Overview

The Investments and Securities Act, 2007 is a comprehensive Nigerian law that establishes the Securities and Exchange Commission (SEC) and provides a regulatory framework for the capital market. The Act repeals the Investments and Securities Act 1999 and expands the powers and functions of the Commission, particularly in areas such as mergers, acquisitions, takeovers, and collective investment schemes. It covers the establishment of the SEC board, management, functions, financial provisions, registration and regulation of securities exchanges, capital trade points, self-regulatory organizations, and capital market operators, as well as inspections, investigations, and enforcement powers. The document includes detailed sections on the composition of the board, appointment of the Director-General, duties of the Commission, penalties, and disciplinary measures.

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