REQUIREMENTS FOR THE REGISTRATION OF CAPITAL MARKET CONSULTANTS (REPORTING ACCOUNTANTS/AUDITORS/SOLICITORS/ESTATE SURVEYORS AND VALUERS ETC.

  • Evidence for payment of N50,000.00 being registration fee for the firm and N10,000.00 for each of the sponsored individuals
  • Evidence of payment of N5,000 being application fee.
  • Duly executed Form SEC 3 for the firm and Form SEC 2 for sponsored individuals in duplicate
  • The Firm is to sponsor a minimum of three Sponsored Individuals including a Compliance Officer who shall be responsible for monitoring compliance with the Investment & Securities Act (ISA) 2007, Rules and Regulations, notifications, guidelines, instructions etc issued by the Commission or the Federal Government as par Rule 20 of the Commission`s Rules and Regulations
  • Copies of all credentials of sponsored individuals from secondary school to date including NYSC discharged & professional certificates (Originals to be sighted by the Commission)
  • Detailed CV of the sponsored individuals which should include details of activities arranged from secondary school to date, stating years of admission & graduation, cities of the schools and employment history, stating years of employment and disengagement, positions held and reasons for leaving (no gap in employment & educational background)
  • Latest Professional Indemnity Insurance Policy for the Firm covering at least 20% of N2,000,000.00 net worth
  • Full postal addresses of immediate previous employers, two nominated referees and Bankers (with Current Account Numbers) of sponsored individual (s)
  • The name(s) and address(es) of the Firm`s subsidiaries/ associated Companies, type of business and percentage holding
  • Profile of the firm which should include among others, brief history of the Firm, organisational and holding structure, principal officers as well as details of past and present activities of the Company
  • Copy of Certificate of Registration by the Corporate Affairs Commission (CAC) ( original should be brought for sighting by an authorized staff of the Commission)
  • Partnership Deed
  • Latest/current audited account or statement of affairs of the Company. The cash/asset ratio shall be 30% Cash and 70% asset and other assets
  • Sworn undertaking to keep proper records and render returns as may be specified by the Commission from time to time (notarized)
  • Sworn undertaking to abide by SEC Rules and Regulations and Investment and Securities Act (ISA) No 29 of 2007 (notarized)
  • Organogram and Operational manual
  • Evidence of minimum net worth of #2,000,000.00 (i.e Bank balances, fixed assets, investments in quoted Securities etc)
  • Evidence from the Sponsored Individuals of having the minimum of four years post graduation experience to perform the Capital Market Law/ Reporting Accountant/Auditor/Estate Surveyor & Values practice as par Rule 20 of the Commission`s Rules and Regulations. The compliance officer to also possess minimum of 4 years post graduation experience in compliance work
  • Police clearance reports: sponsored individual(s) should report at our Abuja/Lagos Office with three passport photographs each to start the procedure
  • Evidence of Identification of both the partners and the sponsored individuals (i.e. international passport, payment of tax or utility payment documents)

 

Furthermore, your Firm will be inspected in the course of processing your application, Also note that a fair knowledge of the Rules and Regulations of the Commission and Investments & Securities Act No 29 of 2007 and the Capital Market is very essential.

 

You are advised to visit our website at www.sec.gov.ng for more information.