SEC set to revoke registration of professionals/ experts

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SECURITIES and Exchange
Commission (SEC) has set to
revoke the registration of about
400 Capital Market Experts or
Professionals who do not comply
with the directive to provide
updated information of their
companies/firms by July 31,
2017.
According to a circular from
SEC, “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 Securities and Exchange
Commission (SEC) Nigeria
pursuant to the powers conferred
on it by the Investments and
Securities Act (ISA) 2007 had
directed all Capital Market
Experts or Professionals to
provide updated information
of their companies/firms in
December 2016 and February
2017.
However, it was observed
that a large number of Capital
Market Experts or Professionals
comprising Reporting
Accountants, Solicitors, and
Estate Surveyors/Valuers etc. 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 using the link provided
http://sec.gov.ng/capitalmarket-
operators-data-update/.
They are also reminded that the
minimum number of Sponsored
Individuals required for their
registered function is three (3),
including a Compliance Officer.
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 or Professionals 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.



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