The Securities and Exchange Commission (SEC) said it would revoked the registration of about 400 capital market experts and professionals who do not comply with the directive to provide updated information of their companies by July 31, 2017.
According to a circular from SEC, yesterday, 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 pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007, it has directed all capital market experts or professionals to provide updated information of their companies/firms in December 2016 and February 2017.
The commission observed that a large number of capital market experts or professionals comprising Reporting Accountants, Solicitors, and Estate Surveyors/Valuers, among others 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.
“They are also reminded that the minimum number of Sponsored Individuals required for their registered function is three, including a Compliance Officer,” SEC said.
Eyes Of Lagos gathered that, According to SEC, in recognition that a larger number of capital market experts or professionals have offices in Lagos, the Commission in January 2017 relocated its Registration and Inspectorate Divisions to Lagos.
“The concerned capital market experts or professionals are enjoined to visit any of the commission’s offices in Abuja, Lagos, Port Harcourt and Kano for further clarification:
“All concerned capital market experts 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.
