SEC urges capital market operators to maintain professionalism

The Securities and Exchange Commi-ssion (SEC) has reiterated the importance of capital market operators acting professionally and ethically in the performance of their responsibilities.

During a meeting with the Chartered Institute of Stockbrokers (CIS) in Abuja, SEC Director-General Lamido Yuguda remarked that this will make the market more transparent and attract investors.

While requesting CIS’s assistance in the commission’s efforts to strengthen professionalism and good behaviour in the capital market, Yuguda praised the institution for collaborating with the commission and expressed the hope that the partnership would continue.

Yuguda said, “CIS has supported the SEC in our various initiatives in the past and we hope that this support will continue with the various initiatives we plan to roll out this year. We, therefore, urge the CIS to encourage its members to uphold the Code of Ethics of the profession and as contained in the Rules and regulations of the commission.”

The SEC’s DG emphasised the necessity of a positive working relationship between the regulator and the Self-Regulatory Organizations (CROs), claiming that this would result in a more vibrant capital market.

According to him, both parties must work in harmony to produce a transparent capital market in which the parties complement and reinforce one another.

“With all the initiatives we are rolling out, we are all heading towards a more robust and vibrant market. Only recently, in a bid to curb poor market conduct, the SEC resolved to intensify monitoring and surveillance of the market and vowed to apply stiff sanctions to any operator who engages in unethical conduct,” he said.

Yuguda said because market operators are the face of the market, there is a need for them to prioritise the interest of investors and demonstrate high level of integrity in conducting their activities.