By Ifeanyi Onuba

Wednesday, 23 Feb 2011

The Securities and Exchange Commission has hinged the success of the ongoing reforms in the capital market on an improved and efficient legal process.

The Director-General of the apex regulator of the capital market, Ms. Arunma Oteh, said this at the opening session of a two-day international capacity building workshop on, “Capital Market Laws, Ethics and Judicial Interpretation for Judges of the Superior Courts.”

She said, going by the recent efforts of SEC to sanitise the stock market, there was the need for the country to have a strong judiciary entrusted with the tasks of interpreting capital market laws and regulations.

The workshop, which was jointly organised by SEC and the Nigerian Institute of Advanced Legal Studies, had “The role of Judges in Building a World class Capital Market” as its theme.

Oteh explained that for the country to have a world-class capital market, there was the need for stakeholders to have a broad understanding of the ethics, laws and judicial interpretation of the Investment and Securities Act.

“One key requirement for building a world class capital market is the efficiency of the laws, improved legal processes and a strong judiciary, entrusted with the task of interpreting capital market laws and regulations,” she added.

Also speaking at the event, the Chief Judge, Federal High Court of Nigeria, Justice Dan Abutu, challenged SEC to adhere strictly to transparent dispensation of the enabling laws, if the country was to achieve its objective of building an efficient capital market.

He said, “To build a world-class capital market and a highly competitive investment environment, laws must be administered fairly and transparently by regulators. Laws must be obeyed by all citizens. All institutions, including the judiciary, must be strengthened and the rule of law must be observed.”

Source: Punch