The Securities and Exchange Commission (SEC) has said that it has been implementing measures aimed at encouraging more listings by creating new Rules and amending existing ones, improving general review processes, continuing engagements with issuers, advisers and other critical stakeholders.
The Director General of the SEC, Mr. Lamido Yuguda who stated this recently at the Nigeria Exchange Limited’s CEO Roundtable held in Lagos, said the Commission and the Nigerian Exchange Limited (NGX) have moved to make the processes involved in listing more efficient and cost-effective by streamlining the approval process between the SEC and the NGX.
Yuguda stated that last year, the Commission collaborated with Nigeria Employers Consultative Association, NECA to inaugurate the Securities Issuers Forum (SIF) which was aimed at providing an opportunity for Issuers to engage directly with regulators on pertinent regulatory issues. The objectives of the forum, amongst others he said, are to maintain regular contact with the regulator; promote sound corporate governance and ethical conduct; advise the regulator on regulations affecting companies & issuers; promote healthy competition; and maintain an enabling business environment by monitoring issues of direct relevance to members.
The SEC DG said, is also making concerted efforts to ensure the repeal of the Investments and Securities Act (ISA) 2007 and the passage of a new Investments and Securities Bill into law. This is to align the law with current realities and global trends in capital market regulation, including growing changes in market practices, processes and products
