COVID-19 Second Wave: SEC Issues Guidelines

The Securities and Exchange Commission (SEC) has issued guidelines to regulated entities and capital market stakeholders on the second wave of the COVID-19 pandemic.

In the circular, the SEC said it has suspended all physical meetings and visits to its offices till further notice adding that in order to protect investors and not disrupt activities in the capital market, its operations will now become fully electronic.

The Commission, which described the market-focused adjustments as temporary, encouraged capital market operators and other stakeholders to conduct meetings and other engagements virtually.

It also advised public companies to take appropriate precautionary measures as recommended by the federal and state governments as well as the Nigeria Centre for Disease Control (NCDC) to ensure the safety of shareholders and participants at their Annual General Meetings/Extra-Ordinary General Meetings and other meetings which may be held during the prevalence of the pandemic.

According to SEC, “the adjustments became necessary to sustain the actualisation of its regulatory mandate and maintain the integrity of the Nigerian capital market during this challenging period.

“ We will continue to issue updates to market stakeholders as appropriate and closely coordinate with other financial regulators and governmental authorities” the SEC stated.