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ARTICLE · 28 JUNE 2021

The Regulatory Incubation Guidelines: An Empowering Or Controlling Mechnism?

Moroom Africa Legal Consults
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These Guidelines establish the Pre-Qualification, Incubation Form and Fee, Operations Requirement, Restrictions and Conditions, Termination and Content of the Implementation Plan.

NigeriaTechnology
Pamilerin Akabunwa
Pamilerin Akabunwa
Halima Aigbe
Halima Aigbe
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INTRODUCTION

On the 16th of June, 2021, the Securities and Exchange Commission (herein referred to as the SEC) announced the imminent roll-out of the SEC Regulatory Incubation (RI) program for Financial Technology (FinTechs) firms operating or seeking to operate in the Nigerian Capital Market.

The Regulatory Incubation Guideline was issued in line with the provisions of the Investment and Securities Act (ISA)1 which confers the various powers and functions on the SEC as the apex regulatory organisation for the Nigerian Capital market2 and prohibited any expert or professional from carrying out any activity in the Capital Market except registered by the SEC3 in accordance with its condition and manner of registration.4

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