SEC Steps up Regulations to Check Tech Related Risks in Capital Market Transactions
The Securities and Exchange Commission, (SEC), has stepped up its regulations to mitigate risks associated with the use of technology in capital market transactions.
Speaking at a capital market conference in Abuja recently the Director General, SEC, Mr. Lamido Yuguda, said: “As the apex body responsible for regulating and developing the Nigerian capital market, the SEC has strengthened market rules and regulations with the introduction of responsive rules and the amendment of existing ones to mitigate some of the risks posed by technological innovations.
“With a three-pronged objective to regulating innovations hinged on safety, market deepening and solution to problems, our regulations, are enabling, accommodating and futuristic. They also ensure adherence to our core regulatory mandates of investor protection and market development”.
Yuguda disclosed that SEC has put mechanisms in place to understand relevant innovations, build required capacity and subsequently deploy strategies to address them, stressing that this process is ongoing and the Commission is deeply committed to this new phase and face of the Capital Market.
Yuguda also said that the SEC has revamped its enforcement mechanism and enforced its zero tolerance against infractions in a bid to improve investors’ confidence in the market, and to optimally perform its investor protection mandate as evidenced in the Commission’s aggressive fight against unlawful investment schemes, which in recent times has plagued the financial markets.
