THE REPUBLIC V. HIGH COURT EX PARTE SECURITY AND EXCHANGE COMMISSION

RULING

TORKORNOO (MRS), JSC

Background of the Application for Judicial Review in the High Court

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:

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. 

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:

A. 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.

B. An order…