SEC warns of proliferation of unregistered foreign online platforms

SEC warns of proliferation of unregistered foreign online platforms



Dr. Lamido Yuguda, SEC DG.By Nkiruka Nnorom

The Securities and Exchange Commission (SEC) has warned the investing public on the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.

This was contained in a circular to capital market operators.

According to the circular, “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 Nigeria to securities of foreign companies listed on securities exchanges registered in other jurisdictions.

READ ALSO: NSE committed to transparent market — Onyema

“These platforms also claim to be operating in partnership with capital market operators registered with the Commission”.

The Commission categorically stated further that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and rules 414 & 415 of the SEC rules and regulations, only foreign securities listed on any exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.

Accordingly, the SEC notified CMOs who work in concert with the referenced online platforms of the Commission’s position and advised them to desist henceforth.

“The Commission enjoins the investing public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums” the statement added.

Vanguard News Nigeria

Related

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.



Go to Source
Post author: Oboh

Recommended For You

About the Author: Oboh

Leave a Reply

Your email address will not be published. Required fields are marked *