Some of our regulatory frameworks does not meet SEC’s expectations, says Risevest

Risevest has replied to Securities & Exchange Commission (SEC) warning to the public, advising against engaging in any investment-related transactions, stressing that some of its regulatory frameworks does not meet Commission expectations.

 The Commission stated that Risevest (Victoria Island) Cooperative Multipurpose Society Limited is not registered or authorized to operate in the capital market.

The group, Risevest in a statement posted on X stated that its mission is to always connect with investors to wealth creation opportunities while operating in full compliance with regulatory standards.

“We are committed to supporting the SEC in its efforts to protect investors and ensure innovation aligns with robust investors safeguards.

“As we’ve grown, we’ve realized that some of the regulatory frameworks we initially adopted particularly for our Risevest Cooperative Subsidiary, need to evolve to meet the expectations of the SEC.

“This is a natural part of our journey as we scale, and we are taking additional action steps to close any remaining compliance gaps across all our subsidiaries.

“We want to reassure you that our investments and operations remain secure and unaffected by this process, as they are delivered through regulated third parties. Your trust is of utmost importance to us and we see this as an opportunity to raise the bar even higher for compliance and operational excellence.

“Over the years, we have found the SEC to be a consistent and pragmatic regulator, and we are aligned with their mission to balance innovation with investors protection. We remain committed to providing the necessary clarity and taking all responsible actions to address this matter collaboratively and transparently,” the firm stated in a statement.

Similarly, SEC stated that its attention has been drawn to Stecs (Alausa) Multipurpose Cooperative Society (popularly known as Stecs), which is engaging in capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.

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