SEC Moves against Flow of Illicit Funds into Capital Market - THISDAYLIVE

SEC Moves against Flow of Illicit Funds into Capital Market

4/9/2020 8:52:00 AM

SEC Moves against Flow of Illicit Funds into Capital Market

Goddy Egene As part of efforts to identify investors properly, guard against flow of illicit funds into the capital market and address challenges associated with identity management generally, the Securities and Exchange Commission (SEC) has developed a standardised Investor’s Data and Consent Form to be adopted by all capital market operators(CMOs). Identity theft is the …

Goddy EgeneAs part of efforts to identify investors properly, guard against flow of illicit funds into the capital market and address challenges associated with identity management generally, the Securities and Exchange Commission (SEC) has developed a standardised Investor’s Data and Consent Form to be adopted by all capital market operators(CMOs).

UPDATED: Majek Fashek is dead Majek Fashek Is Dead, Says Manager Increased Use Of Antibiotics To Fight COVID-19 Will Lead To More Deaths – WHO

Identity theft is the deliberate use of someone else’s identity, usually as a method to gain financial advantage or obtain credit and other benefits in the other person’s name, and perhaps to the other person’s disadvantage or loss.According to the Acting Director General of SEC, Ms. Mary Uduk, the form would assist CMOs in collecting and updating investors data as well as enable CMOs to obtain consent of investors for implementing capital market initiatives targeted at improving overall experience and participation in the capital market.

“We need to identify our investors, we need to know who is putting money in our market and who is not. That will also help us to take care of money laundering and other vices and people we don’t want in our market. That form is out there and we expect every stakeholder to look at it and make comments and other capital market operators so that we can use it to get information from investors and that information would be stored in data base protected under the law and used to ensure that we have unique identifier investors,” she said.

Uduke noted that identity management has been a problem not just in the capital market but in many sectors of Nigeria’s economy, assured stakeholders that the commission is handling it in the capital market.“We are handling it, and that is why we came up with that form, that form has been exposed and we have asked the CMOs and other stakeholders to give us their comments on that form. We want to get as much information as we need from investors to be able to use it in the right way while also protecting that information,” she said.

Uduk, however, warned that the SEC would no longer tolerate investors buying stocks in fake names, terming it as illegal.“For example, years ago, before the global financial crisis, there was lack of good identity management in the market and that made it easy for some people to buy stocks using multiple identities when companies were doing IPOs at that time. What has happened now is that we find it difficult to reconcile ownership of these stocks. That is why we have a window open right now for people who got stocks in multiple identities to regularise them.

Read more: THISDAY LIVE »

$320m Abacha loot: Nigeria opposes US senator’s moves against returnPlease help us keep the money!!!! Where is all the recovered fund since 2015 used in Nigeria? Don't release the money to those thieves called leaders I am aware of this, I was not in the meeting. I am a Nigeria, I didn't opposed the US. PLEASE HOLD THE MONEY, TILL GOVERNMENT ARE READY TO SEND IT TO OUR ACCOUNT DIRECTLY FROM USA Central Bank

Reps moves to establish specialised medical universitiesAs the authorities battle the Coronavirus pandemic in the country, the House of Representatives is considering a Bill aimed at ensuring the establishment A more realistic view like paying more attention to the wellbeing of the Nigerian Doctors. Nw they wake up They have woken from slumber

COVID-19: ECOWAS moves to help Nigeria, member states - Daily Post NigeriaThe Economic Community of West African States (ECOWAS) has released over one million kits for member states to help tackle the coronavirus pandemic During the time of president Obasanjo , Nigeria alone will help the whole of Africa. Oh Nigeria why stoop so low .

Lockdown: Lagos Withdraws Charges against Naira Marley, Gbadamosi - THISDAYLIVEBy Sunday Ehigiator The Lagos State Government has withdrawn all charges against popular musician, Azeez Fashola, alias Naira Marley, and a politician, Babatunde Gbadamosi. Naira Marley, Gbadamosi and his wife were charged before the Lagos State Magistrate’s Court in Ogba for attending a crowded birthday party in violation of the government’s social distancing directive to … What becomes of Funke Akindele and her husband. Is it not said that what is good for the goose is also good for the gander? Good

StackPathToo late now

$320m Abacha loot: Nigeria opposes US senator’s moves against returnPlease help us keep the money!!!! Where is all the recovered fund since 2015 used in Nigeria? Don't release the money to those thieves called leaders I am aware of this, I was not in the meeting. I am a Nigeria, I didn't opposed the US. PLEASE HOLD THE MONEY, TILL GOVERNMENT ARE READY TO SEND IT TO OUR ACCOUNT DIRECTLY FROM USA Central Bank