UPDATE ON THE ACTIVITIES OF Investments Securities Tribunal
UPDATE ON THE ACTIVITIES OF Investments & Securities Tribunal PRESENTED AT THE CAPITAL MARKET COMMITTEE MEETING IST-Dispensing Justice without Fear or Favour August 9, 2018
Recent Developments n n Adjudicatory Activities: The Tribunal had increased case influx and rapid reduction of its caseload S/N DESCRIPTION 1 No of cases filed within the period April-July, 2018 2 No of Judgment delivered 16 3 No of Consent Judgement 4 4 No of Pending Judgement 1 5 No of Cases Struck out 1 6 No of cases adjourned sin- die - 7 No of Cases Pending 27 8 No of sittings 38 IST-Dispensing Justice without Fear or Favour! NUMBER 2 2
Factors Responsible for the Developments n Increased case influx resulting from increased investors’ confidence on the Tribunal n Public awareness of the existence and operations of the Tribunal. n Zeal of new Members in efficient and effective adjudication of capital market disputes brought before them IST-Dispensing Justice without Fear or Favour! 3
üPublic Recent Developments Enlightenment: n The Tribunal continued intensive public enlightenment campaign through electronic and print media by publishing of its recent judgments and organising of media conferences to bring the activities of the Tribunal to fore. üStakeholders Workshop: The Tribunal convened a stakeholders’ workshop for Cross River and Akwa Ibom states at the Transcorp Hotel Calaber from 16 th-18 th July , 2018 to enlightening stakeholders: Judges, the Bar and General public on the activities and operations of the Tribunal. üOpening of legal year üUnveiling of the new Lagos Zonal Office üGeneral sensitization in the second week of September, 2018 üInaugural sitting at the Porthacourt zonal office in 20 th September, 2018 IST-Dispensing Justice without Fear or Favour! 4
Challenges n Lack of Enforcement Powers: The Tribunal by virtue of ISA 2007 has no enforcement powers and enforcement of its judgment lies with the Federal High Court. This weakens investors’ confidence on the Tribunal n Inadequate Office Space: The Head office lacks space for befitting Courtroom and offices for staff n Funding: v Inconsistent release of the paltry budgetary allocation hinders smooth operation. v Irregular release of the approved capital market development Fund. v Inadequacy of the fund to meet the requirements of the provisions Sections 280 and 283 (2) of 1 SA 2007 n Public Awareness: - Need for nationwide sensitization of stakeholdersto re-launch her operations IST-Dispensing Justice without Fear or Favour! 5
Issues for CMC Deliberations § ISA BILL 2018 § Insight into the Code of Corporate Governance for the Capital Regulators § The need for Capital Market Community to Support IST-Dispensing Justice without Fear or Favour! 6
Thank You IST-Dispensing Justice without Fear or Favour! 7
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