Insider Dealings in Nigeria - 2188 Words

â€Å"EXAMINE THE EFFECTIVENESS OF THE PROVISIONS OF THE INVESTMENT AND SECURITIES ACT (ISA 2007) ON INSIDER TRADING AGAINST THE BACK DROPS OF THE PROVISIONS OF THE CAMA 1990 AND THE COMMON LAW ON THE DUTIES OF DIRECTORS OF COMPANIES IN PREVENTING INSIDER RELATED OFFENCES AND PROTECTING THE INTEGRITY OF THE SECURITIES MARKET IN NIGERIA PRIOR TO AND IN THE MODERN ERA OF THE INTERNET.† SUBMITTED BY AYODELE DOYINSOLA .O LAW/2007/100 DEPARTMENT OF LAW OBAFEMI AWOLOWO UNIVERSITY ILE-IFE OSUN STATE TO PROFESSOR M.T. OKRORODUDU-FUBARA IN PARTIAL FULFILMENT OF THE COURSE â€Å"LAW OF BUSINESS ASSOCIATION† (BUL 502) Concept of Insider dealing One of the areas of company law in which the general equitable rules seem to be inadequate to protect the†¦show more content†¦The law fails to provide for express prohibitions of insider trading. The duties stated were left to the discretion of the directors to determine. It did not only fail to prohibit insider trading, but to an extent, the Act is weak with respect to protecting the integrity of the security market in Nigeria. Similarly, it fails to cover for statutory duties of other members of the company against insider dealings. Effectiveness of the Investment Securities Act The Investment securities Act, unlike CAMA make adequate provisions for the prohibition of insider dealings. Section 111 of ISA provides for the prohibition of insider dealings by insiders including officials other than the directors. The section 315 of the Act provides adequate definition of what insider dealing is and also gives a clear-cut definition of who an insider is. Similarly, Section 313 of the Investment and Securities Act provides that: ‘The Commission may, from time to time, make rules and regulations for the purpose of giving effect to the provisions of this Act and may in particular and without prejudice to the generality of the foregoing provisions, make rules and regulations- prescribing the activities which constitute insider dealings the rules governing dealings in securities by insiders and defining the term insider dealings’ The above provisions gives exclusive discretion to the commission such thatShow MoreRelatedInsider Dealings in Nigeria2178 Words   |  9 Pagesâ€Å"EXAMINE THE EFFECTIVENESS OF THE PROVISIONS OF THE INVESTMENT AND SECURITIES ACT (ISA 2007) ON INSIDER TRADING AGAINST THE BACK DROPS OF THE PROVISIONS OF THE CAMA 1990 AND THE COMMON LAW ON THE DUTIES OF DIRECTORS OF COMPANIES IN PREVENTING INSIDER RELATED OFFENCES AND PROTECTING THE INTEGRITY OF THE SECURITIES MARKET IN NIGERIA PRIOR TO AND IN THE MODERN ERA OF THE INTERNET.† SUBMITTED BY AYODELE DOYINSOLA .O LAW/2007/100 DEPARTMENT OF LAW OBAFEMI AWOLOWO UNIVERSITY ILE-IFE OSUN STATE TO PROFESSORRead MoreThe Importance of Law (Legal Back Up) to an Individual, Organization and Economy of a Country at Large2170 Words   |  9 Pagesoften said that there is no better test of the excellence of a government than the efficiency of its leaders, hence this programme; Leadership Training and Career Development is relevant in this period of the political dispensation of our country, Nigeria. 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The goal of this essay is to know what Female Genital Circumcision is and different types of FGC and why this is performed and why it is important for outsiders to not have ethnocentric views when dealing with this. This essay also deals with why it should be medicalized instead of enforcing laws to ban this years long tradition in all African countries. When challenging female genital circumcision, we are also challenging the people who perform thisRead MoreThe Accounting Profession and Nat39077 Words   |  157 Pagescorrespondence, enquiries, contributions and research notes should be submitted to: The Editor, The Journal of Accounting, C/o Nigerian College of Accountancy, Plot 42T Bauchi Ring Road, Dogon Dutse, P. M. B. 2734, Jos, Plateau State, Nigeria. Subscription Rates: Nigeria Outside Nigeria - N1000 (Exclusive of postage) N1000 $10 (Exclusive of postage) Prof. Edet R. Iwok Editor-in-Chief iv EDITORIAL Like any other profession, Accounting is not static. 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