SEC

The Securities and Exchange Commission has revealed that it has brought about N2.36tn in discretionary and non-discretionary funds under custody following updates to the guidelines for Collective Investment Schemes in the country. Last December, the commission proposed amendments that would address the complaints of players in the Collective Investment Scheme segment of the capital market. In a notice on its website, the SEC revealed the new amendments to its regulations titled ‘Exposure Of New And Sundry Amendments To The Rules And Regulations Of The Commission’. Providing an update on the proposed guidelines at the media briefing after the first quarter Capital Market Committee meeting on Friday, the Chief Economist at SEC, Dr Okey Umeano, said funds in the discretionary and non-discretionary windows had been brought under custody to enhance investor protection. Umeano said, “On the CIS efforts, we have made. We asked that all CIS funds be put in custody. Before that update we did to the rules, only the ones we called Collective Investment Schemes were put in custody. The funds that were in discretionary and non-discretionary products were not in custody. To further protect investors in that part of the market, we asked that all the funds be put in custody.
Punch