The NGX Regulation Limited (NGX RegCo)- the self-regulatory body that regulates activities at the Nigerian Exchange (NGX), has launched a code of conduct for officials of dealing members in a bid to strengthen investors’ protection.
The “Code of Conduct for Approved Persons of Trading License Holders, approved by Securities and Exchange Commission (SEC) on August 16, 2023, will take effect on October 3, 2023.
Chief Executive Officer, NGX Regulation Limited (NGX RegCo), Ms Tinuade Awe said the code underlined NGX’s commitment to promoting high professional standards and ethical conduct within the capital market.
According to her, the primary objective of the code is to establish and uphold acceptable standards of behaviour, thereby fostering professionalism, integrity, and fairness in the interactions of approved persons with clients, employers, employees, regulators, and other relevant stakeholders.
“This commitment is poised to bolster investor confidence and pave the way for a sustainable and thriving market. The code emphasises high professional standards, reasonable skill, care, and prudence, as well as adherence to ethical and practical standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times.
“At NGX RegCo, we understand the profound impact that a strong ethical foundation can have on the integrity and sustainability of the capital market,” Awe said.
She pointed out that the code of conduct was an important step towards further strengthening a market where confidence is essential, urging trading licence holders’ approved persons to fully embrace the code by demonstrating their commitment to best and fair practises and the highest professional standards.
“These are critical factors for establishing a market based on honesty and accountability, which will promote market depth, growth, and economic development,” Awe said.
Head, Broker Dealer Regulation, NGX RegCo, Mr. Olufemi Shobanjo, added that the code reflected ongoing efforts to improve the regulatory framework of the Nigerian capital market.
“We strongly encourage all approved persons of trading licence holders to familiarise themselves with the code and ensure its implementation and compliance within their organisations.
“At NGX RegCo, we stand ready to guide and support all stakeholders to ensure the smooth and hitch-free adoption of the code, thereby cementing the foundation for a more robust and ethical capital market in Nigeria,” Shobanjo said.
SOURCE: THENATION
