New Capital Base: SEC releases list of complaints market operators
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The Securities and Exchange Commission, SEC, yesterday, released the list of capital market operators that have complied with the new capital base requirement.
Also released was the list of operators that have applied to re-classify or reduce their functions, as well as those that have opted for merger.
The SEC had set August 31, 2015 deadline for reclassification/reduction of function or mergers and acquisitions by operators that failed to meet up with the new capital base requirement as stated last year, while October 2, 2015 had been set as deadline to de-register operators that failed to reclassify.
The circular posted on the SEC’s website showed that 384 operators had so far complied with the new capital base requirement.
A total of 36 operators had also applied to reclassify or reduce their function in line with the SEC’s requirement, while a total of 12 operators have opted to merge with stronger firms.
A total of 144 operators out of the 384 that met the new capital requirement to function as broker/dealers; 85 scaled the deadline and have met the requirement to operate as corporate investment advisers, 13 succeeded in beefing up their capital to continue to function as registrars, while two operators met the capital requirement to operate as individual sub-brokers.
Also, 61 operators complied with the requirement to operate as either portfolio manager, fund manager or a combination of both; 58 succeeded in beefing up their capital to function as issuing houses, while 16 were receiving bankers, among others.
Among the firms that applied for merger were Bytofel Trust and Investment Ltd, Covenant Securities & Asset Management, Cradle Trust & Securities Ltd, Crown Capital Ltd, DSU Brokerage Services Ltd, Enterprise Stockbrokers Plc, Excel Securities Ltd and First Stockbrokers Ltd.
Others were PML Stockbrokers Ltd, Summa Guaranty & trust Company Ltd, Vision Trust & Investment Ltd and Strand Capital Partners Ltd.
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