SEC extends deadline for securities markets to meet key reporting requirements
April 3, 2020
The Ghana Stock Exchange (GSE) and Securities and Exchange Commission, (SEC), Ghana have granted extensions to operators in the securities market to meet the requirements for their continuous participation in capital market activities.
Issuers and Market Operators in the sector have been informed of an extension of the deadline for the submission of their audited annual financial statements
This new directive is against the background of the disruption of economies and daily human activities occasioned by the outbreak of the Coronavirus pandemic.
This was contained in a statement issued by the SEC in Accra on Monday, March 30, 2020.
Portions of the SEC statement read, “Issuers and Market Operators who would not be able to meet the deadline for submission of their audited annual financial statements to the Commission and circulation of same to investors may apply to the Commission for extension of time before the expiry of the submission deadline.”
Audited annual financial statements
Issuers of securities to the public and market operators, the SEC statement adds, are mandated to submit their audited annual financial statements to the SEC, not later than three months after the close of their financial year in accordance with Regulations 54 and 33 of L.I. 1728.
However, Collective Investment Schemes are required to submit their audited annual financial statements to the Commission and circulate their annual Investor’s Report to their shareholders/unit holders not later than four months after the close of the financial year in accordance with Regulation 50 (2) of L.I.1695.
Additionally, the GSE has granted the request of some six listed companies for the deadline for the submission of their audited financial statements for the year ended December 31, 2019, to be extended.
The six listed companies include: Enterprise Group Limited, which sought for an extension to April 30, 2020; Intravenous Infusions Limited to April 14, 2020; and Fan Milk Limited to April 30, 2020.
Others are Total Petroleum Ghana Limited which also requested for an April 30, 2020 extension, Aluworks Limited to August 31, 2020; and GOIL Company Limited to April 30, 2020.
GSE operations continues on digital platforms
Meanwhile, the GSE has assured all investors that it will continue its operations on digital platforms in furtherance to directives issued by the government to combat the covid-19 pandemic
“The Ghana Stock Exchange wishes to inform the general investing public that its offices will be physically closed during the period of the restriction on movement. However, trading on the market will continue uninterrupted.
“This is because the Exchange operates its market on an Automated Trading System (ATS) which brokers trade on via the internet and a Wide Area Network (WAN),” it explained.
The GSE also has a Disaster Recovery System (DRS) which allows seamless business continuity if the need arises.
Consequently, investors will be able to have their requests executed by their brokers who are Licensed Dealing Members (LDMs).
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