The Securities and Exchange Commission (SEC) on Wednesday recorded another key milestone in its digital transformation agenda as it kick-started the implementation of a fully electronic registration process for capital market operators.
The Commission said the new electronic registration (e-Registration) platform, deployed through its ePortal, would enable designated regulatory services to be completed entirely online as part of efforts to modernise Nigeria’s capital market and improve regulatory efficiency.
The Commission said the platform would allow Capital Market Operators (CMOs) to complete designated registration processes online, covering application submission, regulatory review, approvals and communication of decisions, thereby eliminating manual processing for the services included in the current phase.
The initiative, which the Commission said is part of its drive to build a technology-driven regulatory environment, is expected to simplify regulatory interactions, reduce administrative bottlenecks, shorten the timelines and provide applicants with greater visibility into the status of their applications.
The Commission, in a statement issued on Wednesday, said the migration to a fully digital registration system would improve operational efficiency, while strengthening regulatory oversight through standardised workflows, electronic documentation, secure digital record management and enhanced audit trails.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the Commission said.
The e-Registration platform, SEC said, aligns with its strategic objective of leveraging technology to improve market efficiency, enhance the ease of doing business and deliver better services to stakeholders.
Beyond improving efficiency, the capital market regulator said the platform would enhance the integrity of regulatory processes by reducing delays associated with paper-based documentation and improving the quality of regulatory data for decision-making.
Besides, SEC said the digital platform would also provide a stronger foundation for regulatory analytics and future innovations aimed at improving oversight of Nigeria’s capital market.
Implementation of the platform, the Commission said, would be carried out in phases to ensure a smooth transition for market participants, while maintaining the stability and integrity of regulatory processes.
The current phase of the implementation, the Commission clarified, would be limited to post-registration services for existing Capital Market Operators, adding that applications for the registration of new entrants into the Nigerian capital market are not yet covered.
SEC said the commencement of electronic processing for new registration applications would be announced at a later date.
The Commission urged all Capital Market Operators to familiarise themselves with the new platform and comply with implementation timelines to ensure a seamless transition to the electronic registration process.
The initiative, it pointed out, forms part of its broader modernisation agenda designed to improve regulatory efficiency, strengthen market infrastructure, enhance transparency and support the continued growth, resilience and global competitiveness of Nigeria’s capital market.
The SEC reaffirmed its commitment to implementing reforms that promote innovation, improve regulatory service delivery and reinforce investor confidence in Nigeria’s capital market.
