The Securities and Exchange Commission (SEC) will discuss the implementation of the 10-year Capital Market Master Plan, Fintech and Commodity Trading Ecosystem Roadmap as well as other prominent matters related to the capital market and the economy in its second Capital Markets Committee (CMC) meeting in 2022.
The meeting is planned to be held on Thursday, practically through Zoom with key stakeholders in the capital market present on the first day, while the usual contact with the press, on the outcome of the CMC meeting, will take place the following day.
The CMC was established primarily to serve as a medium for the exchange of ideas between market participants, as well as an avenue to provide 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.
According to the SEC, “Participation in both events is strictly by invitation. Invited participants will be sent unique links with which they can participate in the meeting.
“During the meeting, issues bordering on the implementation of the ten-year capital market master plan, implementation of the Fintech Roadmap, roadmap for the commodity trading ecosystem as well as other prominent issues related to the capital market and the economy will be discussed.”
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The Commission unveiled the 10-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 the economy.
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 embarked on a revision of the master plan to conform to today’s realities and the revised master plan has since been presented to the Minister of Finance, 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.
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SEC to discuss capital market master plan, fintech roadmap at second CMC meeting