SEC DG urges Capital Market Operators on technology

THE Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, has urged capital market participants to constantly adapt to new and rapidly changing economic, regulatory and business environments which will aid them in performing their expected roles in the economic development of the nation.

At the 21st Annual Conference of the Chartered Institute of Stockbrokers (CIS), Mr Gwarzo stated that almost everything comes down to the application of technology, noting that at the nucleus of dynamic changes in technology.

“The financial market institution of the future is one that is currently making conscious effort to automate its processes by leveraging on relevant technology,” he noted

He however said as an evidence of the responses to dynamic changes in the Nigerian Financial Market, the capital market has begun to observe the evolution of new products and processes which include Sukuk, Green Bonds, Derivatives, Commodities and Financial Technology (Fintech).

On market regulation and development by SEC, he said the Commission is committed to continuing developing the Nigerian Capital Market in line with the 10-year Master Plan. Also, the E-Dividend initiative is very central and recently the Commission has embarked on a massive media campaign to sensitize the public on the December 31, 2017 deadline on free e-dividend registration exercise and regularization of multiple accounts by investors.

In addition, he highlighted that the Commission has strengthened its Rulemaking process and more Rules are considered on a timely basis with the underlying justifications which will aid the market’s understanding of the thought process behind coming up with the rules.

As evidence of yielding positive results on some of the recently introduced initiatives, he disclosed that the number of reported cases of infractions in the market has reduced from 291 in Q1’2016 to 36 in Q3’ 2017, adding that the number of Enforcement Cases has come down from 49 to 30 within the same period.

He concluded by saying that all the initiatives introduced and results are believed to help capital market stakeholders respond adequately to the dynamic changes in the financial market.