July 31 2015, has been set out as deadline by the Securities and Exchange Commission to all capital market operators planning mergers and acquisitions.
The Securities and Exchange Commission, SEC, has given July 31 as deadline to all capital market operators planning mergers and acquisitions.
It was learnt that the directive released on July 4 also applies to capital market operators seeking to downsize from stockbroker to sub-broker, broker-dealer to either broker or dealer and from multiple functions to a single function, among others.
According to a source at the SEC, the directive is part of the compliance and enforcement process as the apex capital market regulator prepares to enforce the September 31 deadline for the new minimum capital requirements for capital market operators.
Some capital market operators have been considering mergers and acquisitions to avert liquidation.Market sources revealed that in recent months there had been intense discussions around consolidation, a reference to mergers.