Inherent administrative and operational deficiencies will continue to constrain the effectiveness the Securities and Exchange Commission (SEC).
These concerns were raised by the International Monetary Fund (IMF) in its country assessment report of securities regulation in Nigeria which highlights major lapses in the structure and operations of the SEC.
According to the report, while there are comprehensive legal provisions to ensure a robust governance structure for SEC as the commission does not have sufficient internal policies, relating to its core functions.
Of equal concern to IMF is the legal or practical power of the Minister of Finance and the Senate, which it says has the potential to undermine the SEC´s independence.
The IMF advises SEC to implement a major overhaul of the capital requirements applied to broker-dealers, by raising their initial capital requirements and ensuring that they maintain sufficient risk-based capital on an on-going basis.
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