Securities commission calls for license renewal
THE acting chairman of Securities Commission Alex Tongayu is urging all market intermediaries in the capital market to renew their licenses under the new Capital Market Act 2015.
Mr Tongayu issued this call after renewing the trustee license of Mineral Resources Development Company Limited (MRDC) under Section 37 and 189 of the Capital Market Act 2017.
He said MRDC was issued with a trustee license in 2011, under the repealed Securities Act 1997, which expired on 15 December 2018.
Mr Tongayu said t MRDC was also issued with a new fund management license under the Capital Market Act 2015.
“The new capital market 2015 requires for all fund or investment management portfolios other than superannuation fund management, are managed by licensed fund or investment managers,’’ he said.
MRDC is an experienced trustee and fund investment manager for a number of landowner companies within the mining and petroleum industry and a unit trust, Pacific Property Trusts.”
Mr Tongayu said all licenses issued under the Securities Act 1997 have ceased on December15, 2018.
He is calling on all existing license holders including, trustees, fund managers, stock brokers and dealers, stock exchanges and share registries to renew their existing licenses by March 31st, 2019.
The Commission also invites any interested persons with expertise in the capital markets or securities industry to apply for new licenses to operate in the market.
Under the Capital Market Act 2015, there are new types of licenses available.
This includes license for central depository, settlement & clearing house, electronic trading platforms, fund managers, investment advisors, trustees, stock brokers and other licenses.
These licenses compliments new financial market products avenues created by the new securities legislation passed by parliament in 2015.
It is the long term vision of the Commission to grow the capital market in the country, with the support of the industry, other stakeholders and development partners.
This is line with the national government’s financial sector development strategy launched by the Treasurer, Charles Abel on January 24.
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