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ISYAKU BALA TILDE Director, Monitoring Department Securities & Exchange Commission August 2016
COMPLIANCE WITH NEW MINIMUM CAPITAL REQUIREMENT COMPLIANCE WITH NEW MINIMUM CAPITAL REQUIREMENT Introduction Introduction The Commission continued with the review of claims of compliance by non-capitalized CMOs as well as applications for reclassification and reduction in function(s). Seven (7) applications were approved from April to July, 2016 as follows; Reclassification (Broker/Dealer to Sub-broker) 4 Reduction in function (Broker/Dealer to Broker) 2 Resolved claims of capital injection - 1 2
COMPLIANCE WITH NEW MINIMUM CAPITAL REQUIREMENT COMPLIANCE WITH NEW MINIMUM CAPITAL REQUIREMENT Approved Changes in Function so far Approved Changes in Function so far Summary of approved changes in functions due to recapitalization is as follows; Broker/Dealer to Broker Broker/Dealer to Dealer Broker/Dealer to Sub-broker Fund Manager to Sub-broker 29 1 12 1 Nineteen (19) applications for reduction in functions and reclassification are still being processed. 3
COMPLIANCE WITH NEW MINIMUM CAPITAL REQUIREMENT COMPLIANCE WITH NEW MINIMUM CAPITAL REQUIREMENT Level of Compliance Level of Compliance The overall level of compliance to date is 72% from 70% in April,2016. . The breakdown of compliance by function is as given below; Registered Registered CMOs CMOs Yet to Yet to Comply Comply % Level of % Level of Compliance Compliance Function Function Complied Complied Broker/Dealer/Sub-brokers 227 160 67 70% 70% Issuing Houses 26 23 3 88% 88% Rating Agencies 5 3 2 60% 60% Fund/Portfolio Managers 69 38 31 55% 55% Registrars 21 18 3 86% 86% Trustees 15 11 4 73% 73% CMOs with Multiple Functions 147 113 34 77% 77% Total Total 510 510 366 366 144 144 72% 72% 4
CANCELLATION OF REGISTRATION CANCELLATION OF REGISTRATION The SEC wishes to reiterate that it will commence the process of cancellation of registration of non-capitalized CMOs after December 31, 2016. THANK YOU 5
