SEC Reminds CMOs on Renewal of Registration

By Aduragbemi Omiyale

The Securities and Exchange Commission (SEC) has reminded Capital Market Operators (CMOs) to ensure that they renew their registration on or before January 31, 2023.

The regulatory body said this in a circular issued recently to ask the operators to begin this annual renewal of registration from January 1, 2023.

“The annual renewal of registration of Capital Market Operators, which is aimed at ensuring that only fit and proper persons operate in the Nigerian capital market.

“In line with the commission’s Rules and Regulations, all CMOs are to complete the process of renewal of registration for 2023 on or before January 31, 2023, through the Registration Renewal Portal, www.eportal.sec.gov.ng.

“For more enquiries or support in completing the process, please contact [email protected],” the statement said.

The SEC had in 2021 re-introduced periodic renewal of registration by capital market operators, which was premised on the need to have a reliable data bank of all CMOs registered and active in the Nigerian capital market to provide updated information on operators in the Nigerian capital market for reference and other official purposes by local and foreign investors, other regulatory agencies and the general public.

The renewal was also introduced to increasingly reduce incidences of unethical practices by CMOs such as may affect investors’ confidence and impact negatively on the Nigerian capital market, as well as strengthen supervision and monitoring of CMOs by the commission.

Consequently, the agency amended its rules and re-introduced the requirement for yearly renewal of registration by all CMOs and carried out electronically in order to ensure efficiency.