COVID-19: SEC urges market operators to make full disclosures

* Issues fresh operational guidelines to industry stakeholders

Isola Moses | ConsumerConnect

As a matter of responsibility and an attempt to protect the interest of the capital market investors to enhance consumer confidence ultimately, Nigeria’s Securities and Exchange Commission (SEC) has urged the nation’s capital market operators to continue to make full disclosures on the impact of Coronavirus (COVID-19) on their businesses.

It was learnt that the capital market regulatory body, SEC, in a circular issued the advice to the operators.

SEC stated: “While we continue to monitor the evolvement of the pandemic and its impact on the capital market, all regulated entities are reminded to make adequate disclosures and report on how the pandemic is impacting operations and discharge of services to investors and other stakeholders.

“We also wish to assure investors that while efforts are on-going to ensure that capital market services remain accessible, the Commission’s priority is the protection of investors.”

The market regulator also stated that following government’s partial easing of the lockdown measures introduced to minimise the spread of COVID-19 nationwide, it had re-opened its head office for operations.

In order to protect its stakeholders and members of staff, stakeholders should use various available e-channels to communicate and interact with the Commission and that physical visits should only be considered as a last resort, SEC further said.

The Commission’s other recommendations are that all meetings and events will be convened electronically until further notice; all filings shall continue to be received electronically; and all visitors will be subjected to temperature checks and hand sanitisation before gaining access to the commission’s building.

Also, visitors are expected to wear facemasks and abide by social distancing rules while present in the commission’s facility, added SEC.