SEC cancels Mainland Trust Limited’s registration over ‘regulatory violations’

The Securities and Exchange Commission (SEC) says it has cancelled the registration of Mainland Trust Limited as a capital market operator with immediate effect for “regulatory violations”. 

In a statement on Friday, the commission said the decision was made under its powers as provided in Section 38(4) of the Investments and Securities Act, 2007, and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations, 2013.

According to the SEC, the revocation was due to the company’s failure to comply with regulatory directives and its inability to resolve several complaints lodged against it.

“The commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it,” the SEC said.

“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems Plc(CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice.”

The commission further directed the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the CSCS, and all capital market trade associations to cease any capital market-related dealings with the company.