In a bid to fully digitalise operations of the Nigerian capital market, the Securities and Exchange Commission is proposing some guidelines that will enable investors in the capital market to be able to do virtually everything they need to do on their internet-enabled appliances and at their convenience. These are contained in a guideline on Minimum Operating Standards for Information Technology for capital Market Operators (CMOSs) recently exposed to the public. According to the SEC, the new regulatory framework undergoing review seeks to mandate compulsory adoption of information and communication technology (ICT), particularly web-based applications and devices, for virtually capital market transactions. The new rules mandate all capital market operators to have a well-secured and functional website as well as a functional electronic mailing system, either hosted privately or using a cloud service provider, with a domain name owned and registered by the capital market operator. It would also positively impact on the effectiveness and efficiency of the Commission to monitor and regulate all capital market operators in the market,” the SEC stated.

Source: Nigerian Tribune May 09, 2022 21:24 UTC