Following the release of the Provisional List Of Capital Market Operators That Have Complied With Minimum Capital Requirement In Line With The Deadline by the Security and Exchange Commission, SEC, there may be panic or confussion by those who may not find their fund managers, brokers or other capital market operators on the list. According to the SEC, there is no need for alarm as the regulatory authority has proactively released the "Procedure For Moving Stock Account", which details what affected investors should do.
Below is the details of the proceedure which can also be accessed via Procedure For Moving Stock Account
COMPLIANCE WITH MINIMUM CAPITAL REQUIREMENT BY CAPITAL MARKET OPERATORS- PROCEDURE FOR MOVING STOCK ACCOUNT
The Market-wide Implementation Committee on new minimum capital requirement for Capital Market Operators (CMOs) further advises the investing public to verify the compliance status of their preferred CMO by checking the list posted on the Securities and Exchange Commission (SEC) website.
The following guidelines should be adhered to by investors, target firms and the Central Securities Clearing System (CSCS) where an investor wishes to move his stock account from an under-capitalised Broker/Dealer to a Broker/Dealer or Broker that has complied with the minimum capital requirement (capitalised firm):
For further inquiries/clarification please send an email to email@example.com or call the following numbers: +234 94 621168; +234 94 621142; +234 94 621125 and +234 94 621133