Stakeholders To Focus On Master Plan, Fintech Roadmap, At SEC’s Q3 CMC Meeting

The Securities and Exchange Commission (SEC), on Wednesday scheduled the third Capital Market Committee (CMC) meeting of 2019 for Thursday, November 21 and Friday, November 22, 2019, in Lagos.
A statement by Mrs. Efe Ebelo, spokesman of the commission, recalls that the CMC was established mainly as a platform for the exchange of ideas among market stakeholders as well as for feedback to SEC on how to continuously improve the market activities and regulation.
At this Q3 meeting, she said, stakeholders will focus on issues bordering on implementation of the 10-Year Capital Market Master Plan as well as others relating to the capital market, Fintech Roadmap and the economy would be discussed and the outcome made known to the media.
The 10-year master plan for the Nigerian capital market which is expected to refocus the market and help double its size over time and grow the economy was unveiled November 2014.
Recall that the Commission has vigorously implemented some initiatives in the Master Plan with the aim of attracting more investors to the market.
Some of these initiatives include direct cash settlement, regularisation of multiple subscriptions, dematerialization, the transmission of shares and e-Dividend Registration, as they promote transparency, protect and enhance investors’ confidence in the capital market.
The SEC, therefore, enjoins all shareholders to take advantage of the initiatives introduced in the capital market aimed, primarily, at strengthening the market and accelerating economic development.
This, SEC said is in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhanced productivity.
While Thursday’s meeting will be attended by key stakeholders in the nation’s capital market, a media briefing on outcomes of the CMC meeting will hold on November 22.
The CMC, an industry-wide committee comprises of key officials of the commission, representatives of capital market operators and trade groups and other stakeholders, meets quarterly to deliberate on various issues affecting the market and other policy matters.
Expected to attend the expanded session are the Chief Executive Officers of the Nigerian Stock Exchange (NSE), National Association of Securities Dealers (NASD), The Financial Markets Dealers Quotations (FMDQ), Africa Exchange Holdings (AFEX), Nigeria Commodity Exchange (NCX), Central Securities Clearing System (CSCS), Chartered Institute of Stockbrokers (CIS); as well as representatives of relevant Financial Services’ Agencies, among others.
Others are Chief Executive Officers (CEOs) of registered capital market operators such as Broker-Dealers, Capital Market Solicitors, Custodians, Fund Managers, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Consultants.