-by Barnabas Esiet.
The Securities and Exchange Commission (SEC) has asked Capital Market Operators (CMOs) to implement the Commission’s directives with regards to the update of investors’ Know Your Customer (KYC) information which it said is still in effect.
The Director General of the SEC, Lamido Yuguda, gave the reminder at the First Post Capital Market Committee Meeting press briefing held in Abuja recently.
Yuguda decried the low compliance level despite several interactions with the operators. “We have noted that the level of compliance has been low despite several engagements, we realized that as at April 8, 2021, there were still 4,012,311 (Four million, twelve thousand, three hundred and eleven) accounts with incomplete KYC information. This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority”.
He explained that the reintroduction of periodic renewal of registration by Capital Market Operators in 2021 is targeted at keeping operators in the market barest of the current trend at all times to strengthen the supervision and monitoring activities of the Commission.
The latest renewal process is electronic and the deadline for the year is 30th April, 2021.
The SEC Boss noted that despite the turbulence experienced with the outbreak of the pandemic, the Nigerian capital market remained resilient even as the capital market community contributed to the fight against COVID-19.
“I am delighted at the efforts that we made and pledge that we shall not relent in our efforts. To this end, our next phase of the support in the fight against COVID-19 will be the establishment of the Strategic Health Impact Fund for Transformation (SHIFT). This would be a N100 billion fund for investment in healthcare assets in Nigeria”. He said.
Director General, SEC, Lamido Yuguda
Yuguda also disclosed that the Commission is at the mid-point of implementing its Capital Market Master Plan (CMMP) and has commenced a review to update the assumptions, and align the plan with current realities.
“The Commission has released new rules on warehousing, collateral management, crowd funding, fund management products and nominee companies to ensure proper regulation and development of our market.”
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