SEC commences full e-registration for capital market services

Securities and Exchange Commission (SEC) has commenced the implementation of a fully electronic registration process for capital market operators, enabling designated regulatory services to be completed entirely online as part of efforts to modernise Nigeria’s capital market and improve regulatory efficiency.

In a statement issued on Wednesday, the Commission said the new electronic registration (e-Registration) platform, deployed through its ePortal, marks another milestone in its digital transformation agenda and its drive to build a technology-driven regulatory environment.

SEC explained that the platform allows 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.

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The Commission said the initiative is expected to simplify regulatory interactions, reduce administrative bottlenecks, shorten processing timelines and provide applicants with greater visibility into the status of their applications.

It added in the statement that 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.

Furthermore, SEC explained that the e-Registration platform 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 platform will enhance the integrity of regulatory processes by reducing delays associated with paper-based documentation and improving the quality of regulatory data for decision-making.

“The digital platform would also provide a stronger foundation for regulatory analytics and future innovations aimed at improving oversight of Nigeria’s capital market”.

SEC said the implementation is being carried out in phases to ensure a smooth transition for market participants while maintaining the stability and integrity of regulatory processes.

It clarified that the current phase is 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.

“The commencement of electronic processing for new registration applications will be announced at a later date.”

It 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.

It said the initiative 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.