The Securities and Exchange Commission (SEC) Nigeria, at the weekend, reminded Capital Market Operators (CMOs), experts and professionals of the need to possess the required number of Sponsored Individuals and a Compliance Officer for each function they performed.
The commission said in a statement, urged CMOs, Experts and Professionals without the required number of Sponsored Individuals and/or a Compliance Officers are mandated to regularize their registration status before August 20, 2017.
This directive, the SEC continued, is “in compliance with the provisions of the ISA 2007 and the SEC Rules and Regulations.”
Failure to comply with the directive, it continued, would be a violation of the provisions of the Investment & Securities Act 2007 and the SEC Rules & Regulations and rendering “the CMO, Expert or Professional unable to operate in the market.”