Operator
Registration

The Securities and Exchange Commission (SEC) Nigeria welcomes existing and intending capital market operators to begin their registration process. Whether you are an established financial institution or a budding entrepreneur venturing into the capital markets, we are here to guide you through the registration process seamlessly.

Step 1: Familiarize Yourself with the Requirements

Before embarking on the registration process, it is crucial to understand the specific requirements for each type of capital market operator. The SEC has comprehensively outlined these requirements in a user-friendly checklist. Carefully review the checklist to ensure you have the necessary documentation, qualifications, and experience to operate in the Nigerian capital market.

Step 2: Access the Operators ePortal

Once you have familiarized yourself with the requirements, proceed to the SEC's Operators ePortal. This secure online platform streamlines the registration process, allowing you to fill out the necessary forms electronically. The ePortal provides clear instructions and guidance to ensure a smooth registration experience.

Please note that operators can only get registered and renew your license through the Operators Portal.

Also note that only a “Sponsored Individual” can register a business on the portal.

Learn more about sponsored individuals here.

Step 3: Register Your IPOs and Securities

If your operations involve initial public offerings (IPOs) or the registration of securities, you will need to follow specific procedures. The SEC has developed comprehensive checklists for registering IPOs and securities, providing detailed guidance on the documentation, forms, and processes involved.

Step 4: Undergo a Fit and Proper Assessment

Section 11(4) of the ISA 2007 requires the SEC to conduct a fit and proper assessment of all applicants for registration as a CMO. This assessment is to ensure that the applicant is honest, trustworthy, and competent to perform the functions of a CMO.

Step 5: Obtain a Registration Certificate from SEC

If your application is successful, you will be issued with a registration certificate from the SEC. Section 13 of the ISA 2007 requires the SEC to issue a registration certificate to all successful applicants for registration as a CMO. This certificate will authorize you to operate as a CMO in Nigeria.

Gain Insights from SEC's Knowledge Base

The SEC is committed to providing valuable insights and guidance to capital market operators throughout their registration journey. The SEC's Insights on Registration and Licensing page serves as a knowledge hub, offering practical tips, industry best practices, and regulatory updates to help operators navigate the registration process effectively.

Step 6: Comply with AML/CFT Requirements

Compliance with anti-money laundering and counter-financing of terrorism (AML/CFT) rules is a legal obligation under the Investments and Securities Act 2007 and the SEC’s own regulations. Adhering to these requirements protects your licence from fines, suspension, or revocation, preserves your firm’s reputation, and helps maintain the integrity and investor confidence in Nigeria’s capital market.

What This Entails

1. Review the SEC’s AML/CFT Regulations

2. Register on the goAML Portal (NFIU)

For Reporting Entities:

• Letter of introduction to the NFIU requesting goAML registration
• CAC registration documents
• Licence to operate issued by your regulator (SEC or CBN)
• Letter of appointment as Chief Compliance Officer
• Regulator’s approval letter appointing the CCO (for CBN/SEC-regulated entities)
  

For Individual Users:

• Letter of appointment as CCO (and CBN/SEC approval, if applicable)

3. Subscribe to Nigeria’s Sanctions List

Step 7: Submit AML/CFT Reporting Templates & Engage with GIABA

Timely submission of AML/CFT reports demonstrates your ongoing commitment to regulatory compliance and helps the SEC monitor sector-wide risk. Engaging with GIABA, the regional AML/CFT standard-setter, ensures you stay aligned with best practices, benefit from peer reviews, and access training and capacity-building resources.

What This Entails

1. Download and submit the SEC consolidated AML/CFT reporting template

2. Engage with GIABA (Inter-Governmental Action Group against Money Laundering in West Africa)

Embark on Your Registration Journey Today

The SEC encourages existing and intending capital market operators to take the first step towards registration. Our team of experts is available to assist you throughout the process, ensuring a smooth and successful registration experience. We look forward to welcoming you to the vibrant Nigerian capital market.