Regulatory Alerts2017-07-15
Circular to All Capital Market Operators without the Required Number of Sponsored Individuals
The Securities and Exchange Commission (SEC) Nigeria mandates all Capital Market Operators, Experts, and Professionals to maintain the required number of Sponsored Individuals and a designated Compliance Officer for each performed function. These entities must regularize their registration status with the Commission by 20 August 2017 to remain compliant with the Investment and Securities Act (ISA) 2007 and SEC Rules. Failure to meet these staffing requirements will constitute a regulatory violation and strip the affected operators of their market operating privileges.
The Securities and Exchange Commission (SEC) Nigeria wishes to inform all Capital Market Operators (CMOs), Experts and Professionals operating in the Nigerian capital market that in compliance with the provisions of the ISA 2007 and the SEC Rules and Regulations, they are expected to possess the required number of Sponsored Individuals and a Compliance Officer for each function performed by the operator in the capital market. Consequently, all CMOs, Experts and Professionals without the required number of Sponsored Individuals and/or a Compliance Officer are mandated to regularize their registration status with the Commission on or before 20th of August 2017. Failure to comply with this directive would be a violation of the provisions of the ISA 2007 and the SEC Rules & Regulations and render the CMO, Expert or Professional unable to operate in the market. Signed Management July 14, 2017