Ndubuisi Francis in Abuja
In facilitation of its job as the peak controller of the Nigerian capital market, the Securities and Exchange Commission (SEC) has given a warning that would relieve the effect of COVID-19 pandemic in capital market activities.
In a roundabout to capital market partners on COVID-19, the SEC discharged various market-centered acclimations to be embraced in the meantime because of the impacts of COVID-19 which incorporates documenting and handling of utilizations electronically, expansion of cutoff time on 2019 yearly reports and Q1 2020 reports, delay of the quarter 1 (Q1) Capital Market Committee meeting prior booked for April 23, 2020.
The Commission expressed that applications will be recorded electronically, while pending applications and demands by Capital Market Operators (CMOs) for update of data would be prepared by means of registration@sec.gov.ng.
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Be that as it may, crisp applications for enlistment of CMOs are suspended until further notification.
Additionally, returns will be recorded electronically, while the Commission has affirmed a 60-day expansion, in the primary example for open organizations and capital market administrators to document their 2019 yearly reports and Q1 2020 reports.
By the warning, open organizations are to accept proper prudent steps as prescribed by the administrative and state governments just as the Nigerian Center for Disease Control (NCDC) to guarantee the security of investors and members at Annual General Meetings/Extra-Ordinary General Meetings and different gatherings which might be held during the predominance of the pandemic.
“The primary Capital Market Committee meeting for the year planned to hang on April 23, 2020, and every single other gathering have been deferred inconclusively. All protests and enquiries ought to be made to the Commission at sec@sec.gov.ng, 09-4621100 and 09-4621168 or at our different web based life accounts
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“Note that the previous rules are not thorough, but instead speak to a blueprint of prompt activities the Commission thinks about important to continue the completion of its administrative command and keep up the trustworthiness of the Nigerian capital market during this difficult period. As needs be, the Commission will keep on issueing updates to showcase partners as fitting. The Commission will likewise keep on intently facilitate with other monetary controllers and legislative specialists,” the SEC expressed.
The SEC orders all capital market partners to cling to every single late mandate on wellbeing and social removing, including that it is engaged the accompanying measures, among others: guaranteeing the progression of its activities; observing business sector capacities and fundamental dangers; giving administrative adaptability and direction to backers, exchanging stages, capital market administrators and different partners affected by COVID-19; and continuation of financial specialist assurance endeavors and important authorization activities.
The spread of coronavirus (COVID-19) worldwide has made a level of vulnerability and tension, as governments and wellbeing specialists endeavor to reduce the multiplication of the infection.
The World Health Organization (WHO) had cautioned that given Africa’s delicate wellbeing frameworks, the risk presented by COVID-19 in the landmass is significant. This has prompted different activities taken by the administrative and state governments in Nigeria to control the spread of the infection.
