FAQ's for CMO's
1. What are other pre-registration requirements?
- The individuals must be fit and proper persons to operate in the market.
- Satisfactory police reports
- Satisfactory referees’ reports (banker and immediate previous employer’s reports)
2. After applying to SEC and meeting all the requirements, what next?
Ans: Interview by the registration committee of the Commission.
3. What happens to applicants who are not successful at the registration interview?
Ans: They are required to pay re-appearance fees before being invited for another interview.
4. What duration is given to the applicant(s) to re- appear?
Ans: Thirty (30) to sixty (60) days from the date of the last interview.
5. What happens when a sponsored individual of a registered company/firm leaves the employment of that company/firm?
Ans: The company/firm is expected to notify the Commission within two weeks of its occurrence and where it fails, a penalty is charged for every week of default and completion of form SEC 7.
6. What happens when a company/firm changes its name/director(s)?
Ans: The following documents are required to be filed:
- copy of form SEC 7 and payment of an amendment fee
- copy of board resolution authorizing the change of name/information
- copy of amended memorandum and articles of association of the company/firm (certified by CAC)
- copy of amended fidelity bond
- copy of certificate of incorporation (certified by CAC) note: * all original copies of the above should be brought for sighting by an authorized officer of the commission.
7. How does the commission ensure that only fit and proper persons operate in the capital market?
- initial registration and renewal of registration every two years.
- Monitoring the activities of registered operators.
- Undertaking investigations to establish breach of market rules and regulations