The Securities and Exchange Commission (SEC) is set to hold its third quarter Capital Market Committee (CMC) meeting on Thursday, November 16, 2023, at the Federal Palace Hotel in Lagos. The meeting will bring together key players in the capital market, including stockbrokers, investors, and other stakeholders.
Following the meeting, there will be an opportunity for the media to interact with the SEC Management on Friday, November 17, 2023, at the SEC Lagos Zonal Office. This interaction is aimed at providing more information on the issues discussed during the CMC meeting.
The agenda of the 3rd quarter meeting includes a discussion of the trend of delisting, the challenges faced by companies seeking to list on the stock exchange, and ways to improve the listing process. The meeting will also focus on how to improve understanding of the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations, and what role capital market operators need to play in efforts to exit the Financial Action Task Force (FATF) grey list. Other issues that will be discussed include capital market developments and emerging issues, as well as other pertinent issues affecting the capital market.
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There will also be updates on the major achievements of the various technical committees, including the Commodities Ecosystem Implementation Committee, which is responsible for developing strategies for increasing the liquidity of commodities markets in Nigeria. The E-Dividend and DCS (Direct Credit Scheme) Committee will report on its progress in facilitating the payment of dividends directly to shareholders. The Financial Literacy and Non-Interest Capital Market (FLTC) Committee will provide updates on its efforts to promote financial literacy and develop the non-interest capital market.
The Capital Market Committee is a forum where stakeholders in the capital market come together to engage in productive discussions about the growth and organization of the capital market. The CMC provides a platform for feedback to the SEC on how to address market challenges, improve operations, and enhance the regulatory framework. It is a collaborative effort between the SEC, capital market operators, and other stakeholders, and serves as a medium for the exchange of ideas, as well as a source of information on the current state of the capital market and emerging issues.
The SEC has stated that both the CMC meeting and the media engagement are by invitation only, and participants are expected to be seated by 9:45 a.m. This requirement ensures that all necessary stakeholders are present and prepared for the start of the meeting.
The expected participants at the CMC meeting include CEOs of all registered capital market firms, as well as representatives from various regulatory agencies and key market infrastructure providers, such as NGX, NASD, AFEX, NCX, CSCS, and FMDQ. This broad representation allows for a diverse range of perspectives and expertise to be brought to the table, leading to more informed discussions and better outcomes.