Monday, 6 April 2020

Financial market operators given extension to submit their reports

 Concept of Financial Market: Meaning and Functions, Solved Examples

 

 

 

Adnan Adams Mohammed

 

Issuers of securities to the public and market operators have been directed to submit their audited annual financial statements to the Commission, not later than three months after the close of their financial year in accordance with Regulations 54 and 33 of L.I. 1728.

 

Collective Investment Schemes have also been given four months maximum to submit their audited annual financial statements to the Commission and circulate their annual Investor’s Report to their shareholders/unit holders after the close of the financial year in accordance with Regulation 50 (2) of L.I.1695.

 

The Securities and Exchange Commission has informed Issuers and Market Operators of an extension of its deadline for the submission of audited annual financial statements against the background of the disruption created by the outbreak of the Coronavirus (COVID-19) pandemic.

 

“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” SEC noted in a statement.

 

Similarly, the Ghana Stock Exchange has approved requests for the extension of its deadline for the submission of audited financial statements for the year ended December 31, 2019, made by six listed companies.

 

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. The others are Total Petroleum Ghana Limited which also requested for an extension to April 30, 2020; Aluworks Limited to August 31, 2020; and GOIL Company Limited to April 30, 2020.

 

This was contained in notice issued to the general investing public by the Exchange Monday, March 30, 2020.

 

The GSE has assured all investors that it will remain fully operational on digital platforms, considering all directives that have recently been issued by the government.

 

“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 Exchange also has a Disaster Recovery Site (DRS) which allows seamless business continuity if the need arises. Consequently, investors will be able to have their orders executed by their brokers who are Licensed Dealing Members (LDMs).


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