Expert advises operators to engage SEC on registration deadline

The Issuers and Investors Alternative Dispute Resolution (IIADRI) has urged Capital Market Operators (CMOs) who may not be able to pay registration fee before Jan. 31 deadline to engage the Securities and Exchange Commission (SEC).

IIADRI Chairman, Mr Moses Igbrude, said this in an interview with journalists during the weekend in Lagos.

Igbrude spoke against the backdrop of the commission’s Jan. 31 deadline for 2022 renewal of registration of CMOs in the market.

He said that CMOs operating in the nation’s capital market must renew their registration fees annually to be able to operate in the market.

“Any operator that cannot meet up with the deadline should engage SEC for assistance with valid reasons.

“In any business environment, there are laws that guide activities and capital market is not an exception.

“If there are reasons for you not to meet up with the set registration fee, nothing should stop you from engaging SEC.

“The fact remains that in every situation, as it is, there are some people who might not be able to pay before the deadline of Jan. 31 and there are some who will not find it difficult to pay.

“So, for those who cannot pay, ensure you negotiate and discuss, don’t keep mute and wait until after the deadline.

“There are various platforms through which you can engage the capital market regulator,” Igbrude said.

He enjoined CMOs to ensure proper engagement with the commission before the deadline for smooth resolution.

“As an alternative resolution practitioner, I believe there is nothing that cannot be negotiated, so they should not wait until the last minute before passing the information.

SEC had recently restated its decision not to extend the Jan. 31 deadline for the 2022 Registration Renewal Exercise for CMOs, which commenced on Jan. 1.

It called on all CMOs to complete the process of renewal of registration for 2022 on or before Jan. 31, via the renewal of registration portal – www.eportal.sec.gov.ng.