The Securities and Exchange Commission has said it is proposing some guidelines that will enable investors in the capital market to be able to do virtually everything they need to do on their Internet-enabled appliances and at their convenience.
It said in a statement that this was part of its efforts to fully digitalise operations of the Nigerian capital market.
These were contained in a guideline on Minimum Operating Standards for Information Technology for capital market operators recently exposed to the public, the statement said.
According to the SEC, the new regulatory framework undergoing review sought to mandate compulsory adoption of information and communication technology, particularly web-based applications and devices, for virtually capital market transactions.
It said the provisions of the document applied to all categories of CMOs unless in sections where reference was otherwise made to specific CMO categories.
The statement said the purpose of the guidelines was to establish a threshold of operational efficiency in the Nigerian capital market through the effective adoption of the information technology in driving business operations and ensuring the security, confidentiality, integrity and reliability of information systems.
It said a draft copy of the framework indicated that the new framework, upon final approval, would apply to all capital market operations, with particular emphasis on investor-facing functions such as securities trading, fund management, share registration and clearing and custodial services, among others.
The statement said, “The new rules mandate all capital market operators to have well-secured and functional website as well as functional electronic mailing system, either hosted privately or using a cloud service provider, with domain name owned and registered by the capital market operator.