Breaking News
Translate

NSE out with stricter recruitment guidelines for market operators

BY MICHAEL EBOH

The Nigerian Stock Exchange, NSE, has rolled out new employment guidelines for capital market operators, stating that henceforth,  operators must secure a police character clearance report, conduct a thorough investigation into the background and due diligence findings in respect of all their employees.

The NSE, in a circular titled, ‘Guidelines for implementing Article 165 of the rules and regulations governing dealing members: Know Your Employees,’ signed by Mr. Mohammed Momoh, Assistant General Manager/Head, Broker/Dealer Regulation, directed dealing members to immediately update the records of their employees to reflect the stated requirements.

According to Momoh, the guidelines have been approved as the minimum standards required of dealing member firms, adding that the operators should also ensure strict adherence to the requirements going forward.

The minimum requirements put forward by the NSE, according to Momoh include that a dealing member firm, who has thoroughly investigated the previous records of any person it intends to employ, shall obtain and provide a recent passport photograph of the proposed employee at the time of the proposed employment and at least two references in favor of the proposed employees from previous employers and/ or institutions prior to such employment.

Dealing member firms, according to the circular, are also required to obtain at least two letters of guarantee on behalf of the employee, signed by persons of good reputation and character, adding that it is the responsibility of the each of the dealing member firms to confirm the authenticity of the letters.

Momoh further stated that a copy of the proposed employee’s resume must be presented before such employment is granted, while copies of the proposed employee’s credentials which must indicate that the original certificates were sighted must be submitted to the firm.

Furthermore, operators are also required to ensure that acceptable documents evidencing the authenticity of the proposed employee’s residential address be submitted to them, in addition to the date, time, name and signature of staff who confirmed the authenticity of the address of the proposed employee.

“The Dealing Member shall be responsible to undertake a Nigerian Police Character Clearance Certificate in favour of the proposed employee prior to such proposed employment.

“All Dealing Member Firms should kindly update the record of their staff to reflect these guidelines,” Momoh said.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.