SEC imposes strictures on Entrust Capital

Monday, 9 May 2016 00:00 - - {{hitsCtrl.values.hits}}

The Securities and Exchange Commission (SEC) has imposed several strictures on Entrust Capital Markets Ltd., to protect investor interests.

The Company has been directed to refrain from accepting any new clients, carrying out purchases and sales on behalf of clients; facilitate prompt transfer of securities portfolios of existing clients to other stockbrokers in conformity with requests by clients and apprise all clients in writing specific restrictions imposed by the SEC.

Entrust Capital Markets has also been further directed to ensure that client funds are not withdrawn except with prior written approval of the SEC.

In seeking such approval the Company shall set out a written account of the bases relied on in including where relevant confirmation of the client’s instructions, which sold be countersigned by the CEO.

SEC said the directives were on account of certain regulatory concerns which have surfaced and a detailed account of same would be communicated to Entrust Capital Markets shortly.