This morning, I begin a four-part serialization of my proposal to the Securities and Exchange Commission on the proposed DEMUTUALIZATION of the Nigerian Stock Exchange, in BUSINESSDAY Newspaper – Nigeria’s Leading Financial and Economic Daily, and I recommend certain things to be factored into drawing a workable LEGAL FRAMEWORK for this reform exercise. The interrelationship of “Law, Economy and Development” in any society dates back to the origin of civilization and the emergence of community itself. While economic policies are formulated to engender development generally, law provides the enabling administrative, regulatory and adjudicatory framework for the execution of such policies. An example of a current economic development policy initiative in Nigeria is the proposed demutualization of the Nigerian Stock Exchange. The board of the Securities and Exchange Commission inaugurated a Technical Committee on 22 September 2011, to develop a legal framework for the demutualization of the Nigerian Stock Exchange and the committee is widely reported to have submitted its report to the Commission since March 2012; though the process still remains inchoate. It is the aim of the article to, in addition to showing the current global preference for demutualization of Stock Exchanges; consider certain factors which are deemed widely desirable in drawing a workable legal framework for a demutualization regime. Please follow me on PART 1 @ businessdayonline/2013/08/legal-framework-for-demutualization-of-nse-1/
Posted on: Tue, 13 Aug 2013 07:54:21 +0000
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