The review of the Securities Industry Law (SIL) is expected to be completed by June and this could also culminate in an initial implementation.  This was intimated by the Securities and Exchange Commission (SEC).

The consultants for the review process have presented their final draft and plans are underway for stakeholder workshops within the next few weeks.  

The SIL is amongst the financial laws targeted for review following the Finance Ministry’s directive towards a more sustainable development of the financial industry.    

Others namely the Insurance law and the Bank of Ghana law have so far been reviewed and respectively led to several positive developments.

The Deputy Director General of the SEC, Kenneth Okwabi in an interview with Citi Business said several aspects of the Securities Industry Law are under review after being identified as hindering the development of the financial industry as a whole.                                           

“There are aspects of the law which makes it very difficult to cooperate with other regulators because the law does not permit to share information about investors sometimes without their concern,” he said.

He noted that the hindrance makes it almost impossible for investors concerned to go and share information about them hence the review.  

“…so that we can be in the position to share information with other regulators without this constrains.” He added.