By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Securities and Exchange Commission (SEC) on Monday approved a new complaints management framework, a circular signed by the Commission’s management said.

According to SEC, the new rules recognise registered industry trade groups and self regulatory organisations (SROs) as important parts of the new framework.

“Consequently, all market operators are hereby directed to register as members of their respective industry trade groups as henceforth investor complaints shall be handled at the trade group level. Only complaints that remain unresolved at the trade group or Self-Regulatory Organisation (SRO) level shall reach the Commission for resolution,” the Commission said.

 On January 26 Mournir Gwarzo, acting director general of SEC announced the commission has completed the rules on complaints management framework.

“We have finished the rules on complaints management framework and very soon, it will be exposed. One of the highlights is to allow complaints to be managed at the lower level” he said.

According to him, the management of SEC is working to empower Self Regulatory Organisations (SROs) and trade organisations to enable them handle some complaints cases and deal with them with dispatch, “the strategy of the management is not to create committees but to focus on prescriptions and ensuring that they are executed within reasonable time frames,” he added.

“Fund management is close to our heart as it is directly under our purview. In dealing with others, we partner with other Self Regulatory Organisations (SROs),” he said.