| Capital Market |     4033 VIEWS  |
| Capital Market | |
| 4033 VIEWS | |
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Friday, November 16 2018 7.00AM/Bukola Akinyele, WebTV
At the end of the Q3, 2018 Capital Market
Committee meeting the Acting Director-General of the
Securities and Exchange Commission of Nigeria, Mary Uduk briefed capital market
correspondents on the following key resolutions reached at the meeting;
Multiple Subscription
On Multiple subscriptions and forbearance for
shareholders with multiple accounts, The CMC agreed that the forbearance window
should be extended by another year from the December 31, 2018 deadline
previously communicated.
Transmission of Shares
The Commission announced a two-pronged approach to addressing the intractable challenges associated with transmission of shares related to the estate of deceased investors.
The first step would involve engagement with and enlightenment of the Probate Registry with a view to providing solutions to the cumbersome process of transmitting shares.
Secondly, Rules would be developed around the time
frame for transmission shares and the fee structure.
E-Dividend Mandate and
Direct Cash Settlement
In order to boost the e-dividend mandate and Direct Cash Settlement initiatives, we would engage NIBSS on behalf of the capital market community to facilitate identity validation and account validation in an effort to enhance market processes.
The Commission will also work with other major
stakeholders in setting up a committee that will look into and proffer
solutions to problems around identity management in the Nigerian capital
market.
Margin Lending
The Commission is also collaborating with the CBN to
update regulations on margin lending. We understand the expectations of the
market on these issues and our deliberations would address them appropriately.
Commodities Eco-system
In furtherance of the commitment to develop a vibrant
Commodities eco-system, we have commenced the implementation of measures to
strengthen regulatory capacity by establishing a Commodities Division.
An interesting development in the commodities sector
is the innovative solution developed by AFEX and its partners regarding the use
of Blockchain Technology to streamline the process of financing agriculture to
Smallholder farmers and other players in the commodities markets.
Fintech Roadmap
We formally inaugurated the Fintech Roadmap Committee,
Chaired by Mr. Ade Bajomo. The Committee is expected to develop a FinTech
roadmap for the capital market within the next three months.
Capital Market
Curriculum
Our collaboration with NERDC to institute a
stand-alone capital market curriculum for basic and senior secondary education
in Nigeria has reached an advanced stage, as the Planning and Writing Workshop
took place during the week.
Financial Literacy
The Financial Literacy Committee, has developed a
webpage dedicated to providing relevant financial literacy material on the
capital market and the financial sector for investors. A link has been created
on the Commission’s website.
Electronic
Distribution of Annual Accounts
On the Electronic distribution of annual accounts by
public companies to shareholders, it was reported that the shareholders have
largely accepted the new initiative and are willingly providing their email
addresses.
Trading with
Securities on Unlisted Public Companies
To grow the market for trading in securities on unlisted public companies, the Commission is making concerted efforts in collaboration with CAC and other stakeholders to assist public companies that are yet to register their securities to do so without much difficulty.
In order to enhance investors’ confidence in the market, the Commission is stepping up efforts to ensure that public unlisted companies provide quarterly and annual performance reports. This would assist investors to make more informed investment decisions.
As part of efforts to eliminate underhand dealings,
the Commission is set to take enforcement actions against any persons engaged
in trading in the shares of public unlisted companies outside a recognised securities
exchange as provided by the Rules.
Registration of Trade
Groups
With respect to the registration of Trade Groups (TG),
currently 6 TGs have registered with the Commission while those yet to do so
were urged to comply with the directive. In the same vein, CMOs were enjoined
to register with their respective trade groups.
Minimum Operating
Standards
The Committee on Minimum Operating Standards has also
submitted its final report and a timeframe for implementation of the standards
would be announced soon.
E-IPOs
The final report of the e-IPO Committee in order to
issue guidelines and develop the rules for e-IPOs, is expected to be submitted
in two weeks.
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