Regulatory Alerts2009-09-15
The Investments and Securities Act, 2007
This Act repeals the Investments and Securities Act of 1999 to establish the Securities and Exchange Commission as the apex regulatory authority for the Nigerian capital market, aimed at enhancing investor protection and market efficiency. It introduces comprehensive regulatory frameworks for market infrastructures, including securities exchanges, capital market operators, and collective investment schemes, while specifically tightening rules on mergers, acquisitions, and take-overs. Furthermore, the legislation institutes rigorous corporate governance standards, including mandatory internal control reporting for public companies and the establishment of an investor protection fund to mitigate risks.
Share