THE Securities and Exchange Commission has notified the dealing members of its first 2022 Capital Market Committee (CMC) Webinar Meeting scheduled to hold on Wednesday, 6th April, 2022. The Commission said the usual interface with members of the press will also hold through webinar on Friday, 8th April, 2022. The event which is strictly by invitation is expected to have all invited participants seated by 9.45am.
In another development, The Securities and Exchange Commission (“the Commission”) draws the attention of Issuing Houses to the due diligence requirement for a “No-Objection” letter from “primary regulators” of Issuers, especially those in the Banking and Insurance sectors, as a prerequisite for the Commission’s approval of proposed transactions.
In a bid to further improve the Commission’s transaction turn-around period, Issuers would henceforth be required to obtain the reference letter of “No-Objection” from their respective primary regulators and file same along with other application documents presented to the Commission.
The letter of No-Objection is expected to confirm that there has not been any material change(s) in the financial statements of the Issuer/Sponsor from the last accounting year end to date; names of current members of the Board of Directors; and no objection to the proposed issuance.
The commission stated categorically that where in relevant instances, an application is not accompanied by a letter of “No-Objection”, such submission will be considered to be incomplete and would not be processed.
However, sequel to the Pilot Scheme on filing of Fourth Quarter and Annual Audited Financial Statements by Public Companies introduced in March 2019, the Commission hereby notifies all public companies of the available options on filing of 4th Quarter and Annual Audited Financial Statements.
This will include filing the Unaudited Fourth Quarter Financial Statement within thirty (30) days after the Quarter end and the Annual Audited Financial statements within ninety (90) days after the year-end.
Alternatively, the company can decide not to file the Fourth Quarter Unaudited Returns but will file the Annual Audited Financial Statements within Sixty (60) days after the year end.
Consequently, Public Companies are advised to adopt a filing regime and strictly adhere to its preferred filing option.
The Commission warned that Public companies should note that failure to abide by an adopted filing regime will be deemed a violation of Section 60 of the Investments and Securities Act, 2007.
