Section 38: Registration of capital market operators.

(1) No persons shall :
(a) operate in the Nigerian capital market as an expert or professional or in any other capacity as may be determined by the Commission; or
(b) carry on investments and securities business unless the person is registered in accordance with this Act and the rules and regulations made thereunder.
(2) The Commission shall prescribe the conditions for registration including the level of knowledge and skill required to operate in the capital market.
(3) An application for registration under this part of this Act shall be in the manner and upon payment of the fees prescribed by the Commission.
(4) The Commission may by order suspend or cancel a certificate of registration in the manner prescribed but no order under this subsection shall be made unless the person concerned has been given a reasonable opportunity of being heard.
(5) Where the Commission, after giving an officer of a capital market operator, an opportunity of being heard, is satisfied that such officer has contravened, failed or refused to comply with the provisions of this Act or any regulations made there under, the Commission may suspend or remove that officer from office.
(6) Where the Commission, after giving an officer of a capital market operator an opportunity of being heard, is satisfied that such officer has contravened, failed or refused to comply with any provision of this Act or any regulations made thereunder, the Commission may in the public interest or for the protection of investors, direct the capital market operator to suspend or remove the officer from office and where the capital market operator fails to comply with the directive of the Commission, the Commission may suspend or remove the officer from office.