SEC Reminds CMOs on KYC Update, 4.01m Accounts Are With Incomplete Information

Regulators
1105 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp
Proshare

Monday April 19,  2021 / 08:58 AM / by SEC Nigeria / Header Image Credit: Ecographics             


Proshare Nigeria Pvt. Ltd.


Capital Market Operators have been reminded of the Securities and Exchange Commission's directives on update of investors' Know Your Customer information which it said is still in effect.

 

This was stated by the Director General of the SEC, Mr. Lamido Yuguda at the First Post Capital Market Committee Meeting press briefing held in Abuja Weekend.

 

According to the DG, "We have noted that the level of compliance has been low. Despite several engagements, we realized that as at April 8, 2021, there were still 4,012,311 (Four million, twelve thousand, three hundred and eleven) accounts with incomplete KYC information.


"This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority".

 

Yuguda disclosed that a major highlight of the year 2021 is the reintroduction of periodic renewal of registration by Capital Market Operators.

 

He said the rationale for this is to ensure that operators in the market are fit and proper at all times and to strengthen the supervision and monitoring activities of the Commission.

 

The renewal process is electronic and the deadline for 2021 renewal is 30th April, 2021.

 

The SEC Boss stated that despite  the turbulence experienced with the outbreak of the pandemic, the Nigerian capital market stood resilient adding that the capital market community contributed its quota to the fight against COVID-19.

 

He said, "I am delighted at the efforts that we made and pledge that we shall not relent in our efforts. To this end, our next phase of the support in the fight against COVID-19 will be the establishment of the Strategic Health Impact Fund for Transformation (SHIFT). This is planned to be a N100 billion fund for investment in healthcare assets in Nigeria".

 

Yuguda also stated that the Commission is at the mid-point of implementing its Capital Market Master Plan (CMMP) and has commenced a review to update the assumptions, and align the plan with current realities.

 

Similarly, he said the Commission has released new rules on warehousing, collateral management, crowdfunding, fund management products and nominee companies to ensure proper regulation and development of our market.


Proshare Nigeria Pvt. Ltd.


Related News

  1. NSE Proposes Amendments to Rules on Related Parties, Closed Periods and KYC
  2. Review of Restrictions & Limits on Levels I & II of the Tiered KYC Accounts
  3. Three Tiered KYC Requirements Implementation Strategy
  4. SEC Proposes New Rule & Sundry Amendments to its Rules and Regulations
  5. SEC to Engage Fintech Players
  6. NGX Regulation Publishes 2021 Supervision Priorities for Trading License Holders
  7. SEC's Directive to Online Investment and Trading Platforms in Nigeria - The Way Forward
  8. NIBSSS Issues Approved Standard Operating Guidelines for BVN Matching System
  9. SEC and the Proliferation of Unregistered Investment Platforms
  10. SEC Cautions on the Proliferation of Unregistered Online Trading Platforms Facilitating Trading
  11. SEC Proposes a New Rule, Public Companies to Report Income Earned From Unclaimed Dividends
  12. NSE Receives SEC's Approval on Trading Licence Holders' Rules Amendment, Takes Effect May 3rd
  13. Non-Interest Capital Market, Full of Potentials - DG SEC
  14. Warehousing and Collateral Management: SEC Nigeria Releases Rule
  15. SEC Nigeria Re-introduces Periodic Renewal of Registration by CMOs, Set April 30th Deadline for 2021
  16. IOSCO Statement on Going Concern Assessments and Disclosures During the COVID-19 Pandemic
  17. NSE Notifies of Effective Date of Rules on Net Liquid Capital Requirements, Others
  18. SEC Issues Guidance on the Implementation of Sections 60 - 63 of the ISA 2007
  19. NCM 2020: Regulatory Governance in 2020
  20. NSE Proposes Amendments to Rules Governing Transaction with Related Parties
  21. SEC Releases New Rules and Amendments on Collective Investment Schemes
  22. Sundry Amendment to Valuation Report Rules and Regulations in Nigeria Released by SEC
  23. Sundry Amendment to Amount to be Underwritten Rules and Regulations in Nigeria Released by SEC
  24. Investment by CIS in Unlisted Securities Rules and Regulations in Nigeria Released by SEC

 

 Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP