Securities Commission of Papua New Guinea

𝐖𝐀𝐑𝐍𝐈𝐍𝐆: 𝐒𝐄𝐂𝐔𝐑𝐈𝐓𝐈𝐄𝐒 𝐂𝐎𝐌𝐌𝐈𝐒𝐒𝐈𝐎𝐍 𝐎𝐅 𝐏𝐀𝐏𝐔𝐀 𝐍𝐄𝐖 𝐆𝐔𝐈𝐍𝐄𝐀 (𝐒𝐂𝐏𝐍𝐆) 𝐖𝐀𝐑𝐍𝐒 𝐏𝐔𝐁𝐋𝐈𝐂 𝐀𝐆𝐀𝐈𝐍𝐒𝐓 𝐈𝐍𝐕𝐄𝐒𝐓𝐈𝐍𝐆 𝐈𝐍 𝐔𝐍𝐑𝐄𝐆𝐈𝐒𝐓𝐄𝐑𝐄𝐃 𝐎𝐑 𝐔𝐍𝐑𝐄𝐂𝐎𝐆𝐍𝐈𝐙𝐄𝐃 𝐔𝐍𝐈𝐓 𝐓𝐑𝐔𝐒𝐓𝐒 𝐀𝐍𝐃 𝐌𝐀𝐍𝐀𝐆𝐄𝐃 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓 𝐒𝐂𝐇𝐄𝐌𝐄𝐒 Port Moresby, November 11, 2024 – The Securities Commission of Papua New Guinea (SCPNG) strongly warns the public about the dangers of investing in unregistered or unrecognized unit trusts and managed investment schemes. These schemes lack regulatory oversight, exposing investors to significant financial risks. SCPNG Acting CEO Mr. James Joshua stated, “Unregistered schemes operate without proper scrutiny, transparency, or legal protections, often leading to severe financial losses.” Tips to Avoid Investment Scams: 1. Verify Registration: Ensure the scheme is registered with SCPNG. 2. Beware of Unrealistic Returns: Promises of high returns often signal fraud. 3. Conduct Research: Seek advice from licensed professionals. 4. Report Suspicious Activity: Notify SCPNG of unrecognized schemes. SCPNG clarifies that ENEG Investments Limited, posing as SSE PNG or SSE ENEG, is not licensed or registered. Other unregistered schemes include: 1. Golden Sun – Claims to pay based on movie reviews. 2. Faith G Credit Finance & Investment Ltd – Promises profits quadrupling investments. Understanding Legal Unit Trust Schemes: Per the Capital Markets Act, 2015, registered schemes: * Must operate under a Trust Deed approved by SCPNG. * Require trustees licensed by the Commission. * Must have at least 20 members. Registration legitimizes the scheme. SCPNG will prosecute unregistered operators under the law.

𝐄𝐦𝐩𝐨𝐰𝐞𝐫𝐢𝐧𝐠 𝐅𝐮𝐭𝐮𝐫𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐋𝐞𝐚𝐝𝐞𝐫𝐬: 𝐒𝐂𝐏𝐍𝐆 𝐒𝐮𝐩𝐩𝐨𝐫𝐭𝐬 𝐘𝐨𝐮𝐧𝐠 𝐌𝐢𝐧𝐝𝐬 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐂𝐚𝐦𝐩𝐚𝐢𝐠𝐧 𝐢𝐧 𝐌𝐢𝐥𝐧𝐞 𝐁𝐚𝐲 Port Moresby, August 12, 2024 – The Securities Commission of Papua New Guinea (SCPNG) proudly supported and participated in the Young Minds Savings Campaign (YMSC) in Milne Bay Province from August 7th to 9th. Acting Executive Chairman, Mr. James Joshua, highlighted the campaign’s focus on teaching students the importance of financial skills, emphasizing the theme "Save Now For A Secured Future." The campaign, part of the National Financial Inclusion Strategy led by the Centre for Excellence in Financial Inclusion (CEFI), saw banks such as BSP, MiBank, Mama Bank, and TISA Bank promoting savings products to students. Many eagerly opened new accounts, laying the foundation for a secure financial future. SCPNG also distributed informational brochures on its statutory regulatory functions, marking a significant step towards advancing investor education in PNG's capital market. The initiative, a collaboration with the Bank of Papua New Guinea (BPNG) and the Milne Bay Provincial Government, was SCPNG’s first engagement under a new MOU with CEFI.

𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐂𝐨𝐦𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐨𝐟 𝐏𝐚𝐩𝐮𝐚 𝐍𝐞𝐰 𝐆𝐮𝐢𝐧𝐞𝐚 𝐄𝐬𝐭𝐚𝐛𝐥𝐢𝐬𝐡𝐞𝐬 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩 𝐰𝐢𝐭𝐡 𝐂𝐞𝐧𝐭𝐫𝐞 𝐟𝐨𝐫 𝐄𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐜𝐞 𝐢𝐧 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 𝐭𝐨 𝐀𝐝𝐯𝐚𝐧𝐜𝐞 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧. Port Moresby, May 15, 2024 – ‘Centre for Excellence in Financial Inclusion (CEFI) is a significant partner to promote capital market investor education’ – ‘said Mr. James Joshua, Acting Executive Chairman of Securities Commission of Papua New Guinea (SCPNG)’. Mr. James Joshua officially signed the Memorandum of Understanding (MOU) with the Executive Director of CEFI, Mr. Saliya Ranasinghe at the CEFI Conference Room, Credit House, Level 3, Port Moresby (Wednesday May 08), signifying the start of a long-term partnership. Signing of the MOU with CEFI is a momentous partnership that will facilitate and drive awareness about the Capital Market and the statutory functions SCPNG performs to the public. Mr. Joshua stated that the bulk of the people in PNG are unaware of the investment options available in the capital market, consequently, investment in the capital market space has declined in recent years. He added, investment options like debts and bonds in the capital market are viable alternatives besides the traditional investment avenues, the banks, and financial institutions. Our agenda under the MOU is to expand the capital market through investor education using CEFI’s existing partnerships with sector institutions and its provincial government engagement arrangements”, said Mr. Joshua. Executive Director of CEFI Mr. Ranasinghe acknowledged SCPNG for the partnership and pledged to incorporate capital market awareness in its financial inclusion programs. Mr. Ranasinghe said inclusion of capital market awareness in the financial inclusion programs usually predominant with banks and financial institutions is the next evolution phase of financial inclusion in PNG.  People will be taught how the stock exchange and other capital market product works”, Mr. Ranasinghe concluded. The MOU will be implemented over a three-year period and will possibly be extended into the future. 

𝐏𝐫𝐢𝐦𝐞 𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫 𝐇𝐨𝐧. 𝐉𝐚𝐦𝐞𝐬 𝐌𝐚𝐫𝐚𝐩𝐞 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐬 𝐅𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐓𝐚𝐬𝐤 𝐅𝐨𝐫𝐜𝐞 𝐒𝐡𝐢𝐞𝐥𝐝 𝐭𝐨 𝐏𝐫𝐨𝐭𝐞𝐜𝐭 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐄𝐧𝐟𝐨𝐫𝐜𝐞 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲