SEC, Consumer protection agency to conduct joint review of capital market transactions

Securities and Exchange Commission (SEC)
Securities and Exchange Commission (SEC)

The Federal Competition and Consumer Protection Commission (FCCPC) and the Securities and Exchange Commission (SEC) have agreed to conduct joint reviews of emerging transactions in the capital market.

This is in line with a new a Memorandum of Understanding (MoU) signed by the two agencies on Monday in Abuja to foster a mutually beneficial engagement and seamless operation of their mandates.

Prior to the signing the Federal Competition and Consumer Protection Act (FCCPA) 2018 by President Muhammadu Buhari last January 30, the SEC had the statutory role of conducting merger review of emerging transactions in the capital market.

With the signing of FCCPA, the role was transferred to the FCCPC. The agency is also expected to negotiate memoranda of Understandings (MoUs) with relevant regulatory authorities in line with Section 105 of the law.

Section 105 of the FCCPA, which deals with the Designation of regulated industries, give the FCCPC “precedence over and above” other relevant government agencies “in matters or conducts which affect competition and consumer protection.”

The subsection four of section 105 also stipulates that the FCCPC “shall negotiate agreements with all government agencies whose mandate includes enforcement of competition and consumer protection for the purpose of coordinating and harmonising the exercise of jurisdiction over competition and consumer protection matters within the relevant industry or sector, and to ensure the consistent application of the provisions of this Act.”

On May 3 this year, the FCCPC and SEC agreed to establish a joint merger review desk as an interim measure to ensure continuing processing of pending and emerging transactions in the capital market.

On Monday, the SEC said in a statement in Abuja that it had negotiated and concluded an MoU with the FCCPC to establish a more structured collaborative working framework.

The statement said both agencies resolved to have a more coordinated and efficient execution of their roles and responsibilities to ensure “a complete, vibrant and robust implementation of their statutes, both agencies.”

The MOU was signed by the chief executive officer of the FCCPC, Babatunde Irukera, and the acting director general of SEC, Mary Uduk.

Advertisement

nlng Campaign AD

At the MoU signing ceremony, Mr Irukera said the interim arrangement between FCCPC and SEC was acclaimed in industry as “exemplary of how to proffer solutions, promote confidence in the regulatory ecosystem and enable business.”

While Ms. Uduk said the MoU will “lead to a stronger collaboration and better economy for the country.”

“The parties agreed to cooperate and collaborate in performing their individual duties, particularly information sharing, consumer complaints in the capital market, investigation, enforcement and compliance, including capacity building,” the statement said.

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.