SEC sets Dec. 18 deadline for customers of defunct Fund Management Firms to submit claims

The Securities and Exchange Commission (SEC) has set a deadline of December 18, 2019, for the submission of claims for customers of the 53 defunct Fund Management Companies.

In a release Monday, the Commission said, “The SEC wishes to inform the general public that the submission of claims exercise which began Monday, 18th November 2019, is scheduled to end on Wednesday, 18th December 2019.”

The Commission also advised investors to visit the designated areas at the CBG branches with valid ID cards, evidence of investment claims and completed forms.

“Copies of the forms will also be available at the designated CBG branches. Non-resident investors are required to issue notarized Power of Attorney to representatives for submissions to be made on their behalf.”

The Securities and Exchange Commission (SEC) on 8th November 2019 revoked the licences of 53 Fund Management Companies (“FMCs”).

The revocation of the licences, according to the regulator, is to protect the integrity of the securities market and investors.