The department monitors trading of securities and seeks to prevent market manipulation by those seeking to engage in improper trading. The department is also tasked to regularly assess how effectively licensees are complying with their legal obligations to operate fair, orderly and transparent markets.
The department therefore directs its efforts to seeing that licensee inspections are well planned and systematically conducted to cover all perceived risks that players may face or introduce to the market. Reports of all contact with licensees are well documented in a standardised format and timely implemented in accordance with laid down processes and procedures. Through disclosure reviews and examinations of securities dealers, investment advisers, self regulatory organizations (SROs) and other market participants, the Commission seeks both to detect violations of the securities laws and rules and to foster strong compliance and risk management practices within these firms. When violations do occur, the department investigates and brings enforcement actions against regulated persons and entities, as well as other market participants. While detecting violations of securities laws is an integral aspect of the Commission’s objectives, proactive working to prevent future violations is deemed even more important to protecting investors and enhancing market integrity.
Due to its daily interface with the market this department is best placed to anticipate and articulate new developments needed to improve the market. The department works towards developing the capital markets and as such its contact with licensees also seeks to counsel and improve standards and systems in addition to sanctioning unacceptable practices. The Commission seeks to encourage within organisations of all sizes a strong culture of compliance, from top leadership down, that fosters ethical behaviour and decision making. The department seeks to foster best practice tone at the top for licencees.
In the execution of its mandate the department recognises the importance of cooperation with fellow regulators, local and foreign, and as such takes every opportunity to strengthen ties and exchange of information with all institutions that work towards improving our capital markets.
Licensing and supervision of market participants is a seamless process that gives the Commission a face in the eyes of all licensees. The engagement of any player with the market begins with an application for a license and it is at this stage the Commission satisfies itself that the individuals and the companies who intend to operate in the capital markets are suitable and meet all the requirements. Once the Commission grants a licence it is further tasked to ensure that the licensee upholds the standards necessary to continue holding the licence. The department sanctions licensees that fail to meet standards as set out in the Securities Act and the Commission’s rules and regulations. This process ensures that relicensing is done from a position of practical knowledge and experience in dealing with the licensee.
DIRECTOR Supervision Licensing and Surveillance
BCom Honours Finance, MSc Finance and Investment (NUST)
Mr. Maferefa has extensive knowledge in Financial and Investment Analysis, Compliance and Risk, and Investment Banking acquired through working for various Stockbroking, Asset Management and Banking Institutions. Before Joining the Commission in October 2009, he was working for Stanbic Bank as a Corporate Finance Manager.
