SEC proposes full digital capital market to ensure regulatory efficiency

The Securities and Exchange Commission (SEC) says it is proposing some guidelines that will enable operators and investors in the capital market to digitise all their operations.

The management of SEC in a statement in Abuja on Monday said that the guidelines is contained in the Minimum Operating Standards for Information Technology for Capital Market Operators (CMOs).

SEC said the guidelines would establish a threshold for operational efficiency in the market through effective adoption of Information Technology (IT) in driving businesses to ensure security, confidentiality, integrity and reliability of information systems.

It added that with the increased dependence of financial services and related businesses on technology, there was need for rules that would define the minimum operating standards in the market.

“This will help operators harness the huge benefits derivable from the adoption of technology and also manage the attendant cyber-security threats and other risks that accompany the use of technology.

“It will also positively impact on the effectiveness and efficiency of the Commission to monitor and regulate all capital market operators in the market,” SEC said.

The Commission said the provisions of the document would apply to all categories of CMOs unless in sections where reference was otherwise made to specific categories of operators.