BY MARK ITSIBOR |
The Securities and Exchange Commission (SEC) has issued an update on registration by all registered capital market operators stating that CMOs yet to renew their registration at the expiration of late filing which is May 31 2021, shall not be eligible to operate in the capital market.
This was stated by the SEC in a circular dated May 10, 2021 and signed by the Management of the commission.
According to the SEC, in line with the requirements for renewal of registration, all CMOs were required to have completed the renewal process on or before April 30, 2021.
Consequently, the commission stated that all CMOs are expected to note that late filing for renewal of registration will only be entertained from May 1, 2021 to May 31, 2021.
Recall that the SEC had on March 23, 2021, issued a circular to the general public and CMOs in particular, of the reintroduction of the periodic renewal of registration by Capital Market Operators.
The commission stated that the reintroduction of renewal of registration is premised on the need to have a reliable data bank of all CMOs registered and active in the Nigerian capital market; provide updated information on operators in the Nigerian capital market for reference and other official purposes by local and foreign investors, other regulatory agencies and the general public and to increasingly reduce incidences of unethical practices by CMOs.
The commission said it has amended its rules and reintroduced the requirement for yearly renewal of registration by all CMOs. This process will be carried out electronically in order to ensure efficiency.
All CMOs were directed by the SEC to complete the process of renewal of registration for 2021 on or before 30th April 2021.
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