SEC: Reports on Proposed Amendments to Laws Affecting Investment Out

By Modupe Gbadeyanka

In June 2016, the Securities and Exchange Commission (SEC) in Nigeria constituted three committees to review amendments to laws affecting investment in the country.

This followed the resolution passed at the 1st Quarter CMC to review the extant laws.

SEC inaugurated the committees to review the Investment and Securities Act, 2007 Anti-Trust & Competition Bill including the Federal Competition & Consumer Protection Bill to be headed by Chief Anthony Idigbe (SAN); the Pension Reform Act, 2014 Financial Reporting Council of Nigeria Act, 2011 Warehouse Receipt and Other Related Matters Bill, 2016 led by Dr Babatunde Ajibade (SAN); and the Companies and Allied Matters Act, 1990 Trustees Investment Act, Cap T22 LFN 2004 headed by Mr A.B. Mahmoud (SAN).

Membership of the committees was drawn from across the capital market community inclusive of regulators, the academia and market operators with identified expertise on various segments of the Nigerian capital market.

However, Business Post has learnt that the committees have now concluded their assignment and the secretariat of each committee has collated the views and opinions of the various stakeholders which have been reflected in the proposed amendments to the aforementioned legislation.

Although the committees had requested for the inputs of the various trade groups and general investing public, all members of the capital market community particularly the trade groups, are hereby invited to review the reports of the respective committees and make further comments on the proposed amendments for consideration by the Committees within two weeks commencing from December 28, 2016.