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Nigeria’s SEC notifies market community of second 2018 CMC meeting

August 7, 2018210 views0 comments

Nigeria’s Securities and Exchange Commission (SEC) has announced that the second Capital Market Committee (CMC) meeting to be held in 2018 has been scheduled for Thursday August 9th to Friday August 10th 2018 at the Federal Palace Hotel, Victoria Island, Lagos.

During the meeting, the SEC said issues bordering on implementation of the ten year Capital Market Master Plan (CMMP) as well as other issues relating to the capital market and the economy would be discussed and the outcome made known to the media.

The CMC, mainly established to serve as a medium for exchange of ideas among market stakeholders also serves as an avenue of feedback to SEC on how to continuously improve the market activities and regulation.

The ten-year master plan for the Nigerian capital market which is expected to refocus the market and help double its size over time and grow the economy was unveiled November 2014.

Having vigorously implemented some initiatives in the CMMP, such as direct cash settlement, dematerialization and e-Dividend registration to promote transparency, protect and enhance investors’ confidence in the capital market, the SEC encouraged all shareholders to take advantage of the implemented initiatives towards strengthening the market and accelerating economic development.

The SEC also noted that is is in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhanced productivity.

Stressing the event attendance is strictly by invitation, the SEC explained that thoose who have been invited to attend the expanded session are Chief Executive Officers (CEOs) of all registered capital market firms (i.e Broker Dealer, Capital Market Solicitors, Custodians, Fund Managers, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Consultants, etc.);

Others are Chief Executive Officers of The Nigerian Stock Exchange (NSE), National Association of Securities Dealers (NASD), The Financial Markets Dealers Quotations (FMDQ), Africa Exchange Holdings (AFEX), Nigeria Commodity Exchange (NCX), Central Securities Clearing System (CSCS), Chartered Institute of Stockbrokers (CIS); as well as representatives of relevant Financial Services’ Agencies, among others

“While the key stakeholders in the capital market will meet on August 9th, members of the media would be briefed on Friday on outcome of the CMC meeting.”

The CMC was mainly established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback to SEC on how to continuously improve the market activities and regulation.

However, SEC has advised that admission into the venue would be upon presentation of the CMC Identity Card and strictly by invitation.