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SEC maintains Gold Coast FM’s licence revocation, restores Monarch Capital’s, commutes 2 to suspension

The Securities and Exchange Commission has restored the licence of Monarch Capital Limited following the revocation of its licence as well as those of 52 other fund managers on 8 November 2019 pursuant to Section 122 (2) (b) of Act 929.

Monarch Capital, as well as Integrity Fund Management Limited, Legacy Fund Management Limited, Kron Capital Limited, Kripa Capital Limited, Frontline Capital Advisors Limited, Intermarket Asset Management Limited (formerly CDH Asset Management Limited) and Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited), exercised their right under section 19 (3) of Act 929 and appealed to the Administrative Hearings Committee (AHC) of SEC for re-consideration of the revocation decision.

The AHC considered the appeals and based on new evidence available to it, decided to restore the licence of Monarch Capital Limited.

The Administrative Hearings Committee also commuted the licence revocation of Integrity Fund Management Limited and Legacy Fund Management Limited to a six-month suspension, respectively.

It, however, sustained the revocation of the licences of Kron Capital Limited, Kripa Capital Limited, Frontline Capital Advisors Limited, Intermarket Asset Management Limited (formerly CDH Asset Management Limited) and Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited).

SEC, in its update on Friday, 12 June 2020, said other affected companies, such as Firstbanc Financial Services Limited, Apex Capital Limited and Omega Capital Limited, filed cases in the court over the revocation of their licences, adding that those cases are at various stages.

Source: Classsfmonline.com

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