The Securities and Exchange Commission (SEC) said it would revoke the registration of about 400 Capital Market Experts who fail to provide updated information of their companies/firms by July 31.
Mr. Naif Abdulsalam, the head Corporate Communications of SEC said this in a statement in Abuja.
Abdulsalam said the directive was stated in a circular released by the commission in Abuja.
He said, “any firm that it’s response is not received within this time frame would be considered inactive and SEC would exercise its powers to revoke its registration”.
The Commission gave the directive in accordance with the powers conferred on it by the Investments and Securities Act (ISA) 2007.
SEC had directed all Capital Market Experts to provide updated information of their companies/firms in December 2016 and February 2017.
Abdulsalam said it was, however, observed that a large number of Capital Market Experts comprising Reporting Accountants, Solicitors, and Estate Surveyors/Valuers did not respond to the request.
He stated that concerned firms should indicate interest in retaining their registration with SEC as Capital Market Experts by providing updated information on their firms.
He said the information should be sent using http://ift.tt/2qCrSxc.
“They are also reminded that the minimum number of Sponsored individuals required for their registered function is three, including a Compliance Officer.
The commission had relocated it’s registration and inspectorate divisions to Lagos considering the number of experts’ presence in Lagos.
Abdulsalam said the concerned experts had been asked to visit any of the Commission’s offices in Abuja, Lagos, Port Harcourt and Kano for further clarification.
The post Update companies or loose registration licences, SEC warns capital market experts appeared first on Vanguard News.
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