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Senate Passes Investments, Securities Bill For Third Reading

by Samson Elijah
7 months ago
in News
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The Senate on Wednesday passed the Investments and Securities (Repeal and Enactment) Bill 2024 for third reading.

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The passage of the bill followed the consideration and adoption of recommendations made by the Senate Committee on Capital Market, chaired by Senator Osita Izunaso (APC, Imo West).

 

According to the committee’s report, the bill seeks to establish the Securities and Exchange Commission (SEC) as the apex regulatory authority for the Nigerian capital market.

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When eventually passed into law, the bill is designed to align the nation’s capital market with emerging global best practices, addressing issues such as market integrity, insider trading, and fraudulent practices.

 

The report states: “The extant law, while revolutionary at its inception, requires significant updates to reflect evolving financial markets and global regulatory frameworks, making it more attractive to local and foreign investors.

 

“The bill aims to drive the growth of the capital market and diversify offerings, creating a conducive environment for investors.

 

“It will tackle modern financial malpractices, reinforce investor protection, and establish robust regulations to prevent market abuse and insider trading.

 

“The legislation also introduces a regulatory framework for digital currencies, fintech activities, blockchain technology, and cryptocurrency transactions, promoting innovation in the capital market.

 

“It delineates the roles of regulatory bodies to enhance transparency, reduce overlap, and improve the operational efficiency of Nigeria’s SEC.

 

“Additionally, the bill supports the introduction and regulation of diversified financial instruments, such as derivatives and Exchange-Traded Funds (ETFs), to meet the needs of a broad investor base and increase market depth.”

 

In passing the bill for third reading, the Senate carried out its clause-by-clause consideration.

 

Once signed into law, the bill is expected to enhance the Nigerian capital market’s attractiveness, foster economic growth, and create job opportunities.


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