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Daddy D.O🇳🇬
@DOlusegun
President Bola Ahmed Tinubu, yesterday, signed into law the Investment and Securities Act (ISA) 2024, marking a major milestone in Nigeria’s capital market reform.
The new legislation repeals the former Investments and Securities Act No. 29 of 2007, is aimed at strengthening the legal and regulatory framework for investments and capital market activities in the country.
So, what are the major highlights of this new act and what does it mean for our economy
1. The act has now expanded the regulatory powers of the Security and Exchange Commission to meet standards of global bodies opening Nigeria to new markets.
2. The Act now provides a legal framework for regulating financial market infrastructures such as clearing houses, trade depositories, and central counterparties which are critical components of a well-functioning capital market.
3. For states and sub-nationals, the act now provides opportunities for infrastructure financing which means states seeking alternative funding for projects can raise funds from the capital market without total reliance on federal allocations.
4. The act is also designed to stimulate growth in agriculture, mining, and other commodity-dependent industries by enabling more structured financing and reducing risks for market participants.
5. Lastly, the act now provides the legal framework for digital asset operations in Nigeria meaning cryptocurrency trading amongst other digital assets handling now has clear guidelines which must be adhered to with stipulated penalties.
The act is another milestone achievement for the
@officialABAT
led administration as it continues to reform various aspects of our economy for productivity and accelerated growth.
#SecurityExchangeReform
#BelieveInPBAT
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