FCCPC, SEC sign MoU on regulatory collaboration

Isola Moses

The Federal Competition and Consumer Protection Commission (FCCPC), Abuja, and Nigeria’s Securities and Exchange Commission (SEC) have signed a Memorandum of Understanding (MoU) to foster a mutually beneficial engagement and seamless operation of the mandates of both organisations in the nation’s economy.

A recent statement by the FCCPC Management stated this move is also in compliance with Section 105 of the Federal Competition and Consumer Protection Act (FCCPA) 2018

President Muhammadu Buhari signed the FCCPC Act into law January 30, 2019, and it FCCPC to negotiate MoUs with relevant regulators.

A key role of FCCPC, the statement adds, “is merger review, which was, prior to signing the FCCPA, a statutory role of the Securities and Exchange Commission (SEC).”

Recall on May 3, 2019, FCCPC and SEC had established a joint merger review desk as an interim measure to ensure continued processing of pending and emerging transactions.

Both regulatory agencies negotiated, and thus, have concluded an MoU in furtherance of this and a more structured collaborative working framework for a coordinated and efficient execution of their roles and responsibilities to ensure a complete, vibrant and robust implementation of their statutes.

Mr. Babatunde Irukera, Chief Executive Officer of FCCPC, at the MoU signing ceremony, remarked that the interim arrangement between FCCPC and SEC has been commended in industry “as exemplary of how to proffer solutions, promote confidence in the regulatory ecosystem and enable business.”

Ms. Mary Uduk, Acting Director-General, SEC, also said the MoU would lead to a stronger collaboration and better economy for the country.

The parties have agreed to cooperate and collaborate in performing their individual duties, particularly information sharing, consumer complaints in the capital market, investigation, enforcement and compliance, including capacity building.