By Peter Egwuatu

THE Chairman, Association of Stock broking Houses of Nigeria, ASHON, Chief Patrick Ezeagu has explained that the new registration of ASHON

as a trade group by the Securities and Exchange Commission, SEC, has enhanced the Association’s credibility as a recognised professional  group in the Nigerian capital market.

 Mr. Patrick Ezeagu

Ezeagu, who described ASHON’s new status as a long-awaited milestone commended SEC and noted that every achievement entails some responsibility to sustain it. SEC registered ASHON as a trade group in line with its mandate that requires all Capital Market Operators, CMOs, to register with their respective trade group or face penalty.

Ezaegu said, “The registration has strengthened ASHON’s legitimacy to operate effectively in the capital market. The registration of ASHON as a trade group has provided synergy to improve on our activities. It is a more formal recognition of our existence as capital market operators by the Securities and Exchange Commission, SEC. The registration has  conferred higher level of legitimacy on what we are doing. It will further reinforce  all members to be under one umbrella.”

“There is no hiding place for lukewarm members any longer. Sanctions await any member that runs foul of the laws. Every member must ensure that it receives annual certificate of  currency. The trade group status shall strengthen ASHON’s complaint management framework.”

Corroborating him, ASHON’s First Vice President and Chief Executive designate of Lagos Commodity and Futures Exchange, LCFE, Mr  Akin Akeredolu-Ale explained that one of the first expectations from the new status of ASHON would be to drive compliance and enforcement. Ale noted that SEC in approving trade groups has displayed high level  of confidence in the ability of trade groups to uphold the tenets of conflict resolution and framework for resolving infractions as they  affect the members in any group.

“SEC believes that every trade group owes it a duty to regulate its members. It is not every bit of infraction that must be taken to the Commission. Only issues beyond the scope of ASHON can be escalated to the regulators. The new registration will give more meaning to stakeholders’ mapping. It will give more voice to ASHON as a capital market operator,” he added.

Meanwhile, ASHON’S General Secretary, Mr. Sam Onuokwe has appealed to all dealing member-firms that have not registered or updated their memberships to do so on or before the end of September this year. According to him, a comprehensive list of ASHON members will be forwarded to SEC in early October and any dealing member which fails to meet the deadline may face SEC enforcement action.