SEC, Operators, dialogue Market Development

Read Time:2 Minute, 2 Second
SEC, Operators, dialogue  Market Development

The Securities and Exchange Commission (SEC) has scheduled the Third Capital Market Committee (CMC) meeting for Thursday, 11th and Friday 12th of November, 2021 respectively.

The virtual meeting, with the key stakeholders in the capital market, will hold on Thursday 11th of November, while the usual interface with the press, on the outcome of the CMC meeting, is slated for the following day.

A statement from the Commission indicates that the meeting would address issues bordering on implementation of the Ten Year Capital Market Development Masterplan, Fintech and the commodities trading ecosystem roadmap as well as other salient matters relating to the capital market and the economy.

The CMC was primarily established to serve as a medium for exchange of ideas among market stakeholders and 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.

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.

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”.

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: Nigerian Exchange Group (NGX), 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.

0 0

Leave a Reply

Your email address will not be published. Required fields are marked *