The Directorate has oversight responsibility for all legal, compliance and enforcement  related matters. Logically, each function is embodied by a full Department:

 

Legal

The Legal Department serves as the legal advisory arm of the Commission and it reports to the Commissioner (Legal & Enforcement). The Dept. coordinates all matters having legal content including legal publications, rule making and litigations involving the Commission. The Department is made up of Four Divisions namely:

  • Legal Services
  • Litigation
  • Rules

Functions of Legal Department

  • Provision of legal advice on all matters in which the Commission has interest.
  • Provision of legal advice on rule making, interpretation of securities laws and other relevant laws affecting the capital market.
  • Making inputs into legislation affecting the capital market and the economy in general.
  • Drafting the Rules and Regulations of the Commission.
  • Drafting/vetting of all agreements in which the Commission is a party or an interested party.
  • Co-ordination of all matters having legal content, including legal publications of the Commission.
  • Advising the Commission on all litigations involving it including appointment of external Solicitors and the coordination and monitoring of all litigations involving the Commission.

 

Monitoring

The overall responsibility of the Monitoring Department involves identifying, assessing and monitoring the operations and risks of registered operators and protection of investors.  It is a legal requirement that every operator in the market must be certified as fit and proper to carry out or undertake capital market functions.

The Department is comprised of Three Divisions:

    • Inspectorate
    • Post Offer Supervision
    • AML/CFT

Functions of Monitoring

  • Ensure that market operators maintain healthy financial states.
  • Ensure that Market participants comply with the Laws/Rules and Regulations guiding the conduct of their respective operations.
  • Ensure compliance with the provision of the Anti-money laundering prohibition Act (2004).

The Division utilises the on-site and off-site inspections to achieve these stated objectives.

 

Enforcement

The Department is responsible for ensuring compliance with regulations by operators and imposing sanctions where infractions are established. The Department investigates and analyses unresolved complaints and recommends appropriate actions to Management with the ultimate aim of protecting investors.

The Department comprises Three Divisions:

  • Investigation
  • Enforcement
  • Investor Protection

Enforcement Division

Functions

  • Addresses unresolved cases referred from operational Departments
  • Refers criminal violations to law enforcement agencies for further investigation
  • Initiates Enforcement actions against erring Capital Market Operators…read more on Enforcement Actions
  • Monitors and ensures compliance by any operator/company or individuals sanctioned, directed to do or to refrain from doing an act by the Commission.
  • On-site inspection of offices and books of operators.
  • Information sharing with respect to compliance issues.
  • Liaises with other operational Departments to ensure that registered operators comply with the filing of statutory returns/reports with the Commission.

Investigation Division

Functions

  • Resolution of disputes arising from capital market transactions involving CMOs and investors or among CMOs
  • Investigation of reported and suspected infractions in the market

 

Investor Protection Division