SEC Publishes 2016 Judges Workshop Communique on Effective Dispute Resolution

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Wednesday, March 02, 2016 09:23 AM / SEC

The 2016 Edition of the SEC Judges workshop was held on the 24th -25th of February, 2016 at the National Judicial Institute, Abuja. The workshop, had in attendance an array of luminaries from the Legal Field and the capital market as well as top Government functionaries.

Prof. Dalvinder Singh Sangha advocated for the application of both a compliance and a deterrence based approach to enforcement.

Prof. Koyinsola Ajayi SAN, heralded the important role of the capital market to the development of an economy. However, the ongoing jurisdictional controversy between the Federal High Court and the IST would live a negative impact on the capital market which would in-turn adversely affect the nation’s economic growth.

 

Chief Anthony Idigbe SAN, advocated for Deference to the decisions of both the Administrative Proceedings Committee (APC) of the Commission and the Investment and Securities Tribunal (IST) by the Nigerian Courts. The learned SAN urged the courts to act in this regard giving consideration to the level of expertise and special knowledge applied by the assessors of both bodies in adjudicating over capital market disputes.

 

Dr. Ngozi Chainakwalam, Chairperson of the Investment & Securities Tribunal (IST) outlined the importance of the IST.

 

Senator Isiaka Adeleke (Chairman Senate Committee on Capital Market), assured the SEC that the National Assembly was committed to assist the Commission in advocating for legislative inputs to the development of the capital market.

 

Giving the rigorous nature of a constitutional amendment, various participants suggested interim remedies to the challenges, some of which are:

 

  1. Creation of specialized capital market divisions in the Federal High Courts,

 

  1. Continuous capacity building of judges of the division on capital market issues, and

 

  1. Development of Practice Directions by the Chief Judge of the Federal High Court granting special consideration to capital market related matters based on their essence to the economy.

 

Upon conclusion of the interactive session, participants adopted the under listed as the communique for the workshop:

 

  1. In the quest to develop a vibrant capital market, the central role of the Judiciary in the maintenance of market integrity cannot be overlooked.

 

  1. The Workshop should be an annual calendar event.

 

  1. The current market wide reforms by the SEC, are ground breaking initiatives that would revolutionize the Nigerian capital market.

 

  1. Judicial review of decisions of SEC’s APC by the IST and the Federal High Court need to preserve and enhance the integrity of dispute resolution mechanism in the capital market.

 

  1. A comprehensive reform agenda for the Investments and Securities Tribunal (IST) needs to be urgently instituted.

 

  1. The SEC should promote Securities Arbitration and other ADR mechanisms.

 

  1. Judicial pronouncements and decisions on capital market issues should be progressive, taking into consideration the overriding wellbeing of the market and the protection of investors.

 

  1. The adoption of the doctrine of judicial deference in capital market matters should be encouraged.

 

  1. The investor protection and dispute resolution mechanism in the market must be supported by an equally robust enforcement framework.

 

  1. The controversies with respect to the jurisdiction of the IST need to be conclusively tackled via a Constitutional amendment.

 

Click Here to Download Full Workshop Report  

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