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Economic & Sector Work :: Financial Sector Assessment Program (FSAP)

Financial Sector Assessment Program : Nigeria - IOSCO Objectives and Principles of Securities Regulation

ACCOUNTABILITY ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE COSTS ADVISORY SERVICES ARBITRATION ASSET MANAGEMENT ASSET VALUE AUDIT STANDARDS AUDITING AUDITORS AUDITS BANK SETTLEMENT BANKRUPTCY BENEFICIAL INTEREST BID BOND BOND FUNDS BROKER BROKER DEALER BROKER DEALERS BROKER-DEALER BROKER-DEALERS BROKERS BUSINESS ACTIVITY CAPITAL MARKET CAPITAL MARKET INFRASTRUCTURE CAPITAL MARKETS CAPITAL REQUIREMENTS CASH SETTLEMENT CENTRAL BANK CLEARING HOUSE CLIENT ASSETS CODE OF CONDUCT COLLECTIVE INVESTMENT COMMERCIAL BANKS COMMODITIES COMMODITY COMMODITY EXCHANGES COMPETITIVENESS CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTEREST CORPORATE GOVERNANCE CORRUPTION CREDIT RATING CREDIT RATING AGENCIES CREDIT RATINGS CREDITORS CROSS-BORDER OFFERINGS DEBENTURES DEBT DEBT INSTRUMENTS DEBT MANAGEMENT DEBT SECURITIES DEFAULT RISK DEFICITS DEPOSITORY DERIVATIVES DERIVATIVES EXCHANGES DISCLOSURE REQUIREMENTS DISCLOSURE STANDARDS ECONOMIC POLICIES EMPLOYER ENFORCEMENT POWERS EQUITABLE ACCESS EQUITIES EQUITY FUNDS ETHICAL FUNDS EXCHANGE COMMISSION EXCHANGE MARKET EXPENDITURE EXPOSURES FAIR FINANCIAL CAPACITY FINANCIAL CRISIS FINANCIAL HEALTH FINANCIAL INSTITUTIONS FINANCIAL MISMANAGEMENT FINANCIAL REGULATORS FINANCIAL SECTOR FINANCIAL SECTOR ASSESSMENT FINANCIAL SERVICES FINANCIAL SERVICES INDUSTRY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM FRAMEWORK FOR SECURITIES FUND MANAGER FUND MANAGERS FUTURES GOOD FAITH GOVERNANCE PRACTICES GUARANTEE FUND HEDGE FUND HEDGE FUNDS HOLDING HOLDING COMPANIES HOLDING COMPANY HOLDINGS HUMAN RESOURCES INCOME INFORMATION SERVICE INFORMATION SHARING INFORMATION TECHNOLOGY INSIDER DEALING INSIDER TRADING INSOLVENCY PROCEEDINGS INSURANCE INSURANCE COMPANIES INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL INVESTORS INTERNATIONAL STANDARDS INVESTOR PROTECTION ISSUANCE JUDICIAL COURT JUDICIAL PROCESS JUDICIAL SYSTEM JURISDICTION JURISDICTIONS LEGAL PROTECTION LEGAL PROVISIONS LEGAL REQUIREMENTS LEGAL SYSTEM LEGISLATION MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET DISRUPTION MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET MAKERS MARKET MANIPULATION MARKET PARTICIPANTS MARKET PRICE MARKET REGULATION MARKET SHARE MARKET STRUCTURE MARKET SURVEILLANCE MARKET TRADE MARKETING MINIMUM CAPITAL REQUIREMENTS MISMANAGEMENT MONETARY FUND MONEY LAUNDERING MONEY MARKET NEW COMPANIES OUTSOURCING PAYMENT OBLIGATIONS PENALTIES PENSION PENSION FUNDS PORTFOLIO PORTFOLIO MANAGERS POTENTIAL INVESTOR PREJUDICE PRIMARY DEALERS PROFESSIONAL QUALIFICATION PROTECTION OF INVESTORS PUBLIC COMPANIES REAL ESTATE RECEIPT REGISTERED SECURITIES REGISTRATION OF SECURITIES REGISTRATION PROCESS REGISTRATION REQUIREMENT REGULATOR REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY BODY REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY REQUIREMENTS REGULATORY SYSTEM REGULATORY SYSTEMS RESERVES RETURNS RISK MANAGEMENT SAVINGS SECONDARY MARKETS SECURITIES SECURITIES DEALERS SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES LAW SECURITIES MARKET SECURITIES MARKETS SECURITIES REGULATION SECURITIES REGULATORS SECURITIES REGULATORY AUTHORITIES SECURITIES TRANSACTIONS SELF-REGULATION SETTLEMENT SETTLEMENT OBLIGATIONS SETTLEMENT SYSTEM SETTLEMENT SYSTEMS SHARE PRICE SHAREHOLDERS SPREAD STOCK EXCHANGE SUPERVISORY AUTHORITIES SYSTEMIC RISK SYSTEMIC RISKS TECHNICAL ASSISTANCE TRADE ASSOCIATION TRADE ASSOCIATIONS TRADING TRADING PLATFORMS TRADING SYSTEMS TRANSPARENCY TRANSPARENT MARKETS TREASURY TRUST DEED TRUSTEE TRUSTEES UNDERWRITERS UNIVERSAL BANKING VALUATION VENTURE CAPITAL
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World Bank, Washington, DC
Africa | Nigeria
2013-10-01T16:57:21Z | 2013-10-01T16:57:21Z | 2013-05

The regulatory framework for securities markets in Nigeria has improved markedly since the 2002 Financial Sector Assessment Program (FSAP), and particularly in the last five years. Since the adoption of the Investments and Securities Act 2007 (ISA) and the first set of rules and regulations of the Nigerian Securities and Exchange Commission (SEC), the regulatory framework has been further strengthened and expanded. The SEC cooperates both at the domestic and international level with its counterparts and other authorities. The SEC focuses on regulating the products offered to investors through extensive scrutiny of prospectuses for all securities, including collective investment schemes. An assessment of the level of implementation of the International Organization of Securities Commissions (IOSCO) principles in Nigeria was conducted from September 4 to 19, 2012 as part of the International Monetary Fund (IMF)-World Bank FSAP. The assessment was made based on the IOSCO objectives and principles of securities regulation approved in 2010 and the methodology updated in 2011. The IOSCO methodology requires that assessors not only look at the legal and regulatory framework in place, but also at how it has been implemented in practice. The Investments and Securities Tribunal (IST) provides a process for the resolution of securities markets related cases that do not have to be resolved in the regular court system. The purpose of the assessment is primarily to ascertain whether the legal and regulatory securities markets requirements of the country and the operations of the securities regulatory authorities in implementing and enforcing these requirements in practice meet the standards set out in the IOSCO principles. The assessment is to be a means of identifying potential gaps, inconsistencies, weaknesses and areas where further powers and/or better implementation of the existing framework may be necessary and used as a basis for establishing priorities for improvements to the current regulatory scheme. The assessment of the country's observance of each individual principle is made by assigning to it one of the following assessment categories: fully implemented, broadly implemented, partly implemented, not implemented and not applicable. The IOSCO assessment methodology provides a set of assessment criteria to be met in respect of each Principle to achieve the designated benchmarks.

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