FSC Provides Updates on Regulatory Actions Concerning SSL

• The Financial Services Commission (FSC) continues its active regulation of Stocks and Securities Limited (SSL), with a focus on ensuring that the company strictly adheres to the requirements set forth in the Securities Act to safeguard the interests of SSL’s clients and maintain the integrity of the financial system.
• The FSC reported that on July 31, 2024, it issued directions to SSL, requiring periodic updates, including the status of payouts to clients, to enforce transparency and accountability during the company’s winding-up process.
• Based on the latest information provided by the Trustee, SSL is advanced in its plans to make a payout to SSL clients. The payout is primarily from the proceeds of the sale of the International Securities Client Portfolio, with an approximate value in excess of USD 30 million.
• To ensure full compliance with the directions, the FSC will be closely monitoring SSL’s actions throughout this process. It continues to collaborate closely with law enforcement agencies to ensure the pursuit and successful completion of thorough investigations of any improprieties at SSL and will provide further updates as necessary.

(Source: FSC)