FG has announced the deadline for Market Operators’ Registration Renewals.
NaijaOnPoint Nigeria reports that the Federal Government through the Securities and Exchange Commission (SEC) has reminded Capital (CMOs) to ensure that they renew their registration on or before January 31, 2025.
The Commission said this in a recent circular to ask the operators to begin this annual renewal of registration from January 1 to January 31, 2025.
The annual renewal of registration of Capital Market Operators, is aimed at ensuring that only fit and proper persons operate in the Nigerian capital market.
SEC in the secular stated, “This is to inform all Capital Market Operators (CMOs) and the general public that the annual renewal of Registration of CMOs for the year 2025 will commence from January 1, 2025.”
The Commission emphasized that CMOs without valid registration will be penalized and may be excluded from carrying out capital market activities.
The SEC had in 2021 re-introduced periodic renewal of registration by capital market operators, which was premised on the need to have a reliable data bank of all CMOs registered and active in the Nigerian capital market.
The aim was to provide updated information on operators in the Nigerian capital market for reference and other official purposes by local and foreign investors, other regulatory agencies and the public.
The renewal was also introduced to increasingly reduce incidences of unethical practices by CMOs such as may affect investors’ confidence and impact negatively on the Nigerian capital market, as well as strengthen supervision and monitoring of CMOs by the commission.
Consequently, the SEC amended its rules and re-introduced the requirement for yearly registration renewal by all CMOs, which is carried out electronically to ensure efficiency.