Regulators | |
Regulators | |
1608 VIEWS | |
![]() | |
PROSHARE | |
PROSHARE |
Monday, August 17, 2020 / 07:49 AM / by SEC Nigeria / Header Image Credit: Guardian Nigeria
The
Securities and Exchange Commission (SEC) has announced that
the first Capital Market Committee (CMC) meeting in
2020 is scheduled to hold from Thursday August 20 to Friday August 21, 2020. A
CMC Meeting planned for April 2020 could not hold owing to the prevailing
lockdown imposed by the FGN during the period.
Due
to established protocols on COVID-19, the meeting will hold virtually
through Zoom with key stakeholders in the capital market meeting on August 20, while a press briefing, on
the outcome of the CMC meeting, will hold on August 21.
According
to the SEC, "Attendance to both events is strictly by invitation. Invited
participants will be sent unique links with which to join the
meeting".
The
CMC was primarily established to serve as a medium for exchange of
ideas among market stakeholders as well as an avenue for providing feedback to
the SEC on how to continuously address challenges, improve market operations
and enhance the regulatory framework. It
is an industry-wide committee comprising members of the SEC, representatives of
capital market operators and trade groups and other stakeholders. The CMC meets
every quarter.
During
the meeting, issues bordering on implementation of the Ten Year Capital Market
Master Plan, implementation of the Fintech Roadmap as well as other salient
matters relating to the capital market and the economy would be discussed.
Recall that the Commission had unveiled the ten-year Capital Market Master Plan
(CMMP) in November 2014 and has continued to implement the initiatives, which
are designed to reposition the Nigerian Capital Market as an attractive
investment destination and a critical facilitator of capital formation for the
accelerated growth and development of the Nigerian economy.
Some
of the CMMP initiatives that have been implemented include; Direct Cash
Settlement, regularisation of multiple subscriptions, dematerialization of
share certificates, and the introduction of the e-Dividend Management System.
The CMMP initiatives have helped in promoting transparency, protecting
investors and enhancing market confidence. The objectives of the CMMP are also
in consonance with the Federal Government's economic strategy, focused on
encouraging a private sector-led economy to drive inclusive growth.
Expected
participants at the CMC meeting include Chief Executive Officers (CEOs) of all
registered capital market firms (i.e. Broker/Dealers, Investment Advisers,
Custodians, Fund/Portfolio Managers, Receiving Banks, Issuing
Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees,
and Capital Market Consultants, etc.); Chief Executive Officers
of: the Nigerian Stock Exchange (NSE); National Association
of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange
Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing
System (CSCS); as well as representatives of relevant financial sector
regulatory agencies, among others.
Related News