SEC to Engage Stakeholders on Fintech Roadmap Implementation

SEC to Engage Stakeholders on Fintech Roadmap Implementation

The Securities and Exchange Commission (SEC) is to discuss issues concerning the implementation of the financial technology roadmap in the market in its forthcoming committee meeting.

A statement by the commission in Abuja on Sunday says the 2021 Capital Market Committee (CMC) meeting would also discuss the 10-year market master plan.

The commission said the virtual meeting is scheduled for April 15 and April 16 following earlier directive that warn Nigerians about proliferation of unregistered investment platform for trading foreign listed companies stocks.

In the statement, SEC said participants would include Chief Executive Officers of all registered capital market firms like broker/dealers, investment advisers and custodians.

Other participants are fund/portfolio managers, receiving banks, issuing houses, rating agencies, registrars, reporting accountants, trustees, and Capital Market Consultants.

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

”It is also 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,” it said.

SEC had unveiled the 10-year plan in 2014 and had continued to implement the initiatives designed to reposition the country’s capital market as an attractive investment destination.

Last week, the capital market regulator drawn public attention to the existence of several providers of online investment and trading platforms.

These platforms purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign Companies listed on Securities Exchanges registered in other jurisdictions.

“These platforms also claim to be operating in partnership with Capital Market operators (CMOs) registered with the Commission”, SEC added.

The Commission categorically states that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any Exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.

Accordingly, SEC said CMOs who work in concert with the referenced online platforms are hereby notified of the Commission’s position and advised to desist henceforth.

Also, the Commission enjoins the investing public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.

Read Also: SEC Warns about Spread of Unregistered Platforms for Trading

SEC to Engage Stakeholders on Fintech Roadmap Implementation