SEC Relocate Divisions to Lagos Zonal Office for Efficiency

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The Securities and Exchange Commission (SEC) has announced the relocations of its inspectorate and registration division to Lagos Zonal Office. Also the commission has merged the fund management division with the inspectorate division. According to a statement from the apex regulator in the capital market, this is to ensure a successful implementation of risk based supervision model and regulation of systemically important financial institutions in the capital market.

The commission explained that it has considered the need to have enhanced regulatory supervision of all registered Capital Market Operators (CMO), which available records indicates that more than 90 percent of the operators are based in Lagos. In line with this, the Inspectorate Division of the commission Monitoring Department has been moved to Lagos Zonal office, but some staff will be retained at ensuring that the CMOs maintain healthy financial situation and comply with the rules and regulations guiding the conduct of their respective operations.

On the registration division, the commission noted there is no doubt that the Commission revamped registration process has ensured the admission of only persons with excellent credentials to the market. In a bid to leverage on this revamped process and reduce huge financial burden being borne by the CMOs on filing of registration documents or attending registration meetings in Abuja, the Commission has decided to relocate the registration division from its Head Quarters to Lagos Zonal Office.

Pointing out that a unit to cater for operators domiciled in the northern part of the country will reside at the Head office, Abuja. This relocation would not only reduce the cost of conducting the registration exercise, but also efficiently position the Commission to remain innovative on its registration processes.

While on the merger of fund management division with the inspectorate division, SEC said the Inspectorate and Fund management Divisions of the Commission perform similar functions of monitoring market operators. While the Fund Management Division monitors the activities of registered Fund Managers, the Inspectorate division supervises other categories of CMOs. To fully optimize the benefits of the Risk Based Supervisory Model, both divisions have been merged and would carry the assigned responsibilities under Inspectorate Division of Lagos Zonal Office.

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