SEC introduces e-filing, processing of applications/returns

The Securities and Exchange Commission, (SEC) has issued an advisory that would mitigate the impact of COVID-19 on capital market operations.

In a circular to capital market stakeholders on COVID-19, the SEC released a number of market-focused adjustments to be adopted in the interim in response to the effects of COVID-19.

They include filing and processing of applications electronically, extension of deadline on 2019 annual reports and Q1 2020 reports, postponement of the Q1 Capital Market Committee meeting earlier scheduled for April 23, 2020.

The commission stated that applications shall be filed electronically while pending applications and requests by CMOs for update of information would be processed. However, fresh applications for registration of Capital Market Operators are suspended until further notice.

Also, returns shall be filed electronically while the Commission has approved a 60-day extension, in the first instance for public companies and capital market operators to file their 2019 annual reports and Q1 2020 reports the circular said.

According to capital market regulator, by the advisory, “public companies are to take appropriate precautionary measures as recommended by the Federal and State Governments as well as the Nigerian Centre for Disease Control (NCDC) to ensure the safety of shareholders and participants at Annual General Meetings/ Extra-Ordinary General Meetings and other meetings which may be held during the prevalence of the pandemic.”

“The first Capital Market Committee Meeting for the year scheduled to hold on April 23, 2020, and all other meetings have been postponed indefinitely” SEC said in a statement.

“It is important to note that the foregoing guidelines are not exhaustive, but rather represent an outline of immediate actions the Commission considers necessary to sustain the actualization of its regulatory mandate and maintain the integrity of the Nigerian capital market during this challenging period.