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First Capital Market Committee Meeting Of 2021 To Hold On Thursday—SEC

Babajide Iletogun

The Securities and Exchange Commission has announced that the first Capital Market Committee meeting in 2021 is scheduled to hold this week.

The meeting will hold virtually with key stakeholders in the capital market on Thursday, while the interface with the press on the outcome of the CMC meeting, will take place on Friday, according to a statement from the commission on Sunday.

The commission said during the meeting, issues bordering on implementation of 10-year Capital Market Master Plan, implementation of the Fintech Roadmap as well as other salient matters relating to the capital market and the economy would be discussed.

The SEC had unveiled the 10-year CMMP in November 2014 and has implemented some initiatives designed to reposition the Nigerian capital market as an attractive investment destination and a critical facilitator of capital formation for the economy’s development.

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

The CMC was primarily established to serve as a medium for exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework. 

It is an industry-wide committee comprising members of the SEC, representatives of capital market operators and trade groups and other stakeholders. The CMC meets every quarter.

Some of the CMMP initiatives that have been implemented include; Direct Cash Settlement, regularisation of multiple subscriptions, dematerialization of share certificates, and the introduction of the e-Dividend Management System. 

The CMMP initiatives have 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.

Expected participants at the CMC meeting include Chief Executive Officers 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.).

Others are Chief Executive Officers of: Nigerian Exchange Group (NGX), 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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