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.
