The Securities and Exchanges Commission (SEC) has debunked reports on social media that it intends to close down some capital market operators. 

In a statement Friday, the Commission said the public should ignore all such report directing that only information from its official communication channels should be trusted.  

It said for the avoidance of doubt, the said social media communication/publication does not emanate from the SEC and the same should be ignored.

“The firms listed in the said publication have either unresolved complaints or regulatory issues. The SEC has already put out an official public notice to this effect and a copy is still on its website,” it said. 

It added that the Commission is “mandated under its establishment law, specifically section 208 of the Securities Industry Act, 2016 (Act 929) to provide information on its activities that it considers relevant and in the interest of the general and investing public. 

It advises the general and investing public to ignore all communication attributed to SEC that does not emanate from any of its official media communication channels. 

“When the SEC decides to proceed further with any other action, the SEC shall communicate same in accordance with section 208 via its official media communication channels,” it stated.