Lagos, Sept. 26, 2023 – NGX Regulation Limited (“NGX RegCo”) has released a code of conduct for approved trading license holders of Nigerian Exchange Limited (NGX)
NGX RegCo said the introduction of the code was in keeping with NGX’s commitment to promoting high professional standards and ethical conduct in the capital market.
It said the code, which was approved by the Securities and Exchange Commission (SEC) on Aug. 16, would take effect on Oct.3.
Its primary objective is to establish and uphold acceptable standards of behaviour, thereby fostering professionalism, integrity, and fairness in the interactions of approved persons with clients, employers, employees, regulators, and other relevant stakeholders.
This code is also to bolster investor confidence and pave the way for a sustainable and thriving market.
The Code emphasises high professional standards, reasonable skill, care, and prudence, as well as adherence to ethical and practical standards.
Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times.
Ms Tinuade Awe, the Chief Executive of NGX Regulation Limited, said 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 licence 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, Broker Dealer Regulation at NGX, also said: “The code of conduct for approved persons of trading licence holders reflects our ongoing efforts to improve the regulatory framework of the Nigerian capital market.
“We strongly encourage all approved persons of trading licence holders to familiarise themselves with the code and ensure its implementation and compliance within their organisations.
“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.”
