{"id":48217,"date":"2021-04-15T18:47:40","date_gmt":"2021-04-15T17:47:40","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=48217"},"modified":"2021-04-15T18:53:55","modified_gmt":"2021-04-15T17:53:55","slug":"supervision-sec-reintroduces-periodic-renewal-of-registration-for-market-operators","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/supervision-sec-reintroduces-periodic-renewal-of-registration-for-market-operators\/","title":{"rendered":"Supervision: SEC Reintroduces Periodic Renewal Of Registration For Market Operators"},"content":{"rendered":"

…Frowns At Over 4 million Incomplete KYC Account Information<\/p>\n

The Securities and Exchange Commission (SEC), has reintroduced a periodic renewal of registration for Capital Market Operators as part of a major supervisory measure at ensuring a capital market devoid of any form of abuse.<\/p>\n

Also the Commission which pride itself for zero tolerance on infractions, further reiterated commitment to advance\u00a0the development and integrity of the Nigerian capital\u00a0market as a bastion of hope for investors.<\/p>\n

The Director General of the SEC, Mr. Lamido Yuguda, who made this remarks while addressing the press at the\u00a0post Capital Market Committee Meeting press briefing webinar held Thursday, said the commission want to ensure that operators in the market are fit and proper at all times at carrying-out their responsibilities,<\/p>\n

\u201cThe rationale for this is to\u00a0ensure that operators in the market are fit and proper at all times\u00a0and\u00a0to\u00a0strengthen\u00a0the\u00a0supervision and monitoring\u00a0activities of the Commission. The renewal process is electronic and the deadline for 2021 renewal is 30th April, 2021.<\/p>\n

According to the SEC DG, while the Commission\u2019s directives on investors KYC information update still stand, \u201cWe have noted\u00a0that the level of compliance\u00a0has been\u00a0low.\u00a0Despite several engagements, we realized that as at April 8, 2021, there were still 4,012,311 (Four million, twelve thousand, three hundred and eleven) accounts with incomplete KYC information. This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority.<\/p>\n

Speaking on the Capital Market Master Plan (CMMP), which is expected by all stakeholders to revamp and further deepen the value of the market, the SEC DG noted that, the Commission is at the mid-point of implementing the CMMP and\u00a0has commenced a review to update the\u00a0assumptions,\u00a0and align\u00a0the plan\u00a0with current realities.<\/p>\n

\u201cSimilarly,\u00a0the Commission has released\u00a0new\u00a0rules\u00a0on\u00a0warehousing,\u00a0collateral management, crowdfunding, fund management products and nominee companies\u00a0to ensure proper regulation and development of our market.<\/p>\n

On the issue of unclaimed dividend in the market, Mr. Yuguda explained that, \u201cTowards the end\u00a0of 2020, the Finance Bill\u00a0was signed into law,\u00a0which\u00a0created an\u00a0Unclaimed Dividend\u00a0Trust Fund (UFTF).\u00a0No doubt, this law\u00a0has implications\u00a0on\u00a0the Commission\u2019s initiatives\u00a0on e-dividend, multiple subscription and identity management. We are currently taking\u00a0steps to\u00a0align our\u00a0activities and initiatives\u00a0with\u00a0the provisions of the Act.<\/p>\n

\u201cThe Commission has observed that certain\u00a0Capital Market Operators (CMOs) frustrate the e-dividend mandate process.\u00a0We implore all stakeholders to comply with all directives of the Commission in this regard, as defaulters would be sanctioned appropriately.<\/p>\n

\u201c<\/strong>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.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\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.<\/p>\n

The SG DG who further assured market players, especially while recognising the role of FinTechs in the growth of the market, of a level playing field, said the Commission will ensure the delivery of safe products and services without stifling innovation.<\/p>\n

\u201cI therefore encourage FinTech firms to approach the Commission for due registration and\u00a0desist from operating illegally.<\/p>\n

The Commission which said it will constitute a market-wide committee to design a practicable framework for leveraging the capital market to finance Nigeria\u2019s infrastructure needs, noted that, its next phase of the support in the fight against COVID-19 will be the establishment of the Strategic Health Impact Fund for Transformation (SHIFT). \u201cThis\u00a0is planned to be\u00a0a N100 billion fund for investment in healthcare assets in Nigeria, it added.<\/p>\n

Giving further insight into the commodities exchanges in the domestic economy, the SEC DG said as part of measures to support the development of the commodities ecosystem, the Central bank of Nigeria (CBN) revalidated its 59.9% holding in the Nigerian Commodities Exchange (NCX) to ensure its appropriate positioning for effectiveness.<\/p>\n

\u201cThis addressed the funding problem\u00a0plaguing the NCX and several engagements are ongoing with relevant authorities to promote trading on the Exchange.<\/p>\n

\u201c<\/strong>The capital market community believes that the positioning of the NCX by the\u00a0CBN would deepen the commodities market. Thus, the Commission is engaging with the CBN to encourage acceptance of Warehouse receipts by banks as collateral.<\/p>\n

\u201c<\/strong>With the formulation of Rules on\u00a0warehousing\u00a0and collateral management, warehouses\u00a0will\u00a0be registered by the Commission and accredited by the respective Exchanges. In addition, the Standards Organization of Nigeria (SON) will\u00a0continue to\u00a0issue standards that Commodities Exchanges can link up with.<\/p>\n

\u201c<\/strong>Similarly, another landmark in the commodities\u00a0ecosystem,\u00a0is the commencement of trades by the Lagos Commodities and Futures Exchange (LCFE) on the 15th March, 2021 with T+3 settlement. In addition, The LCFE expects to list crude oil instrument along with Gold instruments\u201d, it added.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission (SEC, has reintroduced a periodic renewal of registration for Capital Market Operators as part of a major supervisory measure at ensuring a capital market devoid of any form of abuse.<\/p>\n","protected":false},"author":6,"featured_media":41319,"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":[576,8481,4282,8480],"coauthors":[2391],"class_list":["post-48217","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-capital-market","tag-kyc-account-information","tag-stock-market","tag-zero-tolerance-on-infractions"],"yoast_head":"\nSupervision: SEC Reintroduces Periodic Renewal Of Registration For Market Operators - National Wire<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission (SEC, has reintroduced a periodic renewal of registration for Capital Market\" \/>\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\/supervision-sec-reintroduces-periodic-renewal-of-registration-for-market-operators\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Supervision: SEC Reintroduces Periodic Renewal Of Registration For Market Operators - 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