SEC Moves to Reduce Cost, Promote Market Efficiency, Transparency
The Securities and Exchange Commission (SEC) has said that the introduction of checklist review process will make the market more competitive, reduce cost, promote efficiency, transparency and accountability.
Acting Executive Commissioner Operations, SEC, Mr. Isyaku Tilde during an engagement session with the Association of Issuing Houses, Trustees and Solicitors on the commencement of checklist review.
According to Tilde, while the process would drastically reduce time-to-market, it places a huge responsibility on issuing houses to ensure that its documentation and filing are flawless.
He said: “Both the Issuing Houses and Solicitors who sign up on such filing take up all attendant liability should the documentation be thereafter found to be incomplete or deficient. These procedural changes which are being implemented in stages commenced with the Checklist Review on July 1, 2019 and is expected to run for six months to enable the commission assess both the capacity and preparedness of Financial Advisers and Solicitors in Particular, whilst the ‘Deemed Approval’ regime is expected to commence in January 2, 2020.”
He noted that the capital market has in recent times faced a number of challenges which has militated against its rapid growth and impacted not just on the economy at large but on the activities of operators as well.
“The need for a market that lives up to its role of catalysing economic growth by facilitating development cannot be over emphasised, and this informed the various initiatives being pursued under the Capital Market 10 years Master Plan as well as other ancillary initiatives which seek to, amongst others, increase the depth and breadth of the market; bring more competition, reduce cost, promote efficiency, transparency and accountability - all under a collaborative regulatory and oversight regime.