November 17, 2023

Investment & Securities Bill transmitted to National Assembly — SEC


National Assembly

By Peter Egwuatu

The Securities and Exchange Commission, SEC, has disclosed that the Investments and Securities Bill (2023) is now with the National Assembly, N/A and it has appealed for speedy passage to enable it reposition the capital market in order to tackle the economic challenges facing the country.

Speaking to journalists in Lagos at a two day training for capacity building, Lamido Yuguda, Director General of SEC, represented by Dayo Obisan, Executive Commissioner, Operations, also reeled out other major developments in the capital market.

He stated: “The Commission is making efforts towards digitizing and modernizing the market. It’s undeniable that effective market regulation can greatly benefit from the use of up to date technologies.

With this goal in mind, the Commission is in the process of rolling out best-in-class technology in terms of infrastructure and solutions. “Collaborating with the Central Bank, the African Development Bank, and the Financial Sector Deepening Africa, the Commission has made significant progress in the following areas:        Launching a co-location hosting regime for its data centres. These data centers will house the Hyper Convergence Infrastructure, which will serve as the foundation for the Commission’s solutions.  

“We   are establishing robust connectivity through two dependable service providers to ensure uninterrupted availability.

“Also, implementing a sophisticated surveillance system to enhance precise market regulation and introducing a user-friendly electronic registration and returns analysis solution that provides market operators with a simple yet comprehensive interface for compliance reporting.”

Yuguda added that: “In addition to these, the Commission is also advancing its plans to introduce internal solutions that align with its mission of effective market regulation.”