For the Securities and Exchange Commission, it’s time to lead by example as shareholders of quoted firms begin to take it to task over the alleged failure to upload its audited results for eight years on its website and thus deny them access to the financial document. Kayode Tokede writes on rules and regulations that govern the SEC on the filing of results

Shareholders of the Nigerian quoted firms are not happy with the Securities and #Exchanges Commission (SEC) over the failure of the commission to publish its eight years results to the investing public through its website.

The last time the commission published its audited account on its website was in 2014 when it displayed its 2015 financials. That was during the tenure of Ms. Arunma Oteh as the Director-General, and Malam Sulleyman Ndanusa, the board chairman of the commission. From the era of the then Acting Director-General of the commission, Ms. Mary Uduk who was appointed by former Minister of Finance, Kemi Adeosun on April 13, 2018, till the coming on board of Mr. Lamido Yuguda, whose appointment was confirmed by the Senate on 10th June 2020, the story has remained the same. This is because up till now, the commission has not submitted its results on its website, according to THISDAY investigation.

Uduk’s explanation back then was that the Commission would publish its audited results once a board was appointed and signed during President Goodluck Jonathan’s administration

Findings showed that Yuguda, since appointed the Director General of SEC three years ago, has not publicly disclosed the apex capital market’s annual reports and accounts.

In addition to the executive and non-executive members of the SEC Board, the Central Bank of Nigeria (CBN), and Federal Ministry of Finance (FMF) also have their representatives on the #SEC Board.

However, a source at the commission explained to THISDAY that the audited results are submitted to the Minister and the National Assembly every year.$BTC $ETH #binance

The Securities and Exchange Commission (SEC) has approved new rules that will require cryptocurrency exchanges to register with the agency and comply with certain anti-fraud and anti-tampering rules. The rules are designed to protect investors from fraud and manipulation in the cryptocurrency market.

The new rules will require cryptocurrency exchanges to:

Register with the SEC as a national stock exchange or stockbroker.

Provide detailed information about your transactions to the SEC.

Implement certain anti-fraud and anti-tampering measures, such as requiring customer identification and verification and maintaining business activity records.

The SEC has said that the new rules are necessary to protect investors from fraud and manipulation in the cryptocurrency market. The agency has also said that the rules will help bring more transparency to the cryptocurrency market and make it easier for investors to assess the risks of investing in cryptocurrencies.

The new rules will take effect on January 1, 2024.

The approval of the new rules by the SEC is a significant development for the cryptocurrency industry. The rules will require cryptocurrency exchanges to comply with certain regulations that currently only apply to traditional securities exchanges. This could lead to higher costs and compliance burdens for cryptocurrency exchanges. However, the rules could also help legitimize the cryptocurrency industry and make it more attractive to investors.

The approval of the new rules by the SEC is also a sign that the agency is taking a more active role in regulating the cryptocurrency industry. The agency has previously warned investors about the risks of investing in cryptocurrencies and has taken enforcement action against some cryptocurrency companies. The new rules could help the SEC further regulate the cryptocurrency industry and protect investors from fraud and manipulation.

#SEC #Exchanges