Senator Isiaka Adeleke
By Goddy Egene
The Securities and Exchange Commission (SEC) is making moves to implement the decision reached at the recent 2016 judges’ workshop on effective dispute resolution. The 2016 edition of the SEC Judges workshop was held from 24th to 25th of February, in Abuja 2016. It was attended by an array of luminaries from the legal field and the capital market as well as top government functionaries.
At the end of the workshop, a communiqué was issued. THISDAY gathered that in order to implement the decisions contained in the communique, a Technical Committee will be set up. The composition of the committee will include: Senior Advocates of Nigeria (SAN), who are very familiar with issues in the capital, operators who are not lawyers, SEC representative, Investment and Securities Tribunal (IST) representative and a judge of the Federal High Court.
“Unlike in the last when decisions at workshops are left, the commission and other stakeholders want to take action on the various suggestions raised at the workshop. Hence, the plan to put together an implementation committee,” a market source told THISDAY at the weekend.
Participants a the workshop had said judicial pronouncements and decisions on capital market issues should be progressive, taking into consideration the overriding wellbeing of the market and the protection of investors.
According to the communique, in the quest to develop a vibrant capital market, the central role of the Judiciary in the maintenance of market integrity cannot be overlookers. The workshop should be an annual calendar event.
It added that the current market wide reforms by the SEC are ground breaking initiatives that would revolutionise the Nigerian capital market.
“Judicial review of decisions of SEC’s Administrative Proceeding Committee (APC) by the IST and the Federal High Court need to preserve and enhance the integrity of dispute resolution mechanism in the capital market. A comprehensive reform agenda for the IST needs to be urgently instituted,” it added.
The communique noted that the adoption of the doctrine of judicial deference in capital market matters should be encouraged.
“The investor protection and dispute resolution mechanism in the market must be supported by an equally robust enforcement framework. The controversies with respect to the jurisdiction of the IST need to be conclusively tackled via a Constitutional amendment,” it said.
Chairman, Senate Committee on Capital Market, Senator Isiaka Adeleke had assured participants at the workshop that the National Assembly was committed to assist the Commission in advocating for legislative inputs to the development of the capital market.