The Securities and Exchange Commission is proposing some changes to the laws governing the securities industry to ensure they meet international best practices. The move will ensure that all the regulatory lapses in the current laws are removed. Joy Business’ George Wiafe who sighted the draft memorandum and reports the amendments seek to remove provisions in the laws seen by players as impediments to the development of the market. The new law will also delink the functions of an investment advisor from those of fund managers, so that an individual cannot perform both roles. The SEC is also seeking to make it mandatory for all investment advisors to obtain licenses from the commission before they can operate. The clause also ropes in journalists who advise for profit. The proposal also seeks greater independence for the Director-General whilst the commission will also be empowered to apply to the courts to freeze assets of individuals deemed to have flouted the securities’ laws. The Deputy Director General of SEC, Mr Kenneth Okwabi believes the proposals should greatly improve the environment for investors. He said the enhanced laws were necessary to ensure that Ghana becomes destination for investors on the African continent. Source: Joy Business/Ghana