- SEC, EFCC to Check Capital Market Abuse
The Securities and Exchange Commission has signed a Memorandum of Understanding with the Economic and Financial Crimes Commission to check abuses in the capital market.
The MoU, according to a statement issued by SEC on Thursday in Abuja, is part of measures to ensure an effective policing of the capital market.
It said the pact would enable both agencies to promote the efficient investigation and conclusion of all cases reported by either institution to each other, promote the integrity, efficiency and soundness of the Nigerian capital market and the economy in general.
The pact also seeks to promote collaboration in the areas of training and secondment of middle cadre officers to each of the agencies; or in the alternative, the establishment of a liaison desk in both institutions; as well as promote collaboration in other areas beneficial to both Institutions.
Going by the provisions of the pact, the statement added that both institutions would provide each other with the utmost mutual assistance in any matter falling within their competence.
The statement read in part, “Both institutions will also collaborate in the areas of exchange of information to assist the performance of the institutions’ respective functions, reporting, investigation and prosecution of fraudulent/manipulative practices in the Nigerian capital market and any other activity as agreed between the institutions from time to time.
“The MoU serves as a basis of cooperation between the institutions and does not create any binding legal obligation, nor does it modify or supersede any laws, regulations or regulatory requirements in force or applying to the institutions.”