SEC Kicks Off Full e-Registration for Capital Market Services

By Aduragbemi Omiyale

The implementation of a fully electronic registration process for capital market operators has been commenced by the Securities and Exchange Commission (SEC).

This is deployed through the regulator’s ePortal. It allows Capital Market Operators (CMOs) to complete designated registration processes online, covering application submission, regulatory review, approvals and communication of decisions, thereby eliminating manual processing for the services included in the current phase.

It was stated that the implementation is being carried out in phases to ensure a smooth transition for market participants while maintaining the stability and integrity of regulatory processes.

This system enables designated regulatory services to be completed entirely online as part of efforts to modernise Nigeria’s capital market and improve regulatory efficiency.

The current phase is limited to post-registration services for existing Capital Market Operators, as applications for the registration of new entrants into the Nigerian capital market are not yet covered.

According to the SEC, the commencement of electronic processing for new registration applications will be announced at a later date.

The commission stated that the commencement of this policy marks another milestone in its digital transformation agenda and its drive to build a technology-driven regulatory environment.

This initiative is expected to simplify regulatory interactions, reduce administrative bottlenecks, shorten processing timelines and provide applicants with greater visibility into the status of their applications.

It will also improve operational efficiency while strengthening regulatory oversight through standardised workflows, electronic documentation, secure digital record management and enhanced audit trails.

The SEC explained that the e-registration platform aligns with its strategic objective of leveraging technology to improve market efficiency, enhance the ease of doing business and deliver better services to stakeholders.

According to the regulator, beyond improving efficiency, the platform will enhance the integrity of regulatory processes by reducing delays associated with paper-based documentation and improving the quality of regulatory data for decision-making.

It noted that the digital platform would also provide a stronger foundation for regulatory analytics and future innovations aimed at improving oversight of Nigeria’s capital market.

“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the agency said in a statement on Wednesday, urging operators to familiarise themselves with the new platform and comply with implementation timelines to ensure a seamless transition to the electronic registration process.