Directive on the Opening, Maintenance and Operation of Trust Accounts by Capital Market Operators, 2020 🇬🇭

Ghana

Directive sec-dir-003-07-2020

Directive on the Opening, Maintenance and Operation of Trust Accounts by Capital Market Operators, 2020

Issued by Securities and Exchange Commission on 15 July 2020
Commenced on 15 July 2020
[This is the version of this document from 15 July 2020.]

1.0 Preamble

1.1This Directive is issued by the Securities and Exchange Commission (hereinafter referred to as “the SEC”) pursuant to sections 3, 140, 159, 160 and 209 of the Securities Industry Act, 2016 (Act 929) with respect to opening, maintenance and operation of Trust Accounts held by Capital Market Operators (hereinafter referred to as “Licencees firms”).

2.0 Scope and Application

2.1.This Directive shall apply to all Capital Market Operators required to open, maintain and operate Trust Accounts for and on behalf of its clients.

3.0 Designation and Operation of Trust Accounts

3.1.A Capital Market Operator may open, maintain and operate one or more Trust Accounts provided that they are designated as Trust Account i…

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