By Chinenye Anuforo
The Securities and Exchange Commission (SEC) may revoke the registration of about 400 capital market professionals who fail to comply with its directive to provide updated information of their companies by July 31, 2017.
According to a circular from SEC, “any firm that failed to respond within this time frame would be considered inactive and SEC would exercise its power to revoke its registration.”
The SEC, 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 between December 2016 and February 2017.
But it was observed that a large number of capital market professionals comprising reporting accountants, solicitors, and estate surveyors/valuers, among others, did not respond to the request.
SEC noted that the concerned firms are by the circular required to indicate their interest in retaining their registration with it as capital market professionals by providing updated information on their firms using the link provided in its website. They are also reminded that the minimum number of sponsored individuals required for their registered function is three, including a compliance officer.
In recognition that a larger number of capital market experts or professionals have offices in Lagos, the commission had in January 2017 relocated its registration and inspectorate divisions to Lagos. It enjoined the concerned capital market professionals to visit any of its offices in Abuja, Lagos, Port Harcourt and Kano for further clarification.
“All concerned capital market 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 SEC would exercise its power to revoke its registration,” the statement added.