The Securities and Exchange Commission (SEC) has announced that the third Capital Market Committee (CMC) meeting in 2018 will hold this Wednesday and Thursday in Lagos.
A statement issued by the commission’s Acting Head, Corporate Communications, Efe Ebelo, indicated that while the key stakeholders in the capital market will meet on Wednesday, journalists would be briefed the following day on the outcome of the meeting.
During the meeting, issues bordering on implementation of the 10 Year Capital Market Master Plan as well as others relating to the capital market and the economy would be discussed and the outcome made known to the media.
The ten-year master plan for the Nigerian capital market which is expected to refocus the market and help double its size over time and grow the economy was unveiled November 2014.
The Commission has, over the past few year, vigorously implemented some initiatives in the Master Plan with the aim of attracting more investors to the market.
Some of the initiatives include direct cash settlement, dematerialization and e-Dividend Registration, regularisation of multiple subscription among others as they promote transparency, protect and enhance investors’ confidence in the capital market.
The SEC therefore enjoins all shareholders to take advantage of the initiatives introduced in the capital market aimed, primarily, at strengthening the market and accelerating economic development.
According to the capital market regulatory institution, this is in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhanced productivity.
The CMC was mainly established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback to SEC on how to continuously improve the market activities and regulation.
It is an industry-wide committee comprising members of the commission, representatives of capital market operators and trade groups and other stakeholders.
The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters.
Stakeholders who have been invited to attend the expanded session are, Chief Executive Officers (CEOs) of all registered capital market firms (i.e Broker Dealer, Capital Market Solicitors, Custodians, Fund Managers, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Consultants.
Others are, the Chief Executive Officers of the Nigerian Stock Exchange (NSE), National Association of Securities Dealers (NASD), the Financial Markets Dealers Quotations (FMDQ), Africa Exchange Holdings (AFEX), Nigeria Commodity Exchange (NCX), Central Securities Clearing System (CSCS), Chartered Institute of Stockbrokers (CIS); as well as representatives of relevant financial services’ agencies, amongst others.
