Prudential Returns Compliance hit 96% in 2022

Filing of prudential returns by capital market operators rose to 96% in 2022 from 81% in 2021.  

The Securities and Exchange Commission attributed this to its employment of compliance tools to ensure that only fit and proper operators practice in the market

Director General of SEC, Mr. Lamido Yuguda, said the Commission is committed to pursuing a capital market that is based on the principles of increased transparency, efficiency and global competitiveness.

According to him, “The Commission released Guidelines on the Implementation of Sections 60-63 of the Investments and Securities Act 2007. The NCMI organized training for CEOs, CFOs and other officers of public companies to facilitate their compliance. The Commission also provided filing options for Audited (Annual) and Fourth Quarter Financial Statements”.

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He added that the Commission also conducted the Risk Based Supervision (RBS) examination on 20 capital market subsidiaries of five Financial Holding Companies aimed at supporting the entire financial system stability.

“To further protect investors and boost confidence in the Market, the Commission has commenced implementation of 100 percent custody requirement on all Collective Investment Schemes (CIS).

“Also, after a thorough review of the status of privately managed funds, the Commission mandated that Rule 95 should also apply to all Discretionary/Non-Discretionary Portfolios and Products to ensure the protection of investors’ funds in the Fund Management space,” he said.

The SEC DG disclosed that a comprehensive on-site inspection exercise was successfully carried out on the 95 registered Fund Managers to ensure that both the Public and Private Funds registered by the Commission are being operated in line with the relevant Rules and Regulations.