The Securities and Exchange Commission (SEC) has announced that the First Capital Market Committee (CMC) meeting in 2019 has been scheduled to hold on Thursday August 22 to Friday August 23, 2019 at the Eko Hotels and Suites, Victoria Island, Lagos. While the key stakeholders in the capital market will meet on August 22, members of the media would be briefed on August 23 on the outcome of the CMC meeting.
However, the SEC has advised that admission into the venue would be upon presentation of the CMC Identity Card and strictly by invitation. According to the SEC, “Attendance to both events is strictly by invitation. Invited participants are expected to come with their identity cards to be admitted into the venue and all invited participants are expected to be seated by 9.45am,”
The CMC was mainly established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback to SEC on how to continuously improve the market activities and regulation.
It is an industry-wide committee comprising members of the commission, representatives of capital market operators and trade groups and other stakeholders. The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters. During the meeting, issues bordering on implementation of the Ten Year Capital Market Master Plan as well as others relating to the capital market, Fintech Roadmap and the economy would be discussed and the outcome made known to the media.
The ten-year master plan for the Nigerian capital market which is expected to refocus the market and help double its size over time and grow the economy was unveiled November 2014. Recall that the Commission has vigorously implemented some initiatives in the Master Plan with the aim of attracting more investors to the market.
Some of the initiatives, include direct cash settlement, regularisation of multiple subscription, dematerialization and e-Dividend Registration, as they promote transparency, protect and enhance investors’ confidence in the capital market.
The SEC therefore enjoins all shareholders to take advantage of the initiatives introduced in the capital market aimed, primarily, at strengthening the market and accelerating economic development. This, SEC said is in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhanced productivity.
Those who have been invited to attend the expanded session are Chief Executive Officers (CEOs) of all registered capital market firms (i.e Broker Dealer, Capital Market Solicitors, Custodians, Fund Managers, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Consultants, etc.);
Others are Chief Executive Officers of The Nigerian Stock Exchange (NSE), National Association of Securities Dealers (NASD), The Financial Markets Dealers Quotations (FMDQ), Africa Exchange Holdings (AFEX), Nigeria Commodity Exchange (NCX), Central Securities Clearing System (CSCS), Chartered Institute of Stockbrokers (CIS); as well as representatives of relevant Financial Services’ Agencies, among others.