANK GHANA LIMITED
(NOTICE NO.SEC/PN/002/01/2023)
The Securities and Exchange Commission (hereinafter referred to as
“SEC”) is the statutory body mandated by the Securities Industry Act
2016 (Act 929) as amended by the Securities Industry (Amendment) Act
2021, Act 1062 to promote the orderly growth and development of an
efficient, fair and transparent securities market in which investors and
the integrity of the market are protected.
The attention of the SEC has been drawn to various messages being
disseminated among the general and investing public misinterpreting the
Public Notice titled PUBLIC NOTICE ON VOLUNTARY CESSATION OF TRUSTEE
SERVICES BY ZENITH BANK GHANA LIMITED (SEC/PN/001/01/2023), issued by
the SEC on Wednesday, 18th January 2023.
The SEC is hereby issuing this Public Notice to clarify that, as
stated in the Public Notice referenced above, Zenith Bank Ghana Limited
voluntarily requested to cease operations as a Trustee. Although Zenith
Bank Ghana Limited voluntarily ceased its Trustee services for Unit
Trust Schemes in 2022, the Bank continues to hold a Custodian license
issued by the SEC under the Securities Industry Act, 2016 (Act 929) and
remains an active operator in the Ghanaian Securities market and banking
industry.
For more information, please call us at 0302768970, the toll-free line 0800100065 or by email at [email protected]
This Notice is issued pursuant to Sections 3(b) (f) (m) and 208 (c) of the Securities Industry Act, 2016 (Act 929).
ISSUED BY ORDER OF
THE SECURITIES & EXCHANGE COMMISSION (SEC)
DATED: 18/01/2023
Find a copy of SEC's first statement below:
The Securities and Exchange Commission (hereinafter referred to as
“SEC”) is the statutory body mandated by the Securities Industry Act
2016 (Act 929) as amended by the Securities Industry (Amendment) Act
2021, Act 1062 to promote the orderly growth and development of an
efficient, fair and transparent securities market in which investors and
the integrity of the market are protected.
The SEC issues this notice to the general and investing public that
Zenith Bank Ghana Limited, a licensed Trustee that engaged in Trustee
activities in the securities industry and capital market, has
voluntarily requested to cease operations.
The SEC has, after a thorough assessment of the circumstances,
approved the voluntary cessation of business of Zenith Bank Ghana
Limited as a licensed Trustee. Zenith Bank Ghana Limited. is no longer
mandated to carry out any Trustee activities within the securities
industry.
All investors, market operators and the general and investing public
are hereby assured that the SEC is committed to ensuring rigorous
enforcement of all the rules for operators in the capital market in
order to promote the growth and development of an efficient, fair and
transparent securities market in which investors and the integrity of
the market are protected.
This Notice is issued pursuant to Sections 3(b) (f) (m) and 208 (c) of the Securities Industry Act, 2016 (Act 929).
ISSUED BY ORDER OF
THE SECURITIES & EXCHANGE COMMISSION (SEC)
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