New guidelines by the Securities and Exchange Commission (SEC) will make it mandatory for operators and investors in the capital market to digitise all their operations.
”This will help operators harness the huge benefits derivable from the adoption of technology and also manage the attendant cyber-security threats and other risks that accompany the use of technology,” the management of SEC stated Monday in Abuja.
The statement by SEC explained that the guidelines capture the Minimum Operating Standards (MOS) for Information Technology (IT) for Capital Market Operators (CMOs).
”It will also positively impact on the effectiveness and efficiency of the Commission to monitor and regulate all capital market operators in the market,” the statement added.
The guidelines will establish “a threshold for operational efficiency in the market through effective adoption of IT in driving businesses to ensure security, confidentiality, integrity and reliability of information systems,” the regulator stated.
“With the increased dependence of financial services and related businesses on technology, there was a need for rules that would define the minimum operating standards in the market,” it added.
According TO SEC, the provisions of the document would apply to all categories of CMOs unless in sections where reference was otherwise made to specific categories of operators. #SEC to Require Capital Market Operators to Digitalise Operations