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SEC issues final warning to operators to update registration information

SEC issues final warning to operators to update registration information

The Securities and Exchange Commission (SEC) has directed all Capital Market Operators (CMOs) to update their Registration Information with the Commission.

The commission in a circular on Friday which it said serves as the final reminder in the matter, noted that the move is pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007.

It therefore directed all CMOs to provide updated information of their Companies/Firms in December 2016 and February 2017 respectively.

Recall also that, Capital Market Experts/Professionals were in May 2017, reminded to update their registration information.

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SEC stated that the directive includes Capital Market Experts/Professionals who have not complied with the earlier directives to comply by providing updated information on their Companies/Firms on or before September 30, 2017 using a provided link below: http://sec.gov.ng/capital-market-operators-data-update/

The regulatory body also warned that any false information or misrepresentation provided by the Company/Firm to the Commission will attract penalty and sanctions.

SEC at its second Capital Market Committee (CMC) Meeting held in Lagos last week, the Director General, SEC, Munir Gwarzo had stressed the need for all CMOs to professionally advise investors on equity investments in order not to repeat the mistake of the past.

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