By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) said Wednesday it has recorded a 100 percent compliance rate on dealing members first-half (H1) regulatory filing which was due August 17, 2015.
“This attainment bodes well with the Exchange’s implementation of its zero tolerance policy for infractions as all active Dealing Members of The Exchange are expected to submit their returns within the required timelines,” the NSE said in a statement.
“The achievement is a reflection of the Exchange’s collaborative approach to regulation, with a strong emphasis on relationship management within an ethical problem solving prism. We believe that this approach is key to developing a strong and sustainable capital market,” Oscar Onyema, CEO of the NSE said.
Onyema while commending the dealing members affirmed that this milestone is underpinned by dealing members buy-in to the NSE’s vision to be the foremost securities exchange in Africa driven by regulation, efficiency, liquidity and innovation.
The CEO of the Nigerian bourse says the NSE is keenly aware of the burden of regulation on the dealing member community and therefore they deserve the kudos of their high sense of compliance despite the challenging times.
Onyema said “this landmark achievement serves to remind us, not only that we have come a long way in our journey to transform the Nigerian capital market but also that our great hopes and aspirations for this market are not a pipe dream no matter how daunting the challenges ahead of us.”
The NSE being a self-regulatory organisation maintains a body of rules to regulate the admission and supervision of its dealing members to enforce compliance with financial and operational requirements and the continuous monitoring and surveillance of their trade operations.
All dealing members of the Nigeria’s local bourse are bound by the rules and regulations governing dealing members which provide the framework for a fair and orderly market.
The rule states that dealing members and their authorised dealing clerks trading on the floor of Nigerian bourse are required to fulfill certain obligations prescribed in the rules and regulations governing dealing members and other rules and regulations governing the capital market.
