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SEC reopens, demands full disclosures from market operators

The Securities and Exchange Commission, SEC, has reminded regulated entities in the capital market to continue to make adequate disclosures on the impact of COVID-19 on their businesses.

This was contained in a circular issued by the Commission on Monday to provide update to stakeholders within the Capital Market.

According to the circular, “While we continue to monitor the evolvement of the pandemic and its impact on the capital market, all regulated entities are reminded to make adequate disclosures and report on how the pandemic is impacting operations and discharge of services to investors and other stakeholders.

“We also wish to assure investors that while efforts are on-going to ensure that capital market services remain accessible, the Commission’s priority is the protection of investors. Kindly contact us through for complaints and enquiries.

The SEC also stated that following the Federal Government’s partial easing of the lockdown measures introduced to minimize the spread of Covid-19 across Nigeria, the Securities and Exchange Commission, SEC has reopened its head office in Abuja.

According to the circular, the Commission, in compliance with the various guidelines issued by relevant authorities, said its office is open to members of the public between 10 a.m. and 1p.m. on Mondays, Wednesdays and Fridays.

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However, due to the need to protect its stakeholders and members of staff, the Commission issued some guidelines among which is that Stakeholders are strongly advised to use our various e-channels to communicate and interact with the Commission and that Physical visits should only be considered as a last resort.

Other guidelines issued by the SEC are that all meetings and events will be convened electronically until further notice; All filings shall continue to be received electronically; All visitors will be subjected to temperature checks and hand sanitization before gaining access to the Commission’s building; and also visitors are expected to wear facemasks and abide by social distancing rules while present in the Commission’s facility.

The Commission stated that personal visits are not allowed at this time adding that visitors would be expected to state their purpose and identify themselves at the entrance.

In a statement by the head of Corporate Communications, Mrs Efrain Ruth Ebelo, the SEC “also strongly recommends that appointments are booked in advance of physical visits.

“The SEC therefore advised all capital market stakeholders to continue to adhere to the safety guidelines issued by the NCDC and other relevant agencies on Covid-19. Together, we will overcome this pandemic”, the statement added.

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