Nearly all capital market operators are compliant, says SEC

• Published date: 10 January 2023
• Publication title: Nigeria - The Nation

Not less than 96 per cent of capital market operators complied with regulatory filing on prudential returns in 2022, Securities and Exchange Commission (SEC) has stated.

Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, said the apex capital market regulator has continued to employ its compliance tool to ensure that only fit and proper capital market operators practice in the market.

He noted that there had been an improved level of compliance with filing of prudential returns from 81 per cent in 2021 to 96 per cent in 2022.

He described the improvement as a welcome development given the commission's quest to pursue a capital market that is based on the principles of increased transparency, efficiency and global competitiveness.

He pointed out that 2022 was another eventful year in which the commission continued its implementation of sound initiatives that are expected to bring about the much desired market development that would not only deepen the market but also ensure the continued protection of investors.

'The commission released Guidelines on the Implementation of Sections 60-63 of the Investments and Securities Act 2007.The Nigerian Capital Market Institute (NCMI) organized training for chief executive officers, chief financial officers and other officers of public companies to facilitate their compliance. The commission also provided filing options for audited (annual) and fourth quarter financial statements.

'The commission...