Ghanaian News

SEC to tackle media houses that advertise unregistered financial institutions

The Security and Exchange Commission (SEC) has served notice that it is going to take strict actions against media houses for advertising non-licensed financial investment firms operating in the country.

According to SEC, this move forms part of the measures to keep the sector in check and also protect customers from scams.

Head of Legal Enforcement at SEC Selias Baidoo disclosed this in interaction with some journalists on Wednesday June 30.

He explained that SEC is empowered under the laws to ensure that these unregistered companies do not catch the eyes of the public through advertisements.

He said the “law discusses advertisement, it gives the Security and Exchange Commission some roles to play when it comes to advertising or publishing notices to the public on TV , radio, all kinds of platforms.

“If you look at 144, the title is ‘Advertisement and Protection of Consumers of Financial Services’ so this is clearly targeted at protecting people who are watching adverts.

“These adverts are about financial services. This section is a broad section.”

SEC is the body established by the Securities Industry Act, 2016 (Act 929) with the object to regulate and promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.

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