The Securities and Exchange Commission, SEC, yesterday said it has extended the deadline for companies to file their 2019 and first quarter 2020 annual reports as part of its response to the Coronavirus pandemic currently ravaging the world.
In a statement in Abuja, SEC also disclosed that it has commenced the electronic filing and processing of capital market applications, while fresh applications for the registration of capital market operators had been suspended.
It said, “The Securities and Exchange Commission, SEC, in furtherance of its role as the apex regulator of the Nigerian capital market has issued an advisory that would mitigate the impact of COVID-19 on capital market operations.
“In a circular to capital market stakeholders on COVID-19, the SEC released a number of market-focused adjustments to be adopted in the interim in response to the effects of COVID-19 which includes filing and processing of applications electronically, extension of deadline on 2019 annual reports and first quarter 2020 reports, postponement of the first quarter Capital Market Committee meeting earlier scheduled for April 23, 2020.
“The Commission stated that applications shall be filed electronically while pending applications and requests by CMOs for update of information would be processed via its website.
However, fresh applications for registration of Capital Market Operators are suspended until further notice.
“Also, returns shall be filed electronically while the Commission has approved a 60-day extension, in the first instance for public companies and capital market operators to file their 2019 annual reports and Q1 2020 reports.”
By the advisory, SEC explained that public companies are to take appropriate precautionary measures as recommended by the Federal and State Governments as well as the Nigerian Centre for Disease Control (NCDC) to ensure the safety of shareholders and participants at Annual General Meetings/Extra-Ordinary General Meetings and other meetings which may be held during the prevalence of the pandemic.
“The first Capital Market Committee Meeting for the year scheduled to hold on April 23, 2020, and all other meetings have been postponed indefinitely. All complaints and inquiries should be made to the Commission at sec@sec.gov.ng, 09-4621100 and 09-4621168 or at our various social media accounts.
“It is important to note that the foregoing guidelines are not exhaustive, but rather represent an outline of immediate actions the Commission considers necessary to sustain the actualization of its regulatory mandate and maintain the integrity of the Nigerian capital market during this challenging period.
Accordingly, the Commission will continue to issue updates to market stakeholders as appropriate. The Commission will also continue to closely coordinate with other financial regulators and governmental authorities” the SEC stated.
It also enjoined all capital market stakeholders to adhere to all recent directives on safety and social distancing, stating that it was focused on the following measures, amongst others: ensuring the continuity of its operations; monitoring market functions and systemic risks; providing regulatory flexibility and guidance to issuers, trading platforms, capital market operators and other stakeholders impacted by COVID-19; and continuation of investor protection efforts and relevant enforcement actions