By Chinwendu Obienyi
In a bid to enhance the development of the capital market, the Securities and Exchange Commission (SEC), has threatened it would revoke licences of inactive market operators that fail to provide updated information on their firms in December 2016 and February 2017.
SEC, in a statement on its website, the apex regulator stated that a large number of capital market operators had failed to heed to its earlier directive regarding provision of updated information of their firms, urging the under-listed firms to provide updated information to avoid their licenses being revoked.
“Pursuant to the powers conferred on SEC by the Investments and Securities Act (ISA) 2007, it directed all Capital Market Experts or Professionals to provide updated information of their companies/firms in December 2016 and February 2017. However, it was observed that a large number of Capital Market Experts or Professionals comprising Reporting Accountants, Solicitors, and Estate Surveyors/Valuers etc. did not respond to the request”
“The under-listed firms are by this circular required to indicate their interest in retaining their registration with SEC as Capital Market Experts or Professionals by providing updated information on their firms using the link ‘http://sec.gov.ng/capital-market-operators-data-update/’, it said.
According to the statement, “The minimum number of Sponsored Individuals required for their registered function is three (3), including a Compliance Officer and in recognition that a larger number of Capital Market Experts or Professionals have offices in Lagos, the Commission in January 2017 relocated its Registration and Inspectorate Divisions to Lagos, the concerned Capital Market Experts or Professionals are enjoined to visit any of the Commission’s offices for further clarification.”
The statement thereafter maintained that all capital market experts or professionals are required to comply with the directive on or before July 31, 2017 as any firm whose response is not received within the time frame would be considered inactive and would not operate in the capital market.
Director General, SEC, Mounir Gwarzo, had earlier while addressing the media at its Capital Market Committee (CMC) meeting recently in Lagos, disclosed that by the end of June 2017, the apex regulator will have complete database of all registered operators.