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SEC To Revoke Registration of 400 Capital Market Professionals

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The Securities and Exchange Commission (SEC) said it will revoke the registration of about 400 Capital Market Experts or Professionals who do not comply with the directive to provide updated information of their companies/firms by July 31, 2017. The circular from SEC, states that “any firm whose response is not received within this time frame would be considered inactive and the SEC would exercise its power to revoke its registration”.

SEC noted that pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007,  had earlier directed all Capital Market Experts or Professionals to provide updated information of their companies/firms in December 2016 and February 2017.

But unfortunately, according to the circular which was made available to Financial Edge on Monday, it was observed that a large number of Capital Market Experts or Professionals comprising Reporting Accountants, Solicitors, and Estate Surveyors/Valuers etc. did not respond to the request.

The apex regulator in the Nigerian capital market added that “The concerned firms are by the circular required to indicate their interest in retaining their registration with SEC as Capital Market Experts or Professionals by providing updated information on their firms using the link provided http://sec.gov.ng/capital-market-operators-data-update/”.

They are also reminded that the minimum number of Sponsored Individuals required for their registered function is three (3), including a Compliance Officer. In recognition that a larger number of Capital Market Experts or Professionals have offices in Lagos, the Commission in January 2017 relocated its Registration and Inspectorate Divisions to Lagos.

The concerned Capital Market Experts or Professionals are enjoined to visit any of the Commission’s Offices in Abuja, Lagos, Port Harcourt and Kano for further clarification: “All concerned Capital Market Experts or Professionals are required to comply with this directive on or before July 31, 2017 as any firm whose response is not received within this time frame would be considered inactive and the SEC would exercise its power to revoke its registration” The statement added

 

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