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Market Digest Nigeria

Business

SEC, FCCPC sign MoU for regulatory collaboration

SEC

The Federal Competition and Consumer Protection Commission (FCCPC) and the Securities and Exchange Commission (SEC) have signed a Memorandum of Understanding (MoU) to foster a mutually beneficial engagement and seamless operation of the mandates of both organisations.

With the MoU, the parties have agreed to cooperate and collaborate to perform their individual duties, particularly in information sharing, consumer complaints in the capital market, investigations, enforcement and compliance, including capacity building.

This is also in compliance with Section 105 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, signed into law by President Muhammadu Buhari, on January 30, 2019, which requires the agency to negotiate MoUs with relevant regulators.Recall that on May 3, 2019, FCCPC and SEC established a joint review desk, as an interim measures to ensure continued processing of pending and emerging transactions.

Signing the MoU in Abuja, yesterday, the Chief Executive Officer of FCCPC, Babatunde Irukera, noted that the interim arrangement in the industry has been acclaimed as exemplary in proffering solutions, promoting confidence in the regulatory ecosystem and enebling businesses to thrive.Responding, the Acting Director-General of SEC, Ms. Mary Uduk, said that the MoU will lead to a stronger collaboration and better economic outcome for the country.

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