Apparently miffed by the fact that many individuals and firms registered as experts and professionals operating in Nigeria’s Capital Market have seemingly ignored two previous deadlines, the Securities & Exchange Commission (SEC), on Monday said those affected have up till July 31, 2017.
The directive, it said, is pursuant to the powers conferred by the Investments and Securities Act (ISA) 2007, observing that a large number of such experts or professionals comprising reporting accountants, solicitors, and estate surveyors/valuers, among others did not respond to the request.
A circular by the commission recalled that the firms, which were earlier failed the December 2016 and February 2017 deadlines, threatened to revoke the registration of about 400 such experts or professionals who do not comply by that date.
According to the SEC, “any firm whose response is not received within this time frame would be considered inactive and the SEC would exercise its power to revoke its registration”.
The statement explained that “the concerned firms are by the circular required 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 http://sec.gov.ng/capital-market-operators-data-update/. They are also reminded that the minimum number of Sponsored Individuals required for their registered function is three, including a Compliance Officer.
Realising the large number of those with offices in Lagos, the commission had in January 2017 relocated its Registration and Inspectorate Divisions to Lagos.
It therefore directed the concerned capital market experts or professionals to visit any of the Commission’s Offices in Abuja, Lagos, Port Harcourt and Kano for further clarification.
“All concerned Capital Market Experts or Professionals are required to comply with this directive on or before July 31, 2017 as any firm whose response is not received within this time frame would be considered inactive and the SEC would exercise its power to revoke its registration,” the statement added.