SEC Gives Capital Market Experts July 31 Deadline To Update Records

The Securities and Exchange Commission (SEC), on Thursday directed professionals in the Nigerian capital market up till July 31, 2017, to provide to provide updated information of their companies/firms.
In a circular to all capital market experts or professionals who did not respond to the commission’s earlier request for data update and pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007.
The commission warned that the affected experts were enjoined to comply with the directive within the time frame or be considered inactive, just as it would exercise its power to revoke their registration.
The commission observed that a large number of such capital market experts or professionals like reporting accountants, solicitors, and estate surveyors/valuers, among others to provide all such updates on or before the deadline
Such firms were directed “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.
“They are also reminded that the minimum number of Sponsored Individuals required for their registered function is three, including a Compliance Officer.”
Realising that a larger number of capital market experts have offices in Lagos, the the commission recalled that in January 2017, its Registration and Inspectorate Divisions was relocated to Lagos.
Meanwhile, the affected Capital Market Experts were enjoined to visit any of the Commission’s offices in Lagos, Kano, Port Harcourt and the Abuja head office for further clarification.

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