SEC sets April 30, deadline for CMOs licence renewal
The Securities and Exchange Commission, (SEC), has given Capital Market Operators, April 30, 2021, as deadline to renew their operation licences.
Director General of SEC, Mr. Lamido Yuguda said while briefing newsmen on the outcome of the first virtual quarter Capital Market Committee meeting licence renewals will now be periodical.
He explained that the “rationale for this is to ensure that operators in the market are fit and proper at all times and to strengthen the supervision and monitoring activities of the Commission. The renewal process is electronic and the deadline for 2021 renewal is 30th April, 2021”.
Yuguda therefore advised all registered CMOs to “refrain from providing any form of support to unregistered entities operating unlawfully within our market, as such action would not be condoned. Furthermore, we urge CMOs to improve on their level of compliance, timeliness and correctness of disclosures and other filings made to the Commission”.
He addd that at April 8, 2021, there were still 4,012,311 accounts with incomplete know your customers, KYC, information, reminding CMOs to update their 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”, he stressed.
He also stated that the Nigerian Stock Exchange has concluded the Demutualization process.
“As a result of this, the Organisation would now be known as the Nigeria Exchange, NGX, Group Plc. While NGX has informed us that a formal launch of the Group would be made at the end of April, we used the platform of the meeting to congratulate the new management of the Group. The Shares of NGX Plc have also been admitted on the NASD platform for trading.
“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. This addressed the funding problem plaguing the NCX and several engagements are ongoing with relevant authorities to promote trading on the Exchange”.
Vanguard/Hauwa Abu
