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July 18th , 2024

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ZENITH BANK STOPS OPERATIONS AS TRUSTEE: SEC CLARIFIES

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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)

DATED: 18/01/2023

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