By Modupe Gbadeyanka
The Securities and Exchange Commission (SEC) has warned capital market operators (CMOs) in Nigeria carrying out its businesses without managing directors and compliance officers to immediately make appointments to fill the vacant positions.
The apex capital market regulator in the country said failure to adhere to this would mean sanctions on erring operators.
In a statement issued yesterday, SEC said it was against its rules and regulations for a capital market operator to be without an MD or a compliance officer.
It emphasised that in fact, a CMO is required by the rules to have managing directors and compliance officers at all times.
“The attention of the Securities and Exchange Commission has been drawn to the recent trend by which CMOs carry on operations without Compliance Officers and Managing Directors, in violation of the SEC Rules and Regulations.
“CMOs are hereby reminded that pursuant to Rule 14 of the SEC Rules and Regulations and the amendments to Part C of the commission’s Rules on Regulations of Capital Market Operators, it is mandatory for CMOs to have Managing Directors and Compliance Officers at all times,” the statement signed by the management of SEC said.
“All CMOs are directed to ensure immediate compliance with the foregoing or be liable to the penalties for non-compliance under the SEC Rules and Regulations,” the statement further stated.
