SEC to regulate alternative investment schemes from next year
Posted on: 05-Sep-2012
The Securities and Exchange Commission SEC will from next year start regulating the activities of alternative investment schemes.
These will include venture capital, hedge funds, private equity and nominee accounts.
The commission currently regulates the activities collective investments schemes but want to extend it to these areas because of current happenings in the financial system.
Director General of SEC, Adu Anane- Antwi disclosed this to JOYBUSINESS at a meeting with policy makers on developing private equity and venture capital in Ghana.
“Its come out that because these alternative schemes were not properly or under regulated, transparency was an issue. People who have invested in them therefore did not have the same level of protection as other investors” he said.
Chief Executive of Venture Capital Trust Fund, Daniel Doku however tells Joy Business, this should be done in way that will not affect the growth of the schemes.
“All over the world, there are regulatory bodies that regulate this asset class private equity and venture capital trust funds. We therefore welcome this by the SEC but what I think they need to do is to engage stakeholders to identify the challenges to shape out the rule to grow the industry rather than stifling it” he noted.