Business News of Thursday, 5 January 2023
Source: vanguardngr.com
SEC records 96% compliance to prudential filing
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) has disclosed that its enforcement action against capital market operators (CMOs) has resulted in improved level of compliance among the CMOs with filing of prudential returns rising to 96% in 2022 compared with 81% in 2021.
The Commission also expressed confidence that as the results of the various initiatives it is implementing begin to gradually manifest in 2023, the market would witness uncommon development in securities issuance especially as it affects digital assets, commodities trading ecosystem, custodianship of assets, and Fintech among others.
Director General of the SEC, Mr. Lamido Yuguda, who stated this in a New Year Message in Abuja, however, said that the persisted proliferation of operators running illegal investment schemes in the country has continued to be a major concern to the capital market.
He, therefore, assured of a renewed onslaught against promoters of such schemes.
“The Commission has continued to employ its compliance tool to ensure that only fit and proper capital market operators practice in the market. This has resulted in an improved level of compliance with filing of prudential returns rising to 96% in 2022 compared with 81% in 2021,” he said.
He added: “With the implementation of the Revised Capital Market Master Plan, the market will also witness renewed confidence expected to attract fresh investments from domestic and foreign investors.
“Although 2023 is an election year and market activities may typically slow down before and during the general election, we are hopeful that the improved awareness and positive electioneering campaigns will lead to peaceful elections and a quick return to the pre-election levels of investment activities.”
On its fight against illegal operators, he said: “The SEC has been fighting a serious war against Ponzi schemes; we have been alerting people. We have said that investors should only deal with registered operators that have the registration of the Commission”.
