THE REPUBLIC vs. HIGH COURT, ACCRA EXPARTE: SECURITY AND EXCHANGE COMMISSION FIRST BANC FINANCIAL SERVICE [2020]DLSC9338

THE REPUBLIC vs. HIGH COURT, ACCRA EXPARTE: SECURITY AND EXCHANGE COMMISSION FI... [2020]DLSC9338

Date	2020-06-24
Suit No.	CIVIL MOTION NO. J5/35/2020
Citation No.	[2020]DLSC9338

YEBOAH CJ (PRESIDING)

PWAMANG JSC

MARFUL-SAU JSC

AMEGATCHER JSC

TORKORNOO JSC

THADDEUS SORY WITH ABU JUAN JAGIARA FOR THE APPLICANT

GLORIA KOUFIE WITH SHERLEY OTU FOR THE INTERESTED PARTY.

[2020]DLSC9338
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													<main id="main" class="content" style="min-height: 60rem" >THE REPUBLIC<o:p></o:p>vs.<o:p></o:p>HIGH COURT, ACCRA<o:p></o:p>(RESPONDENT)<o:p></o:p>EXPARTE: SECURITY AND EXCHANGE
COMMISSION<o:p></o:p>(APPLICANT)<o:p></o:p>FIRST BANC FINANCIAL SERVICE<o:p></o:p>(INTERESTED PARTY)<o:p></o:p><o:p>&nbsp;</o:p>[SUPREME
COURT, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

CIVIL MOTION
NO. J5/35/2020&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; DATE: 24TH
JUNE, 2020<o:p></o:p>

</div>COUNSEL:<o:p></o:p>THADDEUS SORY
WITH ABU JUAN JAGIARA FOR THE APPLICANT.<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">GLORIA
KOUFIE WITH SHERLEY OTU FOR THE INTERESTED PARTY.<o:p></o:p>

</div>CORAM: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<o:p></o:p>YEBOAH CJ (PRESIDING), PWAMANG JSC, MARFUL-SAU
JSC, AMEGATCHER JSC, TORKORNOO JSC<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
padding:1.0pt 0cm 1.0pt 0cm">

<p class="MsoNoSpacing" align="center" style="margin-left:72.0pt;text-align:center;
text-indent:-72.0pt;line-height:115%;border:none;mso-border-top-alt:solid windowtext 1.5pt;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">RULING<o:p></o:p>

</div><o:p>&nbsp;</o:p>TORKORNOO
(MRS), JSC:-<o:p></o:p><o:p>&nbsp;</o:p>Background
of the Application for Judicial Review in the High Court<o:p></o:p>Section 1(1) of the Securities Industry Act 2016 Act 929 provides for the establishment
of the Securities and Exchange Commission (SEC). Section 2 provides for its
object as follows:<o:p></o:p>2. The
object of the Commission is to regulate and promote the growth and development
of an efficient, fair, and transparent securities market in which investors and
the integrity of the market are protected. <o:p></o:p>In the course of its regulatory functions, the SEC
revoked the licence of FirstBanc Financial Services (FirstBanc) by letter dated
8th November 2019 for reasons stated in the letter. On 11th
November 2019, FirstBanc filed an application for Judicial Review in the High
Court for the following reliefs:<o:p></o:p>A.&nbsp;&nbsp;&nbsp;
A
declaration that the revocation of Applicant’s licence by Respondent is null,
void and of no effect for want of compliance with due process and breach of
Applicant’s right to administrative justice.<o:p></o:p>B.&nbsp;&nbsp;&nbsp;&nbsp;
An order
of certiorari for the purpose of bringing up for purposes of quashing and
accordingly quashing Respondent’s decision of the 8th November 2019
revoking Applicant’s fund management licence.<o:p></o:p>C.&nbsp;&nbsp;&nbsp;
An order
of injunction directed at Respondent and all its officers, consultants,
advisers, workmen, assigns or privies restraining them from interfering with
Applicant’s business. <o:p></o:p><o:p>&nbsp;</o:p>The SEC filed an application to set aside the
Judicial Review application on 9th December 2019 on the basis that ‘the application is premature since the
Applicant failed to exhaust the statutory provisions of the Securities
Industries Act, 2016 (Act</main>