New Telegraph

Prudential returns compliance level boosted by 96%

The Securities and Exchange Commission said it had continued to employ its compliance tool to ensure that only fit and proper capital market operators practice in the market. This, the Commission said, had resulted to an improved level of compliance with filing of prudential returns rising to 96 per cent in 2022 compared with 81 per cent in 2021. Director-General, SEC, Mr. Lamido Yuguda, who stated this during an interview, described it as a welcome development, given the Commission’s quest to pursue a capital market that is based on the principles of increased transparency, efficiency and global competitiveness.

He described year 2022 as another eventful year in which the Commission continued its implementation of sound initiatives that are expected to bring about the much desired market development that would not only deepen the market but also ensure the continued protection of investors. According to him, “the Commission released Guidelines on the Implementation of Sections 60-63 of the Investments and Securities Act 2007.

The NCMI organized training for CEOs, CFOs and other officers of public companies to facilitate their compliance. The Commission also provided filing options for Audited (Annual) and Fourth Quarter Financial Statements. “The Commission has conducted the Risk Based Supervision (RBS) examination on 20 capital market subsidiaries of five (5) Financial Holding Companies aimed at supporting the entire financial system stability. “To further protect investors and boost confidence in the market, the Commission has commenced implementation of 100 percent custody requirement on all Collective Investment Schemes (CIS).

“Also, after a thorough review of the status of privately managed funds, the Commission mandated that Rule 95 should also apply to all Discretionary/Non-Discretionary Portfolios and Products to ensure the protection of investors’ funds in the Fund Management space.”

The SEC DG disclosed that a comprehensive on-site inspection exercise was successfully carried out on the 95 registered fund managers to ensure that both the public and private funds registered by the Commission were being operated in line with the relevant rules and regulations. On non-interest, Yuguda stated that the Commission, working jointly with the Federal Inland Revenue Service (FIRS), the Non-Interest Finance Committee of the CMC and other stakeholders had developed a taxation regulation on non-interest finance. The Non-Interest Finance (taxation) regulation, he stated, had been approved by the Honourable Minister of Finance, Budget and National Planning, Zainab Ahmed, and has already been gazetted. This is a positive development that will spur investments in Non-Interest Capital Market products.

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