Talking Legal with TEMPLARS: Regulator Engagement in Ghana’s Financial Market

They share practical strategies for engaging effectively with regulators in Ghana’s financial markets. 

See below the key points from the discussion:

[01:20 – 02:17] Key Regulators in Ghana:

Paa and Daniel highlight key players such as the Bank of Ghana, Securities and Exchange Commission, Financial Intelligence Center, National Insurance Commission, and National Pensions Regulatory Authority, emphasising their roles in maintaining market integrity. 

[02:25 – 03:20] Effective Engagement Strategy:

They recommend early preparation with a strong advisory team, a clear business plan, and transparent communication to mitigate compliance risks.

 [03:38 – 05:30] Case Studies: Success and Failure 

Two contrasting cases discussed: Menzgold, a cautionary tale of failed regulatory engagement, and MTN Mobile Money, a success story of proactive collaboration, fostering financial inclusion.

[05:52 – 09:31] Triggers and Handling Investigations:

Common triggers, such as consumer complaints, can lead to investigations. The speakers recommend forming a response team, gathering evidence, and involving legal counsel to manage scrutiny effectively.

 [09:48 – 12:02] Appeals and Judicial Review:

Options for appealing regulatory decisions include internal appeals and judicial review, ensuring procedural fairness.

[12:30 – 14:30] Bridging Information Asymmetry:

They urge businesses to engage in regulatory initiatives, such as sandboxes, to close information gaps, foster innovation, and ensure compliance.

 [14:40 – 15:16] Key Takeaways Recap:

They stress the importance of proactive communication, early legal advice, transparency, collaboration, and leveraging regulatory sandboxes to align with evolving standards.