The Securities and Exchange Commission (SEC) has commenced the implementation of a fully electronic registration process for capital market operators as part of efforts to modernise Nigeria’s capital market and improve regulatory efficiency.

The Commission, In a statement issued on Wednesday, said the electronic registration (e-Registration) platform, deployed through its ePortal, would enable designated regulatory services to be completed entirely online.

According to the SEC, the platform allows Capital Market Operators (CMOs) to complete approved registration processes digitally, including application submission, regulatory review, approvals and communication of decisions.

It said the initiative would eliminate manual processing for services covered in the current phase, while simplifying regulatory interactions, reducing administrative bottlenecks, shortening processing timelines and giving applicants improved visibility into the status of their applications.

The Commission explained that migrating to a fully digital registration system would enhance operational efficiency and strengthen regulatory oversight through standardised workflows, electronic documentation, secure digital record management and improved audit trails.

“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the SEC said.

The regulator said the e-Registration platform aligns with its strategic objective of leveraging technology to improve market efficiency, enhance ease of doing business and deliver better services to stakeholders.

It added that the digital system would improve the integrity of regulatory processes by reducing delays associated with paper-based documentation and enhancing the quality of regulatory data available for decision-making.

The SEC noted that the platform would also provide a stronger foundation for regulatory analytics and future innovations aimed at improving oversight of the Nigerian capital market.

It said the implementation would be carried out in phases to ensure a smooth transition for market participants while maintaining the stability and integrity of regulatory processes.

The Commission clarified that the current phase covers post-registration services for existing Capital Market Operators, adding that applications for the registration of new entrants into the Nigerian capital market are not included yet.

According to the SEC, the commencement of electronic processing for new registration applications would be announced at a later date.

The Commission urged all Capital Market Operators to familiarise themselves with the new platform and comply with implementation timelines to ensure a seamless transition.

It reaffirmed its commitment to implementing reforms that promote innovation, improve regulatory service delivery, strengthen market infrastructure, enhance transparency and boost investor confidence in Nigeria’s capital market. (Vanguard)

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