{"id":36443,"date":"2019-11-24T16:33:03","date_gmt":"2019-11-24T15:33:03","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=36443"},"modified":"2019-11-24T16:33:03","modified_gmt":"2019-11-24T15:33:03","slug":"sec-removes-deadline-for-multiple-accounts-regularisation-urges-investors-to-regularise-accounts","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/sec-removes-deadline-for-multiple-accounts-regularisation-urges-investors-to-regularise-accounts\/","title":{"rendered":"SEC Removes Deadline For Multiple Accounts Regularisation – Urges Investors To Regularise Accounts"},"content":{"rendered":"

The Securities and Exchange Commission (SEC) has suspended the regularisation deadline put in place for shareholders that opened accounts for the purchase of shares with different names.\u00a0<\/span><\/p>\n

This was part of the outcome of the third Capital Market Committee (CMC) meeting that was held in Lagos, weekend.<\/span><\/p>\n

Acting Director General of SEC, Ms Mary Uduk said this will enable other shareholders that are having challenges with their details to come up and regularize their holdings, noting that, the commission has discovered that some shareholders are avoiding it due to the fear of prosecution.<\/span><\/p>\n

According to her, \u201cthe Multiple Subscription Committee presented the status of its ongoing engagement with the Central Bank of Nigeria (CBN) and Committee of Heads of Banking Operation to display multiple accounts regularization banners in the banking halls all over the country. The Committee also reported that CMOs have commenced the filing of report on regularized accounts with the Commission, on a quarterly basis. Given the relevance of this exercise and the need to create more awareness, the Committee requested for an extension of the deadline of multiple accounts regularization\u201d.<\/span><\/p>\n

\u201cWe are keeping it open for now with no deadline. We are also encouraging investors to take advantage of this to regularise their accounts and claim their dividends\u201d.<\/span><\/p>\n

Uduk explained that other resolutions that were reached at the meeting includes, \u201cRegistrars are to discontinue the practice of requesting for confirmation of bank signature during the E-DMMS process. CMOs are to display awareness campaign banners of e-DMMS at their offices and Venue of Annual General Meetings (AGM). Capital market operators should also work with the Commission to share awareness information on their social media platforms\u201d<\/span><\/p>\n

She said the commission also reviewed the request from the Association of Stockbroking Houses of Nigeria (ASHON) for extension of time for compliance on the transfer of complete investor data among operators such as Brokers, Registrars and CSCS. Adding that upon completion, the position of the Commission will be communicated to the relevant parties.\u00a0<\/span><\/p>\n

Determined to deepen liquidity in the nation\u2019s bourse, the SEC said it is engaging the National Pension Commission (PENCOM) and the Asset Management Corporation of Nigeria (AMCON) on securities lending. Ms Mary Uduk, SEC acting Director-General, disclosed this at the third quarter post-Capital Market Committee (CMC) meeting news conference on Friday in Lagos.\u00a0<\/span><\/p>\n

Uduk said that the commission was engaging PENCOM on modalities that would permit Pension Fund Administrators (PFAs) to participate in Securities Lending. Securities lending is the act of loaning a stock, derivative or other security to an investor or firm.<\/span><\/p>\n

Securities lending requires the borrower to put up collateral, whether cash, security or a letter of credit.\u201cWe have been engaging not only PENCOM but all local institutional investors that have substantial holding of equities and the essence of having this securities lending is to actually deepen our market.\u00a0<\/span><\/p>

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\u201cAll of us are contributing to our own pension accounts and these PFAs are buying equities.\u201cWhat they do is to buy and hold, they don\u2019t sell and they hold it, so the essence of securities lending is now to give room for them to make money and so that the money will now add up to their own contribution fund.\u201cWe have a framework which has been approved and we are encouraging the market to go into self lending by meeting these institutional investors.\u00a0<\/span><\/p>\n

\u201cPension is the highest institutional investor in our market, they will now lend out these securities and when they lend out, it will be credited back to the pension fund account.\u201cAt the end of the contract, they will get their securities back.\u201cInstead of holding the securities, they are making money out of it; that is the essence.<\/span><\/p>\n

\u201cSo, we are engaging PENCOM to see it as an investment opportunity, and they have bought into the idea.\u201cWe are discussing to see how they can be able to come up with their guideline based on their provision of the Act to allow securitues lending to take place.\u00a0<\/span><\/p>\n

\u201cIn addition, we are engaging another institutional investor, AMCON.\u201cIt is a holistic approach to have a win win situation in our market,\u201d Uduk said\u00a0<\/span><\/p>\n

Speaking on e-Dividend Mandate Management System (e-DMMS) introduced to curb unclaimed dividends, Uduk said that a total of 2.82 million had enrolled into the platform at the end of third quarter 2019.<\/span><\/p>\n

She said that registrars had been directed to discontinue the practice of requesting for confirmation of bank signature during the E-DMMS process to tackle unclaimed dividends.<\/span><\/p>\n

Uduk said that capital market operators were to display awareness campaign banners of e-DMMS at their offices and venue of Annual General Meetings (AGM).<\/span><\/p>\n

She stated that the Non-interest Finance Committee presented the importance of granting the PFAs the permission to invest a given percentage of a willing contributor\u2019s Retirement Savings Accounts in Non-Interest capital market products.\u00a0<\/span><\/p>\n

From Left, Acting Executive Commissioner, Legal & <\/span>Enforcement, Securities and Exchange Commission (SEC), Mr Reginald Karawusa, Acting Director General, Ms Mary Uduk,\u00a0\u00a0<\/span>and Acting Executive Commissioner, Operations, Mr Isyaku Tilde during the third Capital Market Committee Meeting Press briefing, in Lagos,\u00a0<\/span>weekend<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission (SEC) has suspended the regularisation deadline put in place for shareholders that opened accounts for the purchase of shares with different names.\u00a0<\/p>\n","protected":false},"author":6,"featured_media":36444,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17],"tags":[575],"coauthors":[2391],"class_list":["post-36443","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","tag-sec"],"yoast_head":"\nSEC Removes Deadline For Multiple Accounts Regularisation - Urges Investors To Regularise Accounts - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/sec-removes-deadline-for-multiple-accounts-regularisation-urges-investors-to-regularise-accounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Removes Deadline For Multiple Accounts Regularisation - 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