The National Assembly has conferred extensive regulatory authority on the Securities and Exchange Commission (SEC) to oversee online forex trading platforms, activities, and intermediaries.
This was outlined in the recently passed Investments and Securities Bill, which repeals the 2007 Act and re-establishes SEC as the apex regulatory body for Nigeria’s capital market.
The new legislation empowers SEC to ensure fair, transparent market operations, protect investors, and mitigate systemic risks.
Notably, Clause 3(3)(o) grants SEC authority to register and regulate online forex platforms, while Clause 3(4)(c) allows the commission to place directors of public companies on probation as deemed necessary.
Read also:
- Kaduna hosts financial inclusion summit to boost SME access, literacy, digital growth
- AfDB, IADB sign $3.2bn deal to unlock SME funding in Africa, Latin America
- Rivers govt backs strategic partnerships to boost youth development and economic growth
- Oyo taps adire industry to boost SMEs and cultural economy
- Networking skills matter more than ever
Other key provisions include the authority to impose fines, revoke licenses, and enforce penalties. For instance, securities exchanges failing to comply with SEC directives could face fines starting at ₦10 million, with additional daily penalties for continued non-compliance.
The bill also empowers SEC to levy penalties for violations, utilize collected fees, and provide training and guidelines to strengthen the capital market. The legislation reflects a commitment to enhancing market integrity and investor confidence.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
