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SEC set to hammer 400 Operators
Securities and Exchange Commission (SEC)

SEC set to hammer 400 Operators

More hardship awaits stockbrokers and capital market operators as the Securities and Exchange Commission (SEC) is poised to revoke the licenses of 400 operators.

This was coming as the stockbroking community has been besieged with numerous problems, emanating from market depression, recapitalization of dealing members by the SEC and the minimum operating standard by the NSE.

The capital market apex regulator, said on Monday that it is committed to revoke the registration of about 400 Capital Market Experts or Professionals who do not comply with the directive to provide updated information of their companies/firms by July 31, 2017.

“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” SEC said in a statement.

SEC said in a recent circular to the market operators that, 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.

SEC said that the ongoing information update, is pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007, which directs all Capital Market Experts or Professionals to provide updated information of their companies/firms in December 2016 and February 2017.

However, it was observed that a large number of Capital Market Experts or Professionals comprising Reporting Accountants, Solicitors, and Estate Surveyors/Values etc. did not respond to the request.

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.

They are also reminded that the minimum number of Sponsored Individuals required for their registered function is three (3), including a Compliance Officer.

The apex capital market regulator said that it was in recognition that a larger number of Capital Market Experts or Professionals have offices in Lagos, that the Commission in January 2017 relocated its Registration and Inspectorate Divisions to Lagos.

The commission however urged concerned Capital Market Experts or Professionals to visit any of the Commission’s Offices in Abuja, Lagos, Port Harcourt and Kano for further clarification:

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