Securities Investment Business (Amendment) Act, 2023
An amendment expanding criminal liability for offences under the Act to partnerships, limited liability partnerships (LLPs), and unincorporated associations.
Securities_Investment_Business_(Amendment)_Act_2023.pdf
2026-04-28
The Securities Investment Business (Amendment) Act, 2023 significantly broadens the scope of criminal liability for regulatory offences under the securities-investment-business-act-2020.
Expanded Corporate Liability
Previously focused primarily on directors and officers of corporate bodies, the amendment ensures that regulatory enforcement can effectively reach other common investment vehicles. It explicitly extends liability for offences to:
- Partnerships (including exempted limited partnerships).
- Limited Liability Partnerships (LLPs).
- Unincorporated Associations.
Personal Accountability
If an offence is committed by one of these entities, the amendment imposes personal liability on the partners or persons concerned in the management or control of the association. Specifically, they are liable to be proceeded against and punished alongside the entity if the offence:
- Was committed with their consent or connivance; or
- Is attributable to any neglect on their part.