ISA 2025: Operators Seek Implementation Cooling-off Period To Ease Transition

The Association of Securities Dealing Houses of Nigeria (ASHON) has requested a cooling-off period before the full implementation of the newly signed Investment and Securities Act (ISA) 2025 to enable its members to familiarise themselves with the new provisions.

This new law, signed into effect in March 2025, aims to strengthen regulations, protect investors, and create new opportunities in Nigeria’s capital market.

ASHON’s call for a transition period is likely driven by the need for stakeholders to adjust to the changes introduced by the ISA 2025, ensuring a smooth implementation process.

The new Act incorporates innovations such as digital assets, crowdfunding, and financial technology (FinTech), provides a clearer basis for regulating Virtual Asset

Service Providers (VASPs) and digital investment products. It also empowers the Securities and Exchange Commission (SEC) to prosecute and jail an erring market operator.

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Market watchers feared that capital market operators may struggle to comply with the new Act’s provisions due to its innovations and they need more time to have wider understanding.

Speaking at the Workshop, organised by ASHON on the implementation of ISA 2025 in Lagos recently, chairman of ASHON, Sam Onukwue, commended the SEC on the ISA 2025 but pleaded for a cooling-off period to allow members to gain deeper knowledge of the new securities laws.

Executive commissioner for Operations of the Commission, Bola Ajomale, urged ASHON members to study the new ISA provisions and employ professionals to enhance their knowledge and interpretation of the Act.

Ajomale advised market operators to adopt self-reporting to mitigate sanctions in the event of a breach.

The Workshop featured presentations on “Translating the New ISA 2025 Act into Practice,” “Legal Perspectives on Digital Assets & Regulatory Frameworks,” and “The ISA 2025 and Digital Innovations.”