The Security and Exchange Commission, SEC, has unveiled a new electronic portal to improve capital market operations in the country, noting that the operators who fail to re-register by January 31, 2025, will face severe penalties including being barred from the market.
The Commission announced this in a press release issued on Sunday, notifying CMOs to initiate the annual renewal process between January 1 and January 31, 2025. It noted that the registration process should be done electronically on the website and that CMOs that fail to maintain valid registration will be penalised.
The SEC resumed regular re-registration in 2021 to maintain reliable records of active agents and curb abuses in the Nigerian capital market. The authorities said the move is aimed at enhancing investor confidence, improving business integrity and strengthening oversight.
With the new registration portal, the commission is hoping to provide up-to-date information on Nigeria’s capital markets to local and foreign investors, other regulators and the public for reference and other important purposes.
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Also, the Commission mandated all capital market operators to implement a risk management framework that complies with internationally accepted standards, noting that operators are the face of the market as they interact daily with investors, which makes it imperative that they demonstrate the highest level of integrity and transparency in conducting their activities.
