The Securities and Exchange Commission has said capital market operators that fail to renew their registration at the expiration of late filing on May 31, 2021 will not be eligible to operate in the capital market.
SEC said in a statement on Monday that this was stated in a circular dated May 10, 2021 and signed by the management of the commission.
It said in line with the requirements for renewal of registration, all CMOs were required to have completed the renewal process on or before April 30, 2021.
“Consequently, the commission stated that all CMOs are expected to note that late filing for renewal of registration shall only be entertained from May 1, 2021 to May 31, 2021, while the names of CMOs which have renewed their registration shall be published on the SEC website/national daily newspapers and communicated to the relevant Securities Exchanges and trade associations for their notification,” the statement said.
The commission recalled that it had on March 23, 2021 issued a circular to the general public and CMOs of the reintroduction of the periodic renewal of registration.
It said the reintroduction of renewal of registration was premised on the need to have a reliable data bank of all CMOs registered and active in the Nigerian capital market, to provide updated information on operators for reference and other official purposes by local and foreign investors, other regulatory agencies and the general public.
SEC said it was also aimed at reducing incidences of unethical practices by CMOs and to strengthen supervision and monitoring of the operators.
The commission said it had amended its rules and reintroduced the requirement for yearly renewal of registration by all CMOs, adding, “This process will be carried out electronically in order to ensure efficiency.”