SEC Gives Capital Market Operators Deadline to Regularise Registration Status

By Modupe Gbadeyanka

Capital market operators in the country have been given a deadline to regularize their registration status or risk being kicked out.

The Securities and Exchange Commission (SEC), in a statement issued at the weekend, said the affected operators have up till Sunday, August 20, 2017, to do so.

Specifically, SEC said CMOs, experts and professionals operating in the Nigerian capital market, who do not have the required number of sponsored individuals and a compliance officer for each function performed by the operator in the capital market, must quickly ensure this was rectified in compliance with the provisions of the ISA 2007 and the SEC Rules and Regulations.

“All CMOs, experts and professionals without the required number of sponsored individuals and/or a compliance officer are mandated to regularize their registration status with the commission on or before August 20, 2017,” the capital market regulator said in the statement.

It warned that, “Failure to comply with this directive would be a violation of the provisions of the ISA 2007 and the SEC Rules & Regulations and render the CMO, expert or professional unable to operate in the market.”