The board of the Securities and Exchange Commission (SEC), the apex regulator of the Nigerian capital market, is set to inaugurate its reconstituted Administrative Proceedings Committee (APC).
The APC is a vital leg of the SEC’s market enforcement machinery. It is a quasi-judicial body established pursuant to the Investment and Securities Act (ISA) 2007, sections 310 and 303(5) as a mechanism for dispute resolution and for ensuring fair hearing for all parties (capital market operators and other institutions) involved in disputes arising from capital market transactions.
This move, according to SEC, is in line with its vision of instilling a strong culture of integrity in the Nigerian capital market through a strict regime of rule enforcement.
The inauguration which takes place today in the SEC’s corporate headquarters is in line with the pledge made to the market by Suleyman Ndanusa, chairman of the SEC’s board of directors, during the board’s inauguration earlier in the year.
