The management of Nigeria’s Securities and Exchange Commission (SEC), has amended its rules and reintroduced the requirement for Capital Market Operators in the country to undertake a yearly renewal of registration by all CMOs.

In a bid to enhance efficiency and speed, the commission said in a circular dated Monday, May 10, 2021, that the process will be carried out electronically.

According to the SEC timeline, all CMOs were required to complete the renewal process on or before April 30, 2021, after which late filing for renewal of registration opened from May 1 to May 31, 2021.

The capital market apex regulator warned that all operators in the nation’s capital market yet to renew their registration at the expiration of the May 31 2021 deadline for late filing will no longer be eligible to remain in operation.

Names of CMOs that have renewed their registration, the commission said, shall be published on its Website, national dailies and communicated to the relevant Securities Exchanges and Trade Associations for their notification.

Recall that the SEC had on March 23, 2021, issued a circular to the general public and CMOs in particular, of the reintroduction of the periodic renewal of registration by Capital Market Operators.

The Commission stressed that the reintroduction of renewal of registration is premised on the need for a reliable data bank of all CMOs registered and active in the Nigerian Capital Market.

It will provide updated information on operators in the Nigerian Capital Market for reference and other official purposes by local and foreign investors, other regulatory agencies and the general public; to increasingly reduce incidences of unethical practices by CMOs such as may affect investors’ confidence and impact negatively on the Nigerian Capital Market and to strengthen supervision and monitoring of CMOs by the Commission.