{"id":48210,"date":"2021-04-15T13:30:06","date_gmt":"2021-04-15T12:30:06","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=48210"},"modified":"2021-04-15T19:21:02","modified_gmt":"2021-04-15T18:21:02","slug":"sec-1st-2021-virtual-capital-market-committee-meeting-in-abuja-pix","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/sec-1st-2021-virtual-capital-market-committee-meeting-in-abuja-pix\/","title":{"rendered":"SEC To Engage Fintech Players \u2026. To sanction operators frustrating e-dividend"},"content":{"rendered":"
The Securities and Exchange Commission has stated that it will continue to engage players in the Fintech space and support them<\/span>\u00a0to operate lawfully in a bid to ensure the delivery of safe products and services without stifling innovation<\/span>.\u00a0<\/span><\/div>\n
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Mr. Lamido Yuguda who stated this at a post Capital Market Committee Meeting press briefing webinar held Thursday, said the recent Circular was issued by the Commission in its desire to ensure that only fit and proper persons continue to operate in the capital market.<\/span><\/p>\n

According to Yuguda, \u201cIt became imperative for the Commission to issue this notice for the protection of investors and to preserve the sanctity of the Nigerian Capital Market as only registered capital market operators are permitted to intermediate in the Nigerian Capital Market and only through approved channels.\u00a0<\/span><\/p>\n

\u201cWe do not want any unregulated entity to participate in the market because if there are issues it becomes very difficult to resolve.<\/span><\/p>\n

\u201cThe<\/span>\u00a0Commission recognizes the impact of\u00a0FinTechs\u00a0on capital market activities, and wishes to\u00a0assure the public that we remain accommodative of\u00a0this development.\u00a0We\u00a0shall continue to engage players\u00a0and support them\u00a0to operate lawfully. Our aim is to\u00a0ensure the delivery of safe products and services without stifling innovation,\u00a0I therefore encourage FinTech firms to approach the Commission for due registration and\u00a0desist from operating illegally.\u00a0<\/span><\/p>\n

\u201cIn the same vein, registered CMOs\u00a0are advised to\u00a0refrain from providing any form of support\u00a0to unregistered entities\u00a0operating unlawfully\u00a0within our market, as\u00a0such action would not be condoned. Furthermore, we urge CMOs to improve on their level of compliance, timeliness and correctness of disclosures\u00a0and other filings made to the Commission\u201d.<\/span><\/p>\n

The DG disclosed that the Commission is also mindful of developments in the crypto asset space adding that following initial warnings to the public, the SEC undertook a process to further understand this class of assets, including setting up Fintech and Blockchain Committees and releasing a \u201cStatement on Digital Assets and their Classification and Treatment\u201d\u00a0in September, 2020.<\/p>\n<\/div>\n<\/div>\n

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ubsequently the CBN directed its\u00a0regulated institutions to close bank accounts of crypto exchanges to protect the financial system from abuse. We are in discussions with the CBN on how to better understand and regulate the market, given the need to take advantage of the emerging innovations while protecting investors and the financial system\u201d he stated.On e-dividend, the SEC Boss said that as the Commission works towards resolving any legacy issues with unclaimed dividends,\u00a0all stakeholders are implored to comply with all directives of the Commission in this regard, as defaulters would be sanctioned appropriately<\/span><\/p>\n

\u201cThere is no reason why there will be unclaimed dividends for new investors or newly-listed companies adding every investor should be promptly paid his\/her dividends upon declaration and payment.<\/p>\n

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\u201cThe Commission has observed that certain\u00a0Capital Market Operators (CMOs) frustrate the e-dividend mandate process.\u00a0 We have observed that the\u00a0growth\u00a0in the number of mandated accounts has been on the decline for some time. The Capital market community has directed its e-Dividend Committee to engage with the Committee\u00a0of Heads of Banking Operations to encourage better cooperation from banks as we tackle the challenges of unclaimed dividends\u201d.<\/span><\/p>

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Yuguda said the Commission has exposed new rules on implementation of the e-dividend mandate and treatment of unclaimed dividends adding that the Commission is monitoring compliance and will not hesitate to sanction erring operators.<\/p>\n

He said the past year was challenging for the Nigerian economy, largely due to the effects of the pandemic. Despite a positive GDP growth of 1.87% recorded in the first quarter, negative growths in the second and third quarters led to a recession, with the economy finally closing the year at a negative GDP growth rate of -1.92%.<\/p>\n

On the state of the capital market, the DG said in a pattern similar to many other markets across the globe, the Nigerian capital market suffered a major decline at the beginning of the second quarter of 2020 as a result of the announcement of a lockdown.<\/p>\n

\u201cHowever, the market recovered thereafter, ending the year 2020 with positive growth. So far this year, market performance has been mixed, but with a generally positive outlook, especially as economic activities resume fully and COVID-19 vaccination gains wider acceptance.<\/p>\n

\u201cWe have continued to support initiatives towards ameliorating the impact of the pandemic, especially through our Capital Market Support Committee on Covid-19. The Commission is at the mid-point of the ten-year implementation journey of the Capital Market Master Plan (CMMP)and has commenced a review to update the assumptions and vision elements of the Plan to align with current realities\u201d Yuguda said.<\/span><\/p>\n

He disclosed that between the last meeting and now, the Commission has released a number of new rules to ensure proper regulation and development of our market. These include rules on warehousing and collateral management, crowdfunding, fund management products and nominee companies. It is important that market operators are familiar with these rules and other rules and regulations of the Commission.<\/p>\n

Yuguda said the Commission recently reintroduced periodic renewal of registration by Capital Market Operators saying that the rationale is to have reliable data on all active CMOs and strengthen their supervision and monitoring. The renewal process is electronic and the deadline for 2021 renewal is\u00a030th April, 2021<\/a>.\u00a0<\/span><\/p>\n

The DG reiterated that the Commission takes seriously the level of compliance, timeliness and correctness of disclosures made by CMOs as henceforth, appropriate sanctions will be imposed for non-compliance.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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    Photo Caption: From Left–Director General Securities and Exchange Commission Mr Lamido Yuguda, Executive Commissioner\u00a0 Legal and Enforcement SEC Mr Reginald Karawusa and Director DG’s Office SEC Mr Isyaku Tilde during the 1st\u00a0 2021 Virtual Capital Market Committee Meeting\u00a0 in Abuja<\/div>\n
    Thursday 15\/4\/21<\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

    Director General Securities and Exchange Commission Mr Lamido Yuguda, Executive Commissioner\u00a0 Legal and Enforcement SEC Mr Reginald Karawusa and Director DG’s Office SEC Mr Isyaku Tilde during the 1st\u00a0 2021 Virtual Capital Market Committee Meeting\u00a0 in Abuja
    \nThursday 15\/4\/21<\/p>\n","protected":false},"author":6,"featured_media":48211,"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":[23,17],"tags":[8461],"coauthors":[2391],"class_list":["post-48210","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-capital-market-committee-cmc-meeting"],"yoast_head":"\nSEC To Engage Fintech Players \u2026. 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