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SEC to implement zero tolerance policy, warns market operators

The newly appointed Director General of the Securities and Exchange Commission (SEC), Ms Arunma Oteh , said yesterday that the Commission would implement zero tolerance policy and warned operators in the capital market to desist from sharp practices capable of eroding investors’ confidence in the market.
While briefing newsmen of the Commission’s agenda for 2010, she said, “ SEC is determined to eliminate sharp practices, deter mal practice and change behaviours by ensuring that both the institutional and personal costs of any wrong doing is extremely high. We will ensue high standards in regulatory oversight and enforcement and will name and shame where necessary.”

To this extent, she disclosed that the Commission will strengthen its inspection and investigation units so that any operator found erring will be suspended, issued a warning, or fined depending on the gravity and nature of violation.

According to her, “ We hope that various enforcement actions against erring operators, including their suspension from participating in capital market activities, will deter other operators from breaching rules. We will also continue to strengthen all the processes related to investigation, enforcement, and publicity of outcomes in line with international standards and ensuring that messages are well communicated to the market.


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