SEC Fixes November 11 for Third CMC Meeting of 2021

By Aduragbemi Omiyale

From Thursday, November 11 to Friday, November 12, 2021, the third capital market committee (CMC) meeting of this year will take place. The meeting is organised by the Securities and Exchange Commission (SEC).

Expected participants at the CMC meeting include Chief Executive Officers (CEOs) of all registered capital market firms (i.e. broker/dealers, investment advisers, custodians, fund/portfolio managers, receiving banks, issuing houses, rating agencies, registrars, reporting accountants, trustees, and capital market consultants, etc.); CEOs the Nigerian Exchange Group (NGX), National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); as well as representatives of relevant financial sector regulatory agencies, among others.

A statement from the apex capital market regulatory agency disclosed that on the first day of the gathering, which would be virtually through Zoom, key stakeholders will discuss issues in the capital market and the next day, it would be the usual interface with the press on the outcome of the CMC meeting.

“Attendance to both events is strictly by invitation. Invited participants will be sent unique links with which to join the meeting,” a part of the statement from SEC stated.

A few of the matters to be discussed are the implementation of the 10-year Capital Market Master Plan, implementation of the Fintech Roadmap, the commodities trading ecosystem roadmap as well as other salient matters relating to the capital market and the economy.

The CMC was primarily established to serve as a medium for the exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework.

It is an industry-wide committee comprising members of the SEC, representatives of capital market operators and trade groups and other stakeholders. The CMC meets every quarter.

Recall that in November 2014, the commission unveiled the 10-year Capital Market Master Plan (CMMP) and has continued to implement the initiatives, which are designed to reposition the Nigerian capital market as an attractive investment destination and a critical facilitator of capital formation for the accelerated growth and development of the Nigerian economy.

Some of the CMMP initiatives that have been implemented include; Direct Cash Settlement, regularisation of multiple subscriptions, dematerialization of share certificates, and the introduction of the e-Dividend Management System.

The CMMP initiatives have helped in promoting transparency, protecting investors and enhancing market confidence. The objectives of the CMMP are also in consonance with the federal government’s economic strategy, focused on encouraging a private sector-led economy to drive inclusive growth.