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Financial Sector Assessment Program : Nigeria - IOSCO Objectives and Principles of Securities Regulation

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dc.contributor.authorInternational Monetary Fund
dc.contributor.authorWorld Bank
dc.date.accessioned2013-10-01T16:57:21Z
dc.date.available2013-10-01T16:57:21Z
dc.date.issued2013-05
dc.description.abstractThe regulatory framework for securities markets in Nigeria has improved markedly since the 2002 Financial Sector Assessment Program (FSAP), and particularly in the last five years. Since the adoption of the Investments and Securities Act 2007 (ISA) and the first set of rules and regulations of the Nigerian Securities and Exchange Commission (SEC), the regulatory framework has been further strengthened and expanded. The SEC cooperates both at the domestic and international level with its counterparts and other authorities. The SEC focuses on regulating the products offered to investors through extensive scrutiny of prospectuses for all securities, including collective investment schemes. An assessment of the level of implementation of the International Organization of Securities Commissions (IOSCO) principles in Nigeria was conducted from September 4 to 19, 2012 as part of the International Monetary Fund (IMF)-World Bank FSAP. The assessment was made based on the IOSCO objectives and principles of securities regulation approved in 2010 and the methodology updated in 2011. The IOSCO methodology requires that assessors not only look at the legal and regulatory framework in place, but also at how it has been implemented in practice. The Investments and Securities Tribunal (IST) provides a process for the resolution of securities markets related cases that do not have to be resolved in the regular court system. The purpose of the assessment is primarily to ascertain whether the legal and regulatory securities markets requirements of the country and the operations of the securities regulatory authorities in implementing and enforcing these requirements in practice meet the standards set out in the IOSCO principles. The assessment is to be a means of identifying potential gaps, inconsistencies, weaknesses and areas where further powers and/or better implementation of the existing framework may be necessary and used as a basis for establishing priorities for improvements to the current regulatory scheme. The assessment of the country's observance of each individual principle is made by assigning to it one of the following assessment categories: fully implemented, broadly implemented, partly implemented, not implemented and not applicable. The IOSCO assessment methodology provides a set of assessment criteria to be met in respect of each Principle to achieve the designated benchmarks.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/05/18170453/nigeria-iosco-objectives-principles-securities-regulation-detailed-assessment-implementation
dc.identifier.doi10.1596/15967
dc.identifier.urihttps://hdl.handle.net/10986/15967
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTABILITY
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectADMINISTRATIVE COSTS
dc.subjectADVISORY SERVICES
dc.subjectARBITRATION
dc.subjectASSET MANAGEMENT
dc.subjectASSET VALUE
dc.subjectAUDIT STANDARDS
dc.subjectAUDITING
dc.subjectAUDITORS
dc.subjectAUDITS
dc.subjectBANK SETTLEMENT
dc.subjectBANKRUPTCY
dc.subjectBENEFICIAL INTEREST
dc.subjectBID
dc.subjectBOND
dc.subjectBOND FUNDS
dc.subjectBROKER
dc.subjectBROKER DEALER
dc.subjectBROKER DEALERS
dc.subjectBROKER-DEALER
dc.subjectBROKER-DEALERS
dc.subjectBROKERS
dc.subjectBUSINESS ACTIVITY
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET INFRASTRUCTURE
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCASH SETTLEMENT
dc.subjectCENTRAL BANK
dc.subjectCLEARING HOUSE
dc.subjectCLIENT ASSETS
dc.subjectCODE OF CONDUCT
dc.subjectCOLLECTIVE INVESTMENT
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITIES
dc.subjectCOMMODITY
dc.subjectCOMMODITY EXCHANGES
dc.subjectCOMPETITIVENESS
dc.subjectCONFIDENTIALITY
dc.subjectCONFLICT OF INTEREST
dc.subjectCONFLICTS OF INTEREST
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORRUPTION
dc.subjectCREDIT RATING
dc.subjectCREDIT RATING AGENCIES
dc.subjectCREDIT RATINGS
dc.subjectCREDITORS
dc.subjectCROSS-BORDER OFFERINGS
dc.subjectDEBENTURES
dc.subjectDEBT
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT SECURITIES
dc.subjectDEFAULT RISK
dc.subjectDEFICITS
dc.subjectDEPOSITORY
dc.subjectDERIVATIVES
dc.subjectDERIVATIVES EXCHANGES
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDISCLOSURE STANDARDS
dc.subjectECONOMIC POLICIES
dc.subjectEMPLOYER
dc.subjectENFORCEMENT POWERS
dc.subjectEQUITABLE ACCESS
dc.subjectEQUITIES
dc.subjectEQUITY FUNDS
dc.subjectETHICAL FUNDS
dc.subjectEXCHANGE COMMISSION
dc.subjectEXCHANGE MARKET
dc.subjectEXPENDITURE
dc.subjectEXPOSURES
dc.subjectFAIR
dc.subjectFINANCIAL CAPACITY
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL HEALTH
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MISMANAGEMENT
dc.subjectFINANCIAL REGULATORS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR ASSESSMENT
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SERVICES INDUSTRY
dc.subjectFINANCIAL STATEMENT
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL SYSTEM
dc.subjectFRAMEWORK FOR SECURITIES
dc.subjectFUND MANAGER
dc.subjectFUND MANAGERS
dc.subjectFUTURES
dc.subjectGOOD FAITH
dc.subjectGOVERNANCE PRACTICES
dc.subjectGUARANTEE FUND
dc.subjectHEDGE FUND
dc.subjectHEDGE FUNDS
dc.subjectHOLDING
dc.subjectHOLDING COMPANIES
dc.subjectHOLDING COMPANY
dc.subjectHOLDINGS
dc.subjectHUMAN RESOURCES
dc.subjectINCOME
dc.subjectINFORMATION SERVICE
dc.subjectINFORMATION SHARING
dc.subjectINFORMATION TECHNOLOGY
dc.subjectINSIDER DEALING
dc.subjectINSIDER TRADING
dc.subjectINSOLVENCY PROCEEDINGS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINTERNAL CONTROL
dc.subjectINTERNAL CONTROLS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL INVESTORS
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVESTOR PROTECTION
dc.subjectISSUANCE
dc.subjectJUDICIAL COURT
dc.subjectJUDICIAL PROCESS
dc.subjectJUDICIAL SYSTEM
dc.subjectJURISDICTION
dc.subjectJURISDICTIONS
dc.subjectLEGAL PROTECTION
dc.subjectLEGAL PROVISIONS
dc.subjectLEGAL REQUIREMENTS
dc.subjectLEGAL SYSTEM
dc.subjectLEGISLATION
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET DISRUPTION
dc.subjectMARKET INFRASTRUCTURE
dc.subjectMARKET INTERMEDIARIES
dc.subjectMARKET INTERMEDIARY
dc.subjectMARKET MAKERS
dc.subjectMARKET MANIPULATION
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET PRICE
dc.subjectMARKET REGULATION
dc.subjectMARKET SHARE
dc.subjectMARKET STRUCTURE
dc.subjectMARKET SURVEILLANCE
dc.subjectMARKET TRADE
dc.subjectMARKETING
dc.subjectMINIMUM CAPITAL REQUIREMENTS
dc.subjectMISMANAGEMENT
dc.subjectMONETARY FUND
dc.subjectMONEY LAUNDERING
dc.subjectMONEY MARKET
dc.subjectNEW COMPANIES
dc.subjectOUTSOURCING
dc.subjectPAYMENT OBLIGATIONS
dc.subjectPENALTIES
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO MANAGERS
dc.subjectPOTENTIAL INVESTOR
dc.subjectPREJUDICE
dc.subjectPRIMARY DEALERS
dc.subjectPROFESSIONAL QUALIFICATION
dc.subjectPROTECTION OF INVESTORS
dc.subjectPUBLIC COMPANIES
dc.subjectREAL ESTATE
dc.subjectRECEIPT
dc.subjectREGISTERED SECURITIES
dc.subjectREGISTRATION OF SECURITIES
dc.subjectREGISTRATION PROCESS
dc.subjectREGISTRATION REQUIREMENT
dc.subjectREGULATOR
dc.subjectREGULATORY AUTHORITIES
dc.subjectREGULATORY AUTHORITY
dc.subjectREGULATORY BODY
dc.subjectREGULATORY CAPACITY
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY REQUIREMENTS
dc.subjectREGULATORY SYSTEM
dc.subjectREGULATORY SYSTEMS
dc.subjectRESERVES
dc.subjectRETURNS
dc.subjectRISK MANAGEMENT
dc.subjectSAVINGS
dc.subjectSECONDARY MARKETS
dc.subjectSECURITIES
dc.subjectSECURITIES DEALERS
dc.subjectSECURITIES EXCHANGE
dc.subjectSECURITIES EXCHANGES
dc.subjectSECURITIES LAW
dc.subjectSECURITIES MARKET
dc.subjectSECURITIES MARKETS
dc.subjectSECURITIES REGULATION
dc.subjectSECURITIES REGULATORS
dc.subjectSECURITIES REGULATORY AUTHORITIES
dc.subjectSECURITIES TRANSACTIONS
dc.subjectSELF-REGULATION
dc.subjectSETTLEMENT
dc.subjectSETTLEMENT OBLIGATIONS
dc.subjectSETTLEMENT SYSTEM
dc.subjectSETTLEMENT SYSTEMS
dc.subjectSHARE PRICE
dc.subjectSHAREHOLDERS
dc.subjectSPREAD
dc.subjectSTOCK EXCHANGE
dc.subjectSUPERVISORY AUTHORITIES
dc.subjectSYSTEMIC RISK
dc.subjectSYSTEMIC RISKS
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTRADE ASSOCIATION
dc.subjectTRADE ASSOCIATIONS
dc.subjectTRADING
dc.subjectTRADING PLATFORMS
dc.subjectTRADING SYSTEMS
dc.subjectTRANSPARENCY
dc.subjectTRANSPARENT MARKETS
dc.subjectTREASURY
dc.subjectTRUST DEED
dc.subjectTRUSTEE
dc.subjectTRUSTEES
dc.subjectUNDERWRITERS
dc.subjectUNIVERSAL BANKING
dc.subjectVALUATION
dc.subjectVENTURE CAPITAL
dc.titleFinancial Sector Assessment Program : Nigeria - IOSCO Objectives and Principles of Securities Regulationen
dspace.entity.typePublication
okr.date.disclosure2013-08-30
okr.date.doiregistration2025-05-07T09:38:15.605121Z
okr.doctypeEconomic & Sector Work::Financial Sector Assessment Program (FSAP)
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2013/05/18170453/nigeria-iosco-objectives-principles-securities-regulation-detailed-assessment-implementation
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid827081468098679645
okr.identifier.externaldocumentum000356161_20130830143253
okr.identifier.internaldocumentum18170453
okr.identifier.report80731
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/08/30/000356161_20130830143253/Rendered/PDF/807310ESW0Nige00Box379814B00Public0.pdfen
okr.region.administrativeAfrica
okr.region.countryNigeria
okr.sectorFinance :: General finance sector
okr.themeFinancial and private sector development :: Regulation and competition policy
okr.themeFinancial and private sector development :: Standards and financial reporting
okr.themeFinancial and private sector development :: Other financial and private sector development
okr.themeTrade and integration :: International financial architecture
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicMacroeconomics and Economic Growth::Markets and Market Access
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicBanks and Banking Reform
okr.unitFinancial Sector Assessment Prog (FFSFP)
okr.volume1 of 1
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