According to SEC, revocation of the licences of the Fund Managers neither affects the valid licences of nor terminates the Mutual Funds and Unit Trusts that they used to manage.
Here’s a full list of the collective investments which have not been affected by the revocation of 53 Fund Management licences
The Securities and Exchange Commission (SEC) in Ghana has published a list of 18 Collective Investment Schemes (CIS) in the form of Mutual Funds or Unit Trusts which have not been affected by the revocation of the licences of their respective fund managers.
Sec captured this in a press release it issued on Friday, November 22, 2019.
The statement that shareholders and unitholders of these Mutual Funds and Unit Trusts are therefore not included in the ongoing submission of the claims process at branches of Consolidated Bank Ghana Limited (CBG).
"In accordance with section 88 (6) of the Securities Industry Act, 2019 (Act 929), Boards of Directors (for Mutual Funds) and Trustees (for Unit Trusts) of affected CIS are to ensure that the schemes continue to run in the best interest of shareholders/unitholders by appointing new fund managers to operate the CIS," the release said.
"Investors of affected CIS shall be advised by their respective Boards and Trustees when the fund managers are appointed or any other option taken in accordance with Act 929".
Below is the full lists of the Investment Schemes:
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