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SEC Wants Full Digital Capital Market in Operation
The Securities and Exchange Commission (SEC) is to propose some guidelines that will allow investors in the capital market to conduct virtually everything on their internet-enabled appliances at their convenience.
These are contained in a guideline on Minimum Operating Standards for Information Technology for capital Market Operators (CMOSs) recently exposed to the public.
The new regulatory framework, currently under review by the SEC, aims to mandate the adoption of information and communication technology (ICT), particularly web-based applications and devices, for virtually all capital market transactions.
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The primary objective of the guidelines is to establish a threshold of operational efficiency in the Nigerian Capital Market through the effective application of Information Technology in driving business operations and ensuring the security, confidentiality, integrity and reliability of Information Systems.
The provisions of the document apply to all categories of CMOs unless in sections where reference is otherwise made to specific CMO categories.
The SEC says “This will help operators harness the huge operational benefits derivable from the adoption of technology and also manage the attendant cybersecurity threats and other risks that accompany the use of technology. It would also positively impact on the effectiveness and efficiency of the Commission to monitor and regulate all capital market operators in the market”.