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ABU Journal, Department Of Public Administration

Year: 2014|   Volume No: 3|   ISSN: 2360-9664|   Page No: 


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Title:  

THE ROLE OF SECURITIES AND EXCHANGE COMMISSION (SEC) IN DISPUTE RESOLUTION IN THE NIGERIAN CAPITAL MARKET UNDER THE INVESTMENTS AND SECURITIES ACT (ISA), 2007

DR. D.C. JOHN

DEPARTMENT OF COMMERCIAL LAW,A.B.U ZARIA, NIGERIA

ABSTRACT

The Capital Market is the engine of economic development and a vital sector in a nation’s economy. Its operations are technical, integrity driven and are governed by carefully articulated laws, rules and regulations deliberately enacted to direct or guide the conduct of the operators of the Capital Market. It is also to ensure, protect and guarantee its integrity. In view of the importance of Capital Market to the economic development of a nation, governments all over the world have found it necessary to create institutions and equip them with strong regulatory powers to oversee the wholesome operations of Capital Market. The objective of this paper is to examine the role of Securities and Exchange Commission (SEC) in the protection of investors, maintenance of fair, efficient and transparent market and reduction of systemic risk. In Nigeria, the Capital Market is currently regulated by the Securities and Exchange Commission (SEC) deriving its powers from the Investment and Securities Act (ISA) No 29 of 2007 which came into force on the 17th July 2007 and its operations are further guided by SEC Rules and Regulations made pursuant to the enabling law (Section 313 of the ISA 2007) . Despite these laws and rules put in place for the regulation of the Capital Market, there is the problem of disagreements and disputes between the participants, regulators and the stakeholders. These disputes if not satisfactorily handled with conscious economic sense, will in turn translate into a hindrance to a nation’s economic development which justifies this doctrinal method of study. Thus, it became imperative to have a speedy and efficient dispute resolution mechanism in place to handle these disputes when they occur. It is from this premise that these issues will be canvassed.

SUMMARY:

The Capital Market is the engine of economic development and a vital sector in a nation’s economy. Its operations are technical, integrity driven and are governed by carefully articulated laws, rules and regulations deliberately enacted to direct or guide the conduct of the operators of the Capital Market. It is also to ensure, protect and guarantee its integrity. In view of the importance of Capital Market to the economic development of a nation, governments all over the world have found it necessary to create institutions and equip them with strong regulatory powers to oversee the wholesome operations of Capital Market. The objective of this paper is to examine the role of Securities and Exchange Commission (SEC) in the protection of investors, maintenance of fair, efficient and transparent market and reduction of systemic risk. In Nigeria, the Capital Market is currently regulated by the Securities and Exchange Commission (SEC) deriving its powers from the Investment and Securities Act (ISA) No 29 of 2007 which came into force on the 17th July 2007 and its operations are further guided by SEC Rules and Regulations made pursuant to the enabling law (Section 313 of the ISA 2007) . Despite these laws and rules put in place for the regulation of the Capital Market, there is the problem of disagreements and disputes between the participants, regulators and the stakeholders. These disputes if not satisfactorily handled with conscious economic sense, will in turn translate into a hindrance to a nation’s economic development which justifies this doctrinal method of study. Thus, it became imperative to have a speedy and efficient dispute resolution mechanism in place to handle these disputes when they occur. It is from this premise that these issues will be canvassed.

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