Regulatory Alerts2015-12-15
Prenotice on Cancellation of Certificates of Registration for Inactive Capital Market Operators
The Securities and Exchange Commission has directed ninety-four inactive Capital Market Operators to submit written presentations explaining why their registration certificates should not be cancelled. These operators face cancellation due to consistent failures in filing statutory returns and potential non-compliance with new minimum capital requirements by the September 30, 2015 deadline. Affected entities must deliver hard copies to the Commission’s head office and electronic submissions to designated email addresses by December 4, 2015.
PRENOTICE ON CANCELLATION OF CERTIFICATES OF REGISTRATION OF INACTIVE CAPITAL MARKET OPERATORS The under-listed ninety-four (94) Capital Market Operators (CMOs) were registered by the Securities and Exchange Commission for various functions in the Nigerian capital market. However, these CMOs have consistently failed to render their statutory returns to the Commission and may have been unable to comply with the new minimum capital requirements before the deadline stipulated by the Commission which expired on 30th September, 2015. In view of this fact, the Commission hereby directs the affected CMOs to make presentations to the Commission, on or before 4th December, 2015, giving reasons why their registration as CMOS should not be cancelled. Hard copies of the presentations should be forwarded to the Commission’s head office while soft copies should be sent to the following email addresses: inspectorate@sec.gov.ng monitoring@sec.gov.ng enforcement@sec.gov.ng