The Securities and Exchange Commission (SEC) has set a May 31, 2021 deadline for registration renewal by capital market operators after which defaulters will be ineligible to operate in the market.
This was contained in a statement on the regulator’s website published yesterday, Monday the 10th of May, 2021 and signed by its management.
It read, “The Securities and Exchange Commission (SEC) wishes to inform all registered Capital Market Operators (CMOs) that in line with the requirements for renewal of registration, all CMOs are required to complete the renewal process on or before April 30, 2021.”
It continued, “Consequently, all CMOs are expected to note the following;
“Late filing for renewal of registration shall only be entertained from May 1, 2021 to May 31, 2021.
“The names of CMOs which have renewed their registration shall be published on the SEC Website/National Daily Newspapers and communicated to the relevant Securities Exchanges and Trade Associations for their notification.
“CMOs yet to renew their registration after May 31 2021, shall not be eligible to operate in the capital market.”
According to the Commission, the aim is to reduce “incidences of unethical practices by CMOs and to strengthen supervision and monitoring of the operators.”
It also said that it had reviewed its rules and reintroduced the requirements for annual registration renewal of by all CMOs, maintaining that “This process will be carried out electronically in order to ensure efficiency.”
Azuka Edokobi is a Writer and Entrepreneur