AN ANALYSIS OF THE ROLES OF REGULATORY AGENCIES IN THE NIGERIAN CAPITAL AND STOCK MARKET

Abstract

The regulation of the Nigerian capital market by voluntary and mandatory regulatory agencies is geared towards achieving the prime objective of a fair, efficient, and transparent financial market and investor protection. However, the multiple regulatory agencies in the capital market give rise to the problem of an overlap of regulatory roles which necessitates a clear role-boundary demarcation. Sequel to the above, this paper undertakes a critical analysis of the roles of regulatory agencies in the capital market, with a view to a clear role-boundary demarcation. It examines relevant primary and secondary sources of law and also adopts an inter-jurisdictional comparative approach of best practices in the United Kingdom, the United States of America, and the Republic of South Africa. The paper finds that there are sliver role demarcations amongst capital market regulatory agencies which need to be either collapsed into one agency or statutorily make clear their role demarcation. Sequel on the findings this paper humbly makes recommendations for the way forward.