SEC to revoke registration of 400 market professionals
The Securities and Exchange Commission, SEC, plans to revoke the registration of 400 capital market professionals over failure to comply with the commission’s directive on updated information of their companies by July 31, 2017.
SEC’s circular to the companies read: “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.
“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 had in pursuant of the powers conferred on it by the Investments and Securities Act (ISA) 2007, directed all Capital Market Professionals to provide updated information of their companies/firms in December 2016 and February 2017.
The commission in a statement yesterday, said it observed that a large number of capital market professionals, comprising Reporting Accountants, Solicitors, and Estate Surveyors/Valuers, among others, were not respond to the request. The concerned firms are, however, required to indicate their interest in retaining their registration with SEC as Capital Market Professionals by providing updated information on their firms.
SEC also reminded that the minimum number of Sponsored Individuals required for their registered function is three (3), including a Compliance Officer.
In consideration of the fact that a larger number of Capital Market Experts have their offices in Lagos, the Commission in January 2017 relocated its Registration and Inspectorate Divisions to Lagos so as to reduce the stress of them travelling to any of its offices in Abuja, Lagos, Port Harcourt and Kano.
While the Commission advises concerned professionals to vet their LAGOS office for further enquiry or clarification.
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