Business

ASHON seeks cooling-off period for ISA 2025 implementation

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6 days ago

The Association of Securities Dealing Houses of Nigeria (ASHON) has requested a cooling-off period before the full implementation of the new Investment and Securities Act (ISA) 2025 to enable its members to familiarize themselves with the new provisions.

The new Act incorporates innovations such as digital assets, crowdfunding, and financial technology (FinTech), and provides a clearer basis for regulating Virtual Asset Service Providers (VASPs) and digital investment products. It also empowers the Securities and Exchange Commission (SEC) to prosecute and jail an erring market operator.

Market watchers fear that capital market operators may struggle to comply with the new Act’s provisions due to its innovations and they need more time to gain wider understanding.

Speaking at a workshop organised by ASHON on the implementation of ISA 2025 in Lagos recently, ASHON Chairman, Sam Onukwue, commended the SEC on the ISA 2025 but pleaded for a cooling-off period to allow members to gain deeper knowledge of the new securities laws.

Executive Commissioner for Operations of the Commission, Bola Ajomale, urged ASHON members to study the new ISA provisions and employ professionals to enhance their knowledge and interpretation of the Act.

Ajomale advised market operators to adopt self-reporting to mitigate sanctions in the event of a breach.

The Workshop featured presentations on “Translating the New ISA 2025 Act into Practice,” “Legal Perspectives on Digital Assets & Regulatory Frameworks,” and “The ISA 2025 and Digital Innovations.”

Among the participants were ASHON’s 1st and 2nd Vice Chairman, Sehinde Adenagbe and Ify Ejezie, respectively.