Registration with the Securities and Exchange Commission (SEC)

Registration with the Securities and Exchange Commission (SEC) is straightforward. To register as a Capital Market Expert/ Professional (otherwise called capital Market Operator (CMO), applicants must satisfy certain conditions.

The professionals allowed registration with the Securities and Exchange Commission (SEC) are Legal Practitioners, Accountants, Auditors, Engineers, Estate valuers, Property Manager and others as determined by SEC.

For individual Partners, they must possess 5 years post-call (Lawyers) experience to qualify to be registered while for sponsored individuals, it is 2 years post-call that is needed.
See R.178 SEC Rules 2013

Procedure For Registration with the Securities and Exchange Commission (SEC)

  1. Send an application to SEC by filling SEC Form 2 or 3 ( depending on the category).
  2. Pay the application fees of:
    Firm – N20, 000
    Principal partner- N 5, 000
    Sponsored individual- N1, 000
  3. Submit the application Form with the following documents:
    a. Bank statement of 3-6 months of the applicant with a minimum balance of:
    i. Individual- N500,000
    ii. Firm- N 2, 000,000.00
    iii. Company Ltd. – N5,000,000.00
    b. Curriculum vitae of at least two partners, if a Firm.
    c. Police clearance certificate.
    d. 4 copies of the Partnership Deed, if a partnership.
    e. Profile of the Firm.
    f. Sworn undertaking to keep proper records as specified by SEC.
    g. A copy of the receipt of payment of practicing fees.
    h. Professional indemnity insurance policy.
  4. SEC will then visit the office of the applicant.
  5. The applicant is to participate in SEC training school.
    Kindly note that you are required to revalidate accreditation at SEC every 5 years.

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