THE REPUBLIC vs. THE SECURITIES AND EXCHANGE COMMISSION, EX-PARTE FIRSTBANC FINANCIAL SERVICES

Firstbanc Financial Services Limited is the Applicant in this Judicial Review application. The Company was licensed to operate as a Fund Manager by the Respondent. The Respondent has been described as a statutory body tasked with the responsibility of regulating and promoting the growth and development of an efficient, fair and transparent securities market so as to protect investors and the securities market, in accordance with the Securities Industries Act, 2016 (Act 929). The genesis of this application is the revocation of the Applicant’s Fund Management Licence issued on 15th October, 2019 which took a retrospective effect from 1st July, 2019. The licence was revoked by the Respondent on 8th November, 2019. At first sight, I got the impression that the Applicant’s initial licence was issued in 2019, but upon reading paragraph 9 of the supporting affidavit, it became clear that the Applicant’s fund management operations date back to the year 2016. The Respondent denied brea...