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18 Feb

REGULATORY BODIES AND LAWS IN THE CORPORATE FIELD

:: PRINCIPAL LAWS, SUBSIDIARY LEGISLATIONS AND REGULATORY BODIES ON CORPORATE LAW PRACTICE.

:: FEATURES AND FUNCTIONS OF THE REGULATORY BODIES.

S/N LAW REGULATORY BODY EST SECTION FUNCTIONS[1]
1. Companies and Allied Matters Act 1990. Corporate Affairs Commission. S 1 CAMA. S 7 CAMA. To implement the CAMA which includes; Register, supervise and Investigate Companies and other forms of businesses.
2. Investments and Securities Act 2007 Securities and Exchange Commission[2]. S 1 ISA. S 13 ISA-SEC Regulates the Nigerian Capital Market, its stakeholders/players[3] and Transactions[4] conducted therein to ensure development and transparency.
3. Nigerian Investment Promotion Commission Act[5] 1995? Nigerian Investment Promotion Commission S 1 NIPCA Promote Foreign Investment in Nigeria and grant fiscal concessions therewith. Note its Establishment of OSIC.
4. Foreign Exchange (Monitoring and Miscellaneous Provisions) Act. CBN, Minister of Finance. S 1 FE(MMP)A.
5. National Office for Technology Acquisition and Promotion Act National Office for Technology Acquisition and Promotion. S 1 NOTAPA. To invigilate the transfer of foreign technology to Nigeria.
6. Industrial Inspectorate Act 2007 Industrial Inspectorate Division (Federal Ministry of Industry). S 1 IIA 2007.
7. Immigration Act
8. Companies Income Tax (Amendment) Act 2007. Federal Inland Revenue Service (FIRS) S 1 FIRSEA Generally administers Federal Taxes one of which is Companies Income Tax.
9. Asset Management Corporation of Nigeria Act 2010. Asset Management Corporation of Nigeria. S 1 AMCONA Resolve liquidity problems in the financial sector and disposal of bank assets.
10. Federal High Court Act Federal High Court. S 1 FHCA, S 249 1999 Constitution. Jurisdiction on Corporate Matters-Section 251, 1999 Constitution.
11. Banks and Other Financial Institutions Act Central Bank of Nigeria (CBN) S 1 CBNA Apex Regulator of Financial Institutions in Nigeria.
12. NSE Provides trading floor for sale and purchase of securities.
13. National Council of Privatization Determine policy on privatization and commercialisation which BPE implements.
14. Nigerian Communications Commission Act NCC
16. NAFDAC
17. Nigerian Copyright Commission.

 

[1] You can add two functions. 1. To administer the act and 2. Advise the Public.

[2] Metamorphosed from Capital Issues Committee 1962-to SEC in 1978. Encapsulated in the promulgation of SEC Decree 1979-1999-2007.

[3] Market Operators, Special Savings Schemes, etc.

[4] Like Securities Exchanges, Mergers, Acquisitions and so on.

[5] The NIPC Act repealed the Industrial Development Coordinate Committee Act and Nigerian Enterprises Promotion Decree.

Isochukwu

Quite eccentric really

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