DOWNLOAD THE INVESTMENTS AND SECURITIES ACT(ISA) 2007

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EXPLANATORY MEMORANDUM

The Act, amongst other things, provides for-

(a) the establishment of Securities and Exchange Commission;

(b) the repeal of the Investments and Securities Act 1999;

(c) the enlarged powers and functions of the Commission over the capital market ; and

(d) a set of new market infrastructures and wide-ranging system of regulation of investment and securities business in Nigeria, especially in the area of Mergers, Acquisitions and Take-Over, and collective Investment Schemes, where new provisions were made.

SECTIONS

PART I— ESTABLISHMENT AND MANAGEMENT OF THE SECURITIES AND EXCHANGE COMMISSION

PART II — FUNCTIONS AND POWERS OF THE COMMISSION

PART III — STAFF OF THE COMMISSION

PART IV — FINANCIAL PROVISIONS

PART VI: REGISTRATION AND REGULATION OF CAPITAL MARKET OPERATORS

PART VII: INSPECTIONS AND INVESTIGATIONS

PART VIII: REGULATION OF SECURITIES

PART IX: PUBLIC OFFER AND SALE OF SECURITIES AND INVITATIONS TO THE PUBLIC

PART X: CONDUCT OF SECURITIES BUSINESS

PART XI: TRADING IN SECURITIES

PART XII: MERGERS, TAKE-OVERS AND ACQUISITIONS

PART XIII: COLLECTIVE INVESTMENT SCHEMES

PART XIV: INVESTORS PROTECTION FUND

PART XV: BORROWING BY FEDERAL, STATE, AND LOCAL GOVERNMENTS AND THEIR

AGENCIES.

PART XVI: ESTABLISHMENT, JURISDICTION, AUTHORITY AND PROCEDURE OF THE

INVESTMENTS AND SECURITIES TRIBUNAL

PART XVII: MISCELLANEOUS

PART XVIII: INTERPRETATION AND CITATION