Revolutionizing Registration Information Management for Capital Market Operators

UPDATE OF REGISTRATION INFORMATION OF CAPITAL MARKET OPERATORS (CMOs) ON THE COMMISSION S DATABASE Presented at the CMC Meeting Federal Palace Hotel, Victoria Island Tuesday 9thMay, 2017

Background Section 13 of the ISA empowers the Commission to register Capital Market Operators (CMOs). Upon registration, records were kept in form of Registration Letters and Certificates. 2

Background Contd Over time, the Commission migrated to keeping records on MS Excel. 3

Background Contd Then MS Access. 4

Business Case MS Excel and Access both had limitations. The need for a more robust system that could capture; increase in number of registered CMOs, Sponsored Individuals and Directors. Increase in applications for transfer of registration from one CMO to another. Changes in registration information of CMOs. 5

The Solution.. Introduction of the Microsoft Dynamics Customer Relationship Management(CRM) Application. 6

Features of the MS CRM Accessible online within the SEC. Easy de-activation of Sponsored Individuals and Directors on resignation. Ease of transfer of Sponsored Individual. 7

Methodology The information in the Commission s CMO database was sent to all CMOs via e-mail in December 2016 and all CMOs were requested to provide updated information. A circular to this effect was published National Dailies and on the Commission s website. A window for a second opportunity was opened on February 2017 for CMOs who did not respond in the first instance. 8

Breakdown of Number of Responses Received Category 1st Batch 2nd Batch Total(1st & 2nd Batch) Number currently registered Core Operators Consultants SROs Total 269 57 326 467 29 5 61 90 5 533 - 6 *1,006 303 118 421 *Total Number of registered CMOs as at March 2017 9

Responses Received and Percentage Compliance Level Number of Registered CMOs Number of Responses Received Core Operators Consultants 533 70% 467 326 17% 90 6 5 Core Operators Consultants SROs Core Operators Consultants 10

Work in Progress Update of responses is ongoing. Company Information Section The Company Information Section for all 421 CMOs has been updated. This includes; BN/RC Number, Address, Phone Number, e-mail, Office Location, Website, Branch(es) Address, Location and Phone Number(s) etc. Change of Name CMOs who did not request prior approval have been contacted to file the necessary documents. All requests for change of name are being processed. Sponsored Individuals & Directors Validated Sponsored Individuals and Directors have been updated. Further validation is required for Sponsored Individuals and Directors not in our records. Approval for appointment of Directors require more due diligence including clearance from sister Regulatory Agencies. This takes some time. CMOs have been contacted to provide more information based on discrepancies observed and file applications where necessary. 11

Completion Timeline The Project is expected to be completed by June 2017 for all the companies whose responses were received within the stipulated timeline. 12

Conclusion In order to have accurate information, CMOs are enjoined to continuously comply with the provisions of the ISA 2007 and SEC Rules & Regulations on Post-registration Compliance Requirements by Capital Market Operators and other Regulated entities; Changes in information at the time of registration which includes addresses, e-mail addresses, phone number etc. (SEC Rule 32) Opening and closing of Branches (SEC Rule 36). Change of name of CMO, Shareholding or Directors (ISA Section 307). Change of status of registrant(SEC Rule 35); Transfer of registration of Sponsored Individual. Resignation of Sponsored Individual. Annual update of of Fidelity Bond/Professional Indemnity Insurance(SEC Rule 27). 13

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