The Securities and Exchange Commission (SEC) Nigeria has commenced the implementation of a fully electronic registration process for capital market operators, enabling designated regulatory services to be completed entirely online as part of efforts to modernise Nigeria’s capital market and improve regulatory efficiency.
The commission, in a statement issued on Wednesday, said the new electronic registration (e-Registration) platform, deployed through its ePortal, marked another milestone in its digital transformation agenda and drive to build a technology-driven regulatory environment.
According to the statement the platform allows Capital Market Operators (CMOs) to complete designated registration processes online, covering application submission, regulatory review, approvals and communication of decisions, thereby eliminating manual processing for the services included in the current phase.
The commission stated that the initiative would help to simplify regulatory interactions, reduce administrative bottlenecks, shorten processing timelines and provide applicants with greater visibility into the status of their applications.
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It added that the migration to a fully digital registration system would improve operational efficiency while strengthening regulatory oversight through standardised workflows, electronic documentation, secure digital record management and enhanced audit trails.
The SEC clarified: “The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness.”
It maintained that the e-Registration platform aligned with its strategic objective of leveraging technology to improve market efficiency, enhance the ease of doing business and deliver better services to stakeholders.
The capital market regulator stated that beyond improving efficiency, the platform would enhance the integrity of regulatory processes by reducing delays associated with paper-based documentation and improving the quality of regulatory data for decision-making.
It added that the digital platform would also provide a stronger foundation for regulatory analytics and future innovations aimed at improving oversight of Nigeria’s capital market., adding that the implementation is being carried out in phases to ensure a smooth transition for market participants while maintaining the stability and integrity of regulatory processes.
The commission pointed out that the current phase remained limited to post-registration services for existing CMOs, adding that applications for the registration of new entrants into the Nigerian capital market are not yet covered.
It further disclosed that the commencement of electronic processing for new registration applications would be announced at a later date, urging all market operators to get familiarized with the new platform and comply with implementation timelines to ensure a seamless transition to the electronic registration process.
The SEC restated its commitment to implementing reforms that will promote innovation, improve regulatory service delivery and reinforce investor confidence in capital market.
