The Nigerian Exchange Limited (NGX) has announced the publication of the Code of Conduct for Approved Persons of Trading Licence Holders.
The Securities and Exchange Commission (SEC) accepted a statement from the NGX on August 16, 2023, stating that the Code would go into effect on October 3, 2023.
The Exchange stated that its main goal is to develop and uphold accepted standards of conduct, encouraging professionalism, integrity, and fairness in interactions between Approved Persons and clients, employers, employees, regulators, and other pertinent parties.
The commitment, according to the regional Bourse, is positioned to increase investor confidence and open the door for a resilient and robust market.
The Exchange stated that the Code emphasises adherence to ethical and practical principles as well as high professional standards, reasonable skill, care, and prudence.
It continued by emphasising the principles and values that Approved Persons are expected to uphold at all times while conducting their business.
Tinuade Awe, the Chief Executive Officer of NGX Regulation Limited, commented on the development and highlighted that:
“At NGX RegCo, we understand the profound impact that a strong ethical foundation can have on the integrity and sustainability of the capital market.
"The Approved Persons Code of Conduct is an important step towards further strengthening a market where confidence is essential.
"We encourage our Trading License Holders’ Approved Persons to fully embrace this Code, demonstrating their commitment to best and fair practices 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.”
Olufemi Shobanjo, the Head of Broker-Dealer Regulation, NGX RegCo, stated:
“The Code of Conduct for Approved Persons of Trading License Holders reflects our ongoing efforts to improve the regulatory framework of the Nigerian capital market.
"We strongly encourage all Approved Persons of Trading License Holders to familiarize themselves with the Code and ensure its implementation and compliance within their organizations.
"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.”
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