Wednesday, August 19/ 2015, 01.08 PM / SEC
The Securities and Exchange Commission has granted an extension on the notification of intention by Capital Market Operators (CMOs) considering reclassification of function, reduction of functions or merger/acquisition in view of the recapitalization exercise, till August 31, 2015.
CMOs should note that conversion/migration to any of the options is not automatic as routine regulatory requirements must be fulfilled.
To ensure a seamless and less rigorous exercise, the Commission has reviewed the procedures on the various options as follows;
Affected CMOs are expected to comply immediately with the above procedures.
Please be reminded that CMOs that fail to take any of these options and have not complied with the new minimum capital requirement by the deadline would automatically be deregistered by October 2, 2015 and would have to apply for fresh registration to operate in the capital market.