Checklist for Sponsored Individuals

This page guides you through every stage of the sponsored individual lifecycle—from initial registration through status changes, transfers and eventual resignation. Each section outlines exactly what you need to submit and the formalities to observe, so you can move smoothly through the SEC’s requirements without missing a step.

Brief on Sponsored Individuals

A sponsored individual is an employee of a registered Capital Market Operator (CMO) whom the SEC authorizes to perform regulated functions—such as dealing in securities, advising clients, managing portfolios, underwriting issues or custodianship. Every sponsored individual must register with the SEC, pass its qualifying exam, comply with all SEC rules, and submit periodic activity reports.

The SEC oversees sponsored individuals through fit-and-proper assessments, inspections and enforcement actions (including suspension, revocation, fines or disqualification). Use the checklist below to ensure you have all the required forms, fees and supporting documents for registration, status changes, transfers and resignation.

Registration of Additional Sponsored Individuals

• Duly completed Form SEC 2
  
• Duly completed Form SEC 2D
  
• Evidence of payment of registration fee (₦100,000)
  
• Detailed curriculum vitae in chronological order, explaining any employment or education gaps
  
• Email addresses of two referees and the sponsored individual’s banker (with current account number)—to be provided on Form SEC 2
  
• Physical and email addresses of the three most recent employers—also on Form SEC 2
  
• Evidence of payment of current year’s professional practising fee
  
• Three recent passport-style photographs (to be submitted in person for police clearance)
  
• Original academic and professional certificates (for sighting at the SEC office)
  
• Letter of employment from the sponsoring company
  
• Means of identification (e.g., international passport, driver’s licence)

Change of Status of Sponsored Individuals

When a registered individual moves into a different regulated function (for example, from Officer to Compliance Officer or Broker to Issuing House):

• Duly completed Form SEC 2
  
• Duly completed Form SEC 2B
  
• Duly completed Form SEC 2D
  
• Updated, detailed curriculum vitae
  
• Evidence of payment of ₦100,000 change-of-status fee

Transfer of Sponsored Individuals

Transfers apply only where registration has not lapsed under SEC rules. Individuals who have been out of the market for two years or more—or who failed to transfer within three years—must re-register afresh. For eligible transfers:

• Duly completed Form SEC 2
  
• Duly completed Form SEC 2B
  
• Evidence of payment of transfer fee (₦50,000)
  
• If a change of status is also involved, an additional ₦100,000 fee
  
• Letter of resignation from former sponsor
  
• Letter of acceptance of that resignation by the former sponsor
  
• Letter of employment from new sponsoring company
  
• Evidence of the individual’s existing SEC registration
  
• Detailed curriculum vitae, with explanations for any gaps

Resignation of Sponsored Individuals

Both the individual and the sponsoring company must comply:

• Formal notification of resignation
  
• Duly completed Form SEC 2A
  
• Letter of resignation from the individual
  
• Letter of acceptance of resignation by the sponsoring company

Final Note

All application forms must be fully completed and every answer sworn to by the company secretary before a Commissioner for Oath or Notary Public. Ensuring each document is in order and properly authenticated will help you avoid delays and secure SEC approval without hiccups.