BrandArena: NSE achieves milestone on dealing members compliance

Wednesday 9 September 2015

NSE achieves milestone on dealing members compliance

The Nigerian Stock Exchange (The NSE or The Exchange) has announced that it recorded a 100% compliance rate with the Dealing Member regulatory filings for the second quarter renditions for the period ended 30 June 2015, which was due on 17 August 2015.

This attainment bodes well with the Exchange’s implementation of its zero tolerance policy for infractions as all active Dealing Members of The Exchange are expected to submit their returns within the required timelines.

The Chief Executive Officer (CEO) of the NSE, Mr. Oscar N. Onyema, OON, said, “the achievement is a reflection of the Exchange’s collaborative approach to regulation, with a strong emphasis on relationship management within an ethical problem solving prism. We believe that this approach is key to developing a strong and sustainable capital market”.

Commending the Dealing Members for the achievement Mr. Onyema stated that “this milestone is underpinned by Dealing Members buy-in to the Exchange’s vision to be the foremost securities exchange in Africa driven by regulation, efficiency, liquidity and innovation. The Exchange is keenly aware of the burden of regulation on the Dealing Member community and therefore they deserve the kudos of their high sense of compliance despite the challenging times”.

He further said “this landmark achievement serves to remind us, not only that we have come a long way in our journey to transform the Nigerian capital market but also that our great hopes and aspirations for this market are not a pipe dream no matter how daunting the challenges ahead of us.”

The NSE being a self-regulatory organization maintains a body of rules to regulate the admission and supervision of its Dealing Members to enforce compliance with financial and operational requirements and the continuous monitoring and surveillance of their trade operations.

All Dealing Members of The Exchange are bound by The NSE's Rules and Regulations Governing Dealing Members which provide the framework for a fair and orderly market. Dealing Members and their Authorized Dealing Clerks trading on the floor of The Exchange are required to fulfil certain obligations prescribed in the Rules and Regulations Governing Dealing Members and other rules and regulations governing the capital market.

The Nigerian Stock Exchange’s bold steps towards creating a fair and orderly market has received local and international recognition. The NSE was recently named African Regulator of the year, 2015 by the African Leadership Magazine UK and also received the 2015 Award for Promoting Best Practice Reporting and Corporate Disclosure from the Lagos Chamber of Commerce & Industry.

No comments:

Post a Comment