SEC revokes licenses of Gold Coast Securities, FirstBanc and 51 other fund managers

The Securities and Exchange Commission (SEC) has, with effect from today revoked the licences of Fifty-Three (53) Fund Management Companies.

According to SEC, these actions were taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2016 (Act 929 or “the Act”) which authorizes the Securities and Exchange Commission to revoke the licence of a market operator under a number of circumstances.