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The Securities and Exchange Commission, SEC, is a government agency mandated to regulate and develop the Nigerian capital market.
Our activities are currently governed by the Investments and Securities Act No. 29 of 2007.
The Commission is led by a nine-member Board. A four-member Management Executive Committee consisting of the Director-General and three Executive Commissioners (in charge of Operations, Finance & Admin, and Legal & Enforcement) superintend the day-to-day activities of the Commission. The current workforce is in excess of 500 members of staff spread across four directorates, seven zonal offices and several departments.
Regulating the market
In regulating the market, the Commission undertakes the following activities in order to protect investors, market operators and also ensure market integrity. Regulation is carried out through deployment of the following tools:
Registration of securities and market intermediaries to ensure that only fit and proper persons/institutions are allowed to operate in the market;
Inspection is done either done 'on site' or 'off site'. The Commission, at regular intervals, calls for information from capital market operators. It also undertakes and conducts inquiries and audits of any participant in the market whenever necessary;
Surveillance is carried out over exchanges and trading systems to forestall breaches of market rules as well as deter and detect manipulations and trading practices which are capable of causing market disruption;
Investigation of alleged breaches of the laws and regulations governing the capital market and enforcement of sanctions where appropriate;
Enforcement actions are taken against market operators who are found wanting after investigation is carried out. The Commission's enforcement regime has toughened up very considerably since Ms Arunma Oteh became Director General in 2010. Disclosure requirements are in line with international best practice and...