GSE expels Worldwide Securities with immediate effect

The Ghana Stock Exchange has expelled Worldwide Securities Limited (WSL) from Licensed Dealing Membership (LDM) of the Exchange with immediate effect.

The decision of the Exchange to expel WSL from its membership is in view of WSL failure to renew its Broker-Dealer licence with the Securities and Exchange Commission (SEC) in accordance with Rule 9(2)(e) of the Exchange’s Dealing Membership Rules as well as the failure to meet its financial obligations to the Exchange in accordance with Rule 9(2)(b) of the Exchange’s Dealing Membership Rules.

Also, the suspension is due to WSL failure to have the requisite staff to operate the business in accordance with Rules 6(j) and 6(k) of the Exchange’s Dealing Membership Rules and not being active in its broker-dealer business to an extent acceptable to the Exchange, in accordance with Rule 6(L) of the Exchange’s Dealing Membership Rules.

WSL’s expulsion means that it is precluded from opening and operating brokerage and investment accounts for the public; dealing in securities on all of the Exchange’s markets and holding itself as a member of the Exchange.

The GSE urged clients of WSL to contact the Exchange for assistance with transferring their securities accounts and holdings to any Licensed Dealing Member of their choice

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