SEC holds second CMC meeting on Thursday 

Binance operations in Nigeria, now illegal –SEC

The Securities and Exchange Commission (SEC) is set to hold the Second Capital Market Committee (CMC) meeting on Thursday. 

The meeting is scheduled to hold virtually through Zoom with key stakeholders in the capital market meeting on August 18, while the usual interface with the press, on the outcome of the CMC meeting, will take place on Friday August 19. 

The CMC was primarily established to serve as a medium for exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework. 

It is an industry-wide committee comprising members of the SEC, representatives of capital market operators and trade groups and other stakeholders. 

According to the SEC, “Attendance to both events is strictly by invitation. Invited participants will be sent unique links with which to join the meeting.” 

During the meeting, issues bordering on implementation of the Ten-Year Capital Market Master Plan, implementation of the Fintech Roadmap, the commodities trading ecosystem roadmap as well as other salient matters relating to the capital market and the economy would be discussed. 

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The Commission had unveiled the 10year 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 facilitator of capital formation for the accelerated growth and development of the Nigerian economy.

Some of the CMMP initiatives that have been implemented include; Direct Cash Settlement, regularisation of multiple subscriptions, dematerialization of share certificates, and the introduction of the e-Dividend Management System.

The CMMP initiatives have helped in promoting transparency, protecting investors and enhancing market confidence. 

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The objectives of the CMMP are also in consonance with the Federal Government’s economic strategy, focused on encouraging a private sector-led economy to drive inclusive growth. economy through the various interventions, the Fiscal Policies tend to create bottleneck for the productive sector by introducing new taxes and levies, such as Telecommunication Excise Tax, Excise Duty on carbonated drinks, Beverage’s tax, NYSC Levy among many others. 

“The introduction of these taxes and levies and other anti-enterprise regulations, to a large extent, will further hamper the consumption pattern of the citizens, reduce capacity utilisation of enterprises and worsen the macroeconomic situation of the country due to its multiplier effects”. 

Recommending a way out of the current Fiscal and Monetary challenges, Mr. Oyerinde stated that “the Employers’ Summit came up with some key conclusions and recommendations, which could serve as alternative policy action for Government to consider. 

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“As a matter of urgency, there should be deliberate alignment between Monetary and Fiscal Policies to reduce the contradictory tendencies. 

“Also, a deliberate and independent mechanism with the active involvement of the Private Sector should be put in place to regularly gauge the effect and impact of policies and regulations. Ineffective ones should be changed and new ones formulated. While the CBN’s Micro, Small and Medium Enterprises Development Fund (MSMEDF) is laudable, we urge that the implementation and allocation process should involve the Organized Private Sector of Nigeria (OPSN) in order to enhance its credibility and effectiveness and ensure strict monitoring” 


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