May 8, 2021

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SEC Hosts the First Capital Market Committee Conference in 2020, Via Webinar

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The Securities and Exchange Commission (SEC) will tomorrow, Thursday, 20th August, host the first Capital Market Committee (CMC) meeting in 2020, till Friday, 21st August, 2020.

The CMC meeting initially scheduled for April 2020 could not hold due to the prevailing lockdown occasioned by COVID-19 pandemic, which almost shut down the global economy.

The parley will now hold virtually through Zoom while key stakeholders in the capital market had signified their interest to actively participate in the meeting.

A media statement by SEC said “Attendance to both events is strictly by invitation. Invited participants will be sent unique links with which to join the meeting.”

CMC is the platform for the exchange of ideas among market stakeholders and simultaneously provides an avenue for feedback to the SEC on how to mitigate industry challenges, improve market operations and enhance the regulatory framework.

The CMC is composed of SEC, representatives of capital market operators and trade groups and other stakeholders. The CMC meeting holds quarterly.

Few of the salient issues for consideration are, implementation of the Ten Year Capital Market Master Plan, implementation of the Fintech Roadmap among others.

It can be recalled that SEC had earlier unveiled a ten-year Capital Market Master Plan (CMMP) in November 2014 and had continued to implement the initiatives designed to reposition the Nigerian Capital Market as an attractive investment destination and a critical facilitator of capital formation for the accelerated growth and development of the Nigerian economy.

Among the CMMP initiatives implemented include; Direct Cash Settlement, regularization of multiple subscriptions, dematerialization of share certificates, and the introduction of the e-Dividend Management System.

The initiatives had helped in promoting transparency, protecting investors and enhancing market confidence. The objectives of the CMMP are also in consonance with the Federal Government’s economic strategy, focused on encouraging a private sector-led economy to drive inclusive growth.

According to the media statement, expected participants at the CMC meeting include Chief Executive Officers (CEOs) of all registered capital market firms (i.e. Broker/Dealers, Investment Advisers, Custodians, Fund/Portfolio Managers, Receiving Banks, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Capital Market Consultants, etc.); Chief Executive Officers of: the Nigerian Stock Exchange (NSE); National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); as well as representatives of relevant financial sector  regulatory agencies, among others.

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