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Legal and institutional frameworks for capital market regulation in Nigeria: recasting the agendas beyond compliance-based regulation

Author

Listed:
  • Edith O. Nwosu
  • Collins C. Ajibo
  • Uchechukwu Nwoke
  • Ikenna Okoli

Abstract

Purpose - The purpose of the paper is to explore the legal and institutional frameworks for optimal regulation of capital market beyond compliance-based regulation, to enable the market to deliver on its strategic role as the enabler of efficient allocation of resources and economic growth. Design/methodology/approach - The paper relies on doctrinal approach to assess the existing regulatory approaches and prospects for the future. Findings - The paper found that the regulatory authorities unduly concentrate on compliance-based and sanction-based regimes without sufficient emphasis on innovations and transformative solutions that foster diversification and efficiency in the market. The paper also found that the deployment of innovations and transformative solutions complemented with robust regulation is positively correlated with capital market growth. Originality/value - The paper offers fresh insights on the optimal approaches to regulation of capital market that transcend compliance-based and sanction-based regimes to reliance on innovative tools that expand, diversify and effectuate the functionality and utility of capital market.

Suggested Citation

  • Edith O. Nwosu & Collins C. Ajibo & Uchechukwu Nwoke & Ikenna Okoli, 2021. "Legal and institutional frameworks for capital market regulation in Nigeria: recasting the agendas beyond compliance-based regulation," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 28(2), pages 448-463, March.
    • Handle: RePEc:eme:jfcpps:jfc-07-2020-0142
    DOI: 10.1108/JFC-07-2020-0142
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