SEC repositions to become market leader
In line with its vision of becoming one of the leading capital market regulators in the world and regulating a capital market that is dynamic and efficient enough to contribute to the nation's economic development, the Securities and Exchange Commission (SEC) has announced some changes in its organisational structure aimed at boosting its regulatory activities and effectively discharging its functions.
A statement by SEC on Wednesday, explained that that SEC's Legal and Enforcement Directorate was a particular focus of the changes, adding it was done to boost its capacity for market surveillance, monitoring and investigating malpractices.
Other changes included the creation of new departments such as the office of the chief economist, market development, strategy, ethics, procurement and fixed income.
It added that new divisions such as Litigation, Investor Protection, Investor Outreach, Call Centre, Non-interest Financial Products, Programme Management Office were created.
The statement said, 'The new structure was derived from a rich pedigree of expert evaluations of the previous SEC organisational structure. There was the Accenture Report of 2009 on the SEC; the Report of the Commission's Management Retreat also of 2009; the US SEC Peer Review Reports of 2010 and 2012; extracts from SEC Leadership Retreat Report of 2010 and 2011.
'More recently, some observations of the report of the Financial Sector Assessment Programme recently undertaken on the Nigerian capital market and the SEC by the International Monetary Fund on behalf of IOSCO were taken into consideration.'
The statement added that the new organisational structure will enhance the SEC's service delivery culture in pursuit of its overarching mandate of investor protection.
The statement said that the reorganisation would induce a refocus on the Commission's core functions through strengthening of the Operations and Legal and Compliance Directorates, avoidance of multiple layers of reporting and the elimination of duplication of functions.
'It will also focus on customer service, stronger team work, stronger zonal offices, which are able to enhance financial inclusion by developing and servicing regional streams of the Nigerian capital market,' it said.
The Chairman, SEC Board, MallamSulleymanNdanusa, reiterated its commitment to improved market growth through meaningful collaboration with stakeholders in the Nigerian capital market.
He explained that his team was willing to co-operate with the stakeholders in the capital market to ensure improved regulation.