SEC warns of unregistered online platforms today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
The Securities and Exchange Commission (SEC) has warned Nigerians engaging in investment against the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.
SEC issued the warning in a circular dated April 8 and addressed to Capital Market Operators by the management of the commission in Abuja, the nation’s capital.
“The attention of the SEC has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on Securities Exchanges registered in other jurisdictions.
SEC cautions CMOs against working with unregistered online platforms vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
By Itohan Abara-Laserian
Lagos, Feb. 9, 2021 A capital market scholar, Prof Uche Uwaleke, has stressed the need for the Federal Government to finance the 2021 budget deficit of over N5 trillion through the capital market.
Uwaleke, President, Capital Market Academics of Nigeria, said this at a webinar, while presenting a paper titled: Capital Market Pathways to Financing the FGN Budget Deficits (2021-2023) on Tuesday in Lagos.
The webinar was organised by the Chartered Institute of Stockbrokers (CIS) to present its Annual Global/Nigerian Economic Report themed: “The Nigerian Economic Review 2020 and Outlook for 2021 With Recommendations”.
He advised the Federal Government to fund the budget deficit by accessing the capital market for Green Bonds, securitisation and privatisation of some its entities.
Nominee Company
A Nominee for the purpose of this Regulation is a company formed by a bank or other financial institution for the purpose of holding securities and other assets and administering them on behalf of the actual owners under the terms of a custodial or nominee agreement.
Holding Company/Parent Company:
For the purpose of these rules, means a bank or other eligible financial institution that owns and controls a nominee company.
Client:
Means a person who has entered into agreement with a nominee company to hold and manage its securities or other assets.
Business of Nominee Companies
a) The business of the Nominee shall be to take title of property, money or securities in trust for and on behalf of clients as Nominee for, or representative of such clients, to hold and deal with such property, money or securities strictly in accordance with any directions given by the respective clients from time to time to the Nominee Company.