Economy

SEC instructs CMOs to update investor information

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By Ginika Okoye
The Securities and Exchange Commission (SEC) has mandated all capital market operators (CMOs) to update the Know Your Customer (KYC) information of their investors.

The commission gave the mandate at the virtual meeting of the Capital Market Committee (CMC) in the first quarter on Thursday in Abuja.

Speaking at the post-CMC virtual press briefing, Mr. Lamido Yuguda, Chief Executive Officer of the SEC, noted that CMOs’ level of compliance with the update is low.

He revealed that as of April 8, there were still over four million accounts with incomplete KYC information.

Yuguda said the update is key to deepening retail investor participation in the market.

“We ask all marketing managers to give it the highest level of priority.

“Similarly, registered CMOs are advised to refrain from providing any form of support to unregistered entities operating illegally in our market, as such action would not be tolerated.

“In addition, we urge CMOs to improve their level of compliance, the speed and accuracy of disclosures and other statements made to the commission,” he said.

Yuguda also informed the financial market community that the Nigerian Stock Exchange (NSE) has completed the demutualization process.

He announced that the organization would now be known as Nigeria Exchange (NGX) Group Plc.

The CEO said that as part of the measures to support the development of the commodity ecosystem, the Central Bank of Nigeria (CBN) has revalidated its 59.9% stake in the Nigerian Commodities Exchange (NCX) to ensure its proper positioning for efficiency.

He said the move resolved the funding problem plaguing the NCX and that several engagements were underway with the relevant authorities to promote trading on the Exchange.

Yuguda explained that the SEC is also working with the CBN to encourage banks to accept warehouse receipts as collateral. (NOPE)

(NAN)

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