The Securities and Exchange Commission (SEC) has said that the introduction of checklist review process for the capital market will make the system more competitive, reduce cost, promote efficiency, transparency and accountability.
Acting Executive Commissioner Operations, SEC, Mr. Isyaku Tilde stated this at the weekend at the engagement session with Association of Issuing Houses, Trustees and Solicitors on the commencement of checklist review.
Tilde noted that whilst this process would drastically reduce time-to-market, it places a huge responsibility on Issuing Houses to ensure that its documentation and filing is flawless, that is that all relevant disclosures are made and all necessary documents filed as there would be no prior review for completeness or deficiency.
“Hence both the Issuing Houses and Solicitors who sign up on such filing take up all attendant liability should the documentation be thereafter found to be incomplete or deficient.
“These procedural changes which are being implemented in stages commenced with the Checklist Review on July 1, 2019 and is expected to run for six months to enable the Commission assess both the capacity and preparedness of Financial Advisers and Solicitors in Particular, whilst the ‘Deemed Approval’ regime is expected to commence inJanuary 2, 2020,” he said.
He noted that the capital market has in recent times faced a number of challenges which has militated against its rapid growth and impacted not just on the economy at large but on the work of the operators.
