BABAJIDE OKEOWO
The Securities and Exchange Commission has warned that all Capital Market Operators, CMOs that operates without a Managing Directors and Compliance Officers stands the risk of being penalised.
This warning was contained in a Circular issued to the CMOs, a copy which was sighted by The Nigerian Xpress newspaper.
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According to the circular, “The attention of the Securities and Exchange Commission (“the Commission“) has been drawn to the recent trend by which CMOs carry on operations without Compliance Officers and Managing Directors, in violation of the SEC Rules and Regulations.
CMOs are hereby reminded that pursuant to Rule 14 of the SEC Rules and Regulations and the amendments to Part C of the Commission’s Rules on Regulations of Capital Market Operators, it is mandatory for CMOs to have Managing Directors and Compliance Officers at all times. All CMOs are directed to ensure immediate compliance with the foregoing or be liable to the penalties for non-compliance under the SEC Rules and Regulations” the circular stated.