SEC restates need for full disclosures on COVID-19 impact on businesses

The Securities and Exchange Commission (SEC) reopened for business on Monday, May 11, 2020, as the nationwide lockdown eased, with a reminder to regulated entities in the capital market to continue to make adequate disclosures on the impact of COVID-19 on their businesses.

The regulator reiterated the importance of these disclosures in a circular to stakeholders as it brings everyone up to speed on the status of the capital market.

“While we continue to monitor the evolvement of the pandemic and its impact on the capital market, all regulated entities are reminded to make adequate disclosures and report on how the pandemic is impacting operations and discharge of services to investors and other stakeholders,” the commission said.

It added, “We also wish to assure investors that while efforts are on-going to ensure that capital market services remain accessible, the Commission’s priority is the protection of investors. Kindly contact us through sec@sec.gov.ng for complaints and enquiries.”

The Commission said in compliance with the various guidelines issued by relevant authorities, its office will be open to members of the public between 10 a.m. and 1p.m. on Mondays, Wednesdays and Fridays.

However, due to the need to protect its stakeholders and members of staff, the Commission issued some guidelines among which is that Stakeholders are strongly advised to use our various e-channels to communicate and interact with the Commission and that Physical visits should only be considered as a last resort.

Other guidelines issued by the SEC are that all meetings and events will be convened electronically until further notice; All filings shall continue to be received electronically; All visitors will be subjected to temperature checks and hand sanitization before gaining access to the Commission’s building; and also visitors are expected to wear facemasks and abide by social distancing rules while present in the Commission’s facility.

The Commission stated that personal visits are not allowed at this time adding that visitors would be expected to state their purpose and identify themselves at the entrance.

The SEC also strongly recommends that appointments are booked in advance of physical visits.

A statement issued by Efe Ebelo, Head Corporate Communication, advised all capital market stakeholders to continue to adhere to the safety guidelines issued by the NCDC and other relevant agencies on Covid-19. “Together, we will overcome this pandemic.”