Investments and Securities Act, 2007

(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.

Arrangement of Sections

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

1. Establishment of the securities and exchange Commission.

2. Head office of the Commission.

3. Composition of the board of the Commission.

4. Duties of the board.

5. Appointment and tenure of office of members of the board.

6. Director-General and full time Commissioners to be fully devoted to the service of the Commission.

7. Management of the Commission.

8. Disqualification and cessation of appointment.

9. Remuneration and allowances of members of the Board.

10. Meetings of the board of the Commission.

11. Disclosure of interest.

12. Code of ethics for members of the board.

PART II - FUNCTIONS AND POWERS OF THE COMMISSION

13. Functions and powers of the Commission.

14. Powers to establish departments.

PART III - STAFF OF THE COMMISSION

15. Appointment of the Secretary and other staff of the Commission.

16. Remuneration of the Secretary and other staff of the Commission .

17. Duties of the Secretary.

18. Service in the Commission to be pensionable.

PART IV - FINANCIAL PROVISIONS

19. Funds of the Commission.

20. Application of the funds of the Commission.

21. Reserve account.

22. Power to accept gifts.

23. Penalties, fees, etc. to be retained and utilized by the Commission.

24. Borrowing by the Commission.

25. Investment by the Commission.

26. Annual estimates, account and audit.

27. Annual report.

28. Registration of securities exchanges and capital trade points.

29. Conditions for registration. No 1 of 1990.

PART V: REGISTRATION AND REGULATION OF SECURITIES EXCHANGES, CAPITAL TRADE POINTS AND OTHER SELF REGULATORY ORGANIZATIONS

30. Revocation of certificate of a securities exchange or capital trade point.