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SEC Threatens To De-register 400 Capital Market Operators

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The Securities and Exchange Commission (SEC) has threatened to revoke the registration of about 400 capital market experts and professionals if they failed to comply with the directive to provide updated information of their companies by July 31, 2017.

This was made known in a circular issued by the commission yesterday in Abuja. According to SEC, any firm whose response was not received within the time frame would be considered inactive and the SEC would exercise its power to revoke its registration.

SEC said pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007, it had directed all capital market experts or professionals to provide updated information of their companies/firms in December 2016 and February 2017.

The commission observed that a large number of capital market experts or professionals comprising; Reporting Accountants, Solicitors, and Estate Surveyors/Valuers, among others did not respond to the request. The circular reads: “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.

“They are also reminded that the minimum number of Sponsored Individuals required for their registered function is three, including a Compliance Officer.

“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 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.”

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