SEC says Master Plan, fintech roadmap, commodity trading top agenda at CMC meeting

by James · August 15, 2022

Nigeria’s Securities and Exchange Commission (SEC) is set to hold the second meeting of the Capital Markets Committee (CMC) in 2022. The meeting is scheduled to be held virtually with key stakeholders in the capital markets meeting on August 18.

During the meeting, issues bordering on the implementation of the ten-year master plan for the capital market, implementation of the Fintech Roadmap, roadmap for the retail ecosystem as well as other prominent issues related to the capital market and the economy will be discussed. The usual interface with the press on the outcome of the CMC meeting will be held on Friday 19 August.

The CMC was established primarily to serve as a medium for the exchange of ideas among market stakeholders, as well as an avenue for providing feedback to the SEC on how to continually address challenges, improve market operations, and improve the regulatory framework. It is an industry-wide committee made up of members of the SEC, representatives of capital market operators and trade groups, and other stakeholders.

The Commission had unveiled the Ten Year Capital Market Master Plan (CMMP) in November 2014 and has continued to implement the initiatives, which are designed to reposition the Nigerian capital market as an attractive investment destination and a critical enabler of capital formation for the accelerated growth and development of the Nigerian economy .

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Some of the CMMP initiatives that have been implemented include; Direct cash settlement, regularization of several subscriptions, dematerialization of share certificates and introduction of the e-Dividend Management System. The CMMP initiatives have helped promote transparency, protect investors and strengthen market confidence. The objectives of the CMMP are also consistent with the Federal Government’s economic strategy, focused on encouraging a private sector-led economy to drive inclusive growth.

Only recently has the market begun a revision of the master plan to conform to today’s online realities. The revised master plan has since been presented to the Minister of Finance for Budget and National Planning in Abuja.

Expected attendees at the CMC meeting include managing directors (CEOs) of all registered capital markets firms (ie brokers/dealers, investment advisers, trustees, fund/portfolio managers, receiving banks, issuing houses, rating agencies, registrars, reporting accountants, trustees, and capital markets consultants , etc.); Managing Directors 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 regulatory bodies in the financial sector, among others.