Register or be banned by May 31, SEC warns capital market operators

Register or be banned by May 31 SEC warns capital market operators

Register or be banned by May 31, SEC warns capital market operators     The Securities and Exchange Commission (SEC) says it will stop operations of capital market operators (CMOs) that are yet to renew their registration by May 31, 2021. This was contained in a circular signed by the management of SEC in Abuja on Monday. On March 23, SEC had informed the general public and CMOs on the reintroduction of the periodic renewal of registration by operators. It had said that this was due to the need to…

Read more

SEC adjusting 10-year capital market master plan to current realities

Register or be banned by May 31 SEC warns capital market operators

SEC adjusting 10-year capital market master plan to current realities     The Securities and Exchange Commission (SEC) has said it is reviewing the 10-year capital market master plan in line with current realities. The apex regulator of the capital market said the implementation of the master plan had yielded results that helped to deepen the market. The Executive Commissioner, Operations, SEC, Mr Dayo Obisan, was quoted in a statement issued by the organisation on Tuesday as saying during an interview in Abuja that quite a number of initiatives as…

Read more

SEC to engage fintech players

Register or be banned by May 31 SEC warns capital market operators

To sanction operators frustrating e-dividend     The Securities and Exchange Commission has stated that it will continue to engage players in the Fintech space and support them to operate lawfully in a bid to ensure the delivery of safe products and services without stifling innovation. Mr. Lamido Yuguda who stated this at a post-Capital Market Committee Meeting press briefing webinar held Thursday, said the recent Circular was issued by the Commission in its desire to ensure that only fit and proper persons continue to operate in the capital market. According…

Read more

SEC issues new rules for warehouse, collateral management

Register or be banned by May 31 SEC warns capital market operators

SEC issues new rules for warehouse, collateral management   The Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management among others. A statement titled ‘SEC releases rules on Warehousing and Collateral Management’ said every warehouse that stores commodities to be traded on a registered exchange shall apply to be registered by the commission. It added that the commission shall maintain a register of all registered warehouses which shall be published on its website. The statement read, “A warehouse applying for registration, going by the rule,…

Read more

MMM, other ponzi schemes cost Nigerians N18bn – SEC

Register or be banned by May 31 SEC warns capital market operators

MMM, other ponzi schemes cost Nigerians N18bn – SEC   Over three million Nigerians have lost about N18 billion through Ponzi schemes, the Securities and Exchange Commission (SEC) has disclosed. Lamido Yuguda, director-general, SEC, said this during a webinar organised by the commission on Tuesday. Ponzi schemes are fraudulent investing scams which generate returns for early investors with money taken from later investors. They are similar to pyramid schemes in that both are based on using new investors’ funds to pay the earlier backers. Speaking at the webinar, Yuguda said,…

Read more

SEC tackles court ruling vindicating OANDO Plc

SEC Oando Plc

SEC tackles court ruling vindicating OANDO Plc   The Securities and Exchange Commission (SEC) has faulted reports that a shareholder of Oando Plc, purportedly obtained a judgment from the Federal Capital Territory High Court against the commission. SEC in a statement on its official Twitter handle, @SECNigeria, said: “The attention of the Securities and Exchange Commission has been drawn to several publications in the media, where it is reported that a shareholder of Oando Plc, purportedly obtained a judgment from the Federal Capital Territory “The commission wishes to inform the…

Read more

SEC reacts to CBN’s ban on cryptocurrency transactions

Bitcoin eyes bull revival

SEC reacts to CBN’s ban on cryptocurrency transactions   The Securities and Exchange Commission (SEC) has reacted to the placement of ban on all forms of cryptocurrencies by the Central Bank of Nigeria (CBN) last week. The commission explained that there is no policy conflict between the capital market apex regulator and the CBN over the ban placed on Bitcoin transactions in the banking industry. This was contained in a statement issued by the SEC, saying that contrary to the perceived policy conflict from some quarters, it saw no such…

Read more

SEC begins registration of ordinary nominee firms

Register or be banned by May 31 SEC warns capital market operators

SEC begins registration of ordinary nominee firms   The Securities and Exchange Commission (SEC) has asked all persons not registered by the commission as custodians, carrying on the business of nominee and holding securities on behalf of actual owners to apply to the commission for registration as nominees. SEC announced the release of the new rules in a statement on Sunday. According to the rules, the business of the nominee shall be to take title of property, money or securities in trust for and on behalf of clients as nominee…

Read more

SEC releases new rules, amendments on collective investment schemes

Register or be banned by May 31 SEC warns capital market operators

SEC releases new rules, amendments on collective investment schemes     The Securities and Exchange Commission (SEC) has released general rules for Collective Investment Schemes prescribing that all units or securities of a collective investment scheme shall be registered by the Commission. The Rule which is on the Commission’s website, also states that all securities subject to registration by the Commission may be offered through offer for subscription; offer for sale; and by way of a shelf registration. Shelf Registration is a filing undertaken by issuers intending to access the…

Read more

SEC bars Chaka from share deals

Register or be banned by May 31 SEC warns capital market operators

SEC bars Chaka from share deals   The Security and Exchange Commission (SEC) has restrained fintech company, Chaka Technologies and its promoters from either advertising shares or facilitating its sales. The Investments and Securities Tribunal, (IST) on Thursday 17th December 2020, made interim Orders restraining Chaka Technologies Limited, and its promoters from advertising or offering for sale shares, stock or other securities of companies or other entities. “The interim Orders, which apply to all Chaka platforms, were granted pursuant to an application by the Securities and Exchange Commission,” the regulator…

Read more