Second CMC Meeting of SEC in 2022 Holds Thursday

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By Aduragbemi Omiyale

The second Capital Market Committee (CMC) meeting of the Securities and Exchange Commission (SEC) in 2022 will take place on Thursday, August 18.

According to a circular issued by the apex regulatory agency in the Nigerian capital market, the CMC meeting will hold virtually through Zoom with key stakeholders in the capital market.

The next day, there would be the usual interface with members of the media on the outcome of the CMC meeting.

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.

“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 notice said.

During the meeting, issues bordering on 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, would be discussed.

The commission had unveiled the ten-year Capital Market Master Plan (CMMP) in November 2014 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 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, which focused on encouraging a private sector-led economy to drive inclusive growth.

Only recently, the market embarked on a revision of the master plan to conform to net day realities. The revised Master Plan has since been presented to the Minister of Finance Budget and National Planning in Abuja.

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.); Chief Executive Officers of 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.

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