The Securities and Exchange Commission (SEC) will hold its first Capital Market Committee (CMC) meeting for the year on Thursday and Friday, April 15 and 16, 2021.
Expected participants at the CMC meeting include Chief Executive Officers (CEOs) of all registered capital market firms (like broker/dealers, investment advisers, custodians, fund/portfolio managers, receiving banks, issuing houses, rating agencies, registrars, reporting accountants, trustees, and capital market consultants, etc.); Chief Executives of the Nigerian Exchange Group (NGX), National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); as well as representatives of relevant financial sector regulatory agencies, among others.
It is billed to hold virtually, with key stakeholders in the capital market brainstorming on Wednesday, while Friday will be dedicated to briefing newsmen on the outcome of the CMC meeting.
Participants at the meeting will deliberate on implementation of the 10-Year Capital Market Master Plan, implementation of the Fintech Roadmap, as well as other salient issues relating to the nation’s capital market and economy.
Recall that the Capital Market Master Plan was unveiled in November 2014, and since then, the commission has continued to implement the initiatives designed to reposition the market as an attractive investment destination and a critical facilitator of capital formation for the accelerated growth and development of the Nigerian economy.
Some of the CMMP initiatives so far implemented are: Direct Cash Settlement, regularisation of multiple subscriptions, dematerialization of share certificates, and the introduction of the e-Dividend Management System.
The CMMP initiatives have helped to promote transparency, protecting investors and enhancing market confidence, even as the objectives of the CMMP are also in consonance with the Federal Government’s economic strategy, focused on encouraging a private sector-led economy to drive inclusive growth.
The CMC was primarily established to serve as a medium for exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework. It is an industry-wide committee comprising members of the SEC, representatives of capital market operators and trade groups and other stakeholders.
Pix caption: File photo of the CMC meeting held on August 20, 2021.
