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SEC draws October 31 deadline for sanctions on unregistered operators



SEC bans another operator Okafor from capital market

Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator, has directed all capital market operators to register with their respective trade group or association on or before October 31, 2016.

In a circular to all capital market operators, SEC stated that it would not hesitate to take appropriate actions against any failure to comply with the deadline of October 31, 2016.

According to the Commission, the directive was sequel to the decisions at the just concluded Capital Market Committee (CMC) meeting held in Lagos earlier this month.

SEC stated that it had developed rules on complaints management in February 2015 with the rules outlining a new and more responsive complaint management framework that requires the SEC, Self-Regulatory Organizations (SROs) and capital market Trade Groups/Associations to establish fair, impartial and objective complaints management policies for the handling of investor complaints.

Read also: PZ Cussons dips into reserves to pay dividend

According to the Commission, in order to effectively delegate key complaints management functions to market operators, the SEC recognizes the need to strengthen SROs and Industry Trade Groups/Associations in order to enable them play more prominent roles in the management and resolution of investor complaints.

However, the Commission pointed out that since the new complaints management framework was released by the SEC in February 2015, its implementation has been rather slow due to the inability of a few trade groups to develop their respective complaints management policies.

The apex capital market regulator stated that a review of the framework’s implementation at the last CMC meeting held on Tuesday August a, 2016 revealed that a key constraint facing the trade groups is the non-compliance of some market operators who are yet to be registered with their relevant trade association.



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