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Graduate, Nigeria.
In its desire to transition towards a technology driven capital market as well as protect investors, the Securities and Exchange Commission, SEC, has said that the Commission would soon come out with regulations that would guide such products in the capital market.

This was disclosed by the Acting Director General of the SEC, Ms. Mary Uduk during the presentation of a Lecture by Mr. Ade Bajomo, Vice President FinTech Association of Nigeria titled “Market Impact of the FinTech Revolution” in Abuja, Wednesday.

Uduk who also announced Bajomo as Chair of the Capital Market Committee on Fintech Roadmap for Capital Markets in Nigeria, said the SEC as the apex regulator of the Nigerian Capital market is interested in investments that Nigerians are making especially with the advent of digitalization.

“If we will regulate this market and understand what is happening we need our staff to understand the rudiments of FinTech. Very soon the whole world will move to technology for regulation. Other jurisdictions have already gone far into it with some of them already amending their rules in that direction.

“The International Organization of Securities Commissions (IOSCO) is on it and there is a lot on it already all over the world and we can’t be left behind.

We are very much interested in some of the most active areas of Fintech innovation like block chain technology, crypto currencies and how they affect investors” she said.

She stated that as regulators of the capital market, it is the responsibility of the SEC to find out how such investments are going on and if they meet set standards because when investors lose money they will come back to the SEC adding “That is why we are seeking to understand what FinTech is all about to enable us regulate the market properly.

Recalled that during the last Capital Market Committee meeting in Lagos, the Committee agreed to set CMC to set up a Committee to draw a Fintech Adoption roadmap for the Capital Market.

The SEC Boss alluded to the growing influence of Fintechs as she stated the need for the Capital Market to take advantage of the Fintech offerings in moving the Capital Market forward. She equally emphasized the focus of the Commission on capacity building, knowledge sharing, advocacy and collaboration with relevant entities.

According to her, “the Capital Market needs to create an enabling environment that is attractive enough for Fintechs to innovate as the Market should engage actively with the new trend in technology and provide the adequate regulatory framework for proper adoption of suitable technology and that is one of the reasons why we have invited FinTech here today for this presentation”
SEC To Regulate Technology Application In Capital Market – Uduk - Business News & Related issues

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