Regulatory Alerts2017-05-12
Circular to Capital Market Experts and Professionals Who Did Not Respond to the Commission’s Data Update Request
The Securities and Exchange Commission (SEC) Nigeria directs Capital Market Experts and Professionals who failed to respond to its 2016 and 2017 data requests to submit updated firm information via a designated online portal. These firms must maintain a minimum of three sponsored individuals, including a compliance officer, to retain their active registration status. Compliance is mandatory by July 31, 2017, after which the SEC will classify unresponsive firms as inactive and exercise its authority to revoke their registrations.
The Securities and Exchange Commission (SEC) Nigeria pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007 directed all Capital Market Experts or Professionals to provide updated information of their companies/firms in December 2016 and February 2017. However, it was observed that a large number of Capital Market Experts or Professionals comprising Reporting Accountants, Solicitors, and Estate Surveyors/Valuers etc. did not respond to the request. The underlisted firms are by this circular required to indicate their interest in retaining their registration with SEC as Capital Market Experts or Professionals by providing updated information on their firms using the link provided below; https://sec-gov.onrender.com/about/resources/forms/capital-market-operators-data-update/ They are also reminded that the minimum number of Sponsored Individuals required for their registered function is three (3), including a Compliance Officer. In recognition that a larger number of Capital Market Experts or Professionals have offices in Lagos, the Commission in January 2017 relocated its Registration and Inspectorate Divisions to Lagos. The concerned Capital Market Experts or Professionals are enjoined to visit any of the Commission’s Offices listed below for further clarification: Head Office – Abuja SEC TOWERS, Plot 272, Samuel Adesujo Ademulegun Street, Central Business District, P.M.B:315, Garki, Abuja. Lagos 3, Idejo Street, Opposite ICON House,Off Adeola Odeku Street, Victoria Island P.M.B:12638 Marina, Lagos State Kano African Alliance House (4th Floor), F1, Sani Abacha Way/Airport Road, Opposite KLM Airlines, Kano, Kano State. Port-Harcourt 31 Woji Road, GRA Phase 2, Port-Harcourt, Rivers State. All concerned Capital Market Experts or Professionals are required to comply with this directive on or before July 31, 2017 as any firm whose response is not received within this time frame would be considered inactive and the SEC would exercise its power to revoke its registration. For further enquiries , the Commission may be contacted on cmoregistration@sec.gov.ng or call 09 4621100 Signed Management May 11, 2017 LIST OF CONSULTANTS WHO DID NOT RESPOND TO THE COMMISSION’S REQUEST ON DATA UPDATE