Nigeria’s SEC plans stakeholder talks on proposed online forex rules
Nigeria’s Securities and Exchange Commission is preparing consultations with stakeholders on proposed regulations for online foreign-exchange trading. The plans include higher capital requirements, although the available report does not specify the proposed threshold, timetable or other details of the rules.
Nigeria’s Securities and Exchange Commission is set to engage stakeholders on proposed rules governing online foreign-exchange trading. The planned consultations will centre on a regulatory framework for online forex activity. The commission is also proposing higher capital requirements for participants, according to the report.
The available information does not state when the stakeholder engagement will take place or identify the groups expected to participate. It also does not give the proposed capital threshold or explain whether the requirements would apply equally to all online forex businesses. No details were provided on other parts of the proposed rules, including licensing, customer safeguards, reporting obligations or enforcement.
The stakeholder process is expected to provide an opportunity for affected parties to respond before any final rules are adopted. The Securities and Exchange Commission is the regulator named in the report. Further information about the proposal, its implementation timetable and the commission’s reasons for seeking tighter requirements was not included in the supplied material.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.