By Modupe Gbadeyanka
A minor reorganisation has been carried out by the management of Securities and Exchange Commission (SEC).
The capital market regulator explained that it took this step in order to be more efficient for better service delivery.
However, the SEC emphasised that all the recent restructuring carried out by it was approved by the management.
It said that one of the reorganisation was the relocation of the Inspectorate Division to its Lagos Zonal Office (LZO).
SEC explained this is to ensure a successful implementation of Risk Based Supervision Model and regulation of Systematically Important Financial Institutions in the capital market.
The commission noted that it has considered the need to have enhanced regulatory supervision of all registered Capital Market Operators (CMOs), which available record indicates that more than 90 percent of the operators are based in Lagos.
“In line with this, the Inspectorate Division of the Commission’s Monitoring Department has been moved to Lagos Zonal office but some staff will be retained at the head office to handle some operators from the Northern part of the country.
“This is aimed at ensuring that the CMOs maintain healthy financial situation and comply with Rules and Regulations guiding the conduct of their respective operations,” SEC clarified.
Another reorganisation carried out, according to the market regulator, is the relocation of its registration division to the Lagos Zonal Office (LZO).
Explaining the reason behind this, SEC pointed out that “There is no doubt that the commission’s revamped registration process has ensured the admission of only persons with excellent credentials to the market.
“In a bid to leverage on this revamped process and reduce huge financial burden being borne by the CMOs on filing of registration documents or attending registration meetings in Abuja, the commission has decided to relocate the registration division from its headquarters to Lagos Zonal Office but a unit to cater for operators domiciled in the northern part of the country will reside at the head office, Abuja.
“This relocation would not only reduce the cost of conducting the registration exercise, but also efficiently position the Commission to remain innovative on its registration processes.”
SEC also disclosed that it has now merged the Fund Management Division (Investment Management Department) with the Inspectorate Division (Monitoring Department).
It stated that its Inspectorate and Fund management Divisions perform similar functions of monitoring market operators, but while the Fund Management Division monitors the activities of registered Fund Managers, the Inspectorate division supervises other categories of CMOs.
SEC stressed that to fully optimize the benefits of the Risk Based Supervisory Model, both divisions have been merged and would carry the assigned responsibilities under Inspectorate Division of Lagos Zonal Office.
It concluded that this reorganization has become effective on Monday January 16, 2017 and emphasised that its Lagos Zonal office address still remains 3, Idejo Street, opposite ICON House, off Adeola Odeku Street, Victoria Island.
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