Security Exchange Commission, NITDA partner on data protection

• As NSE upgrades X-issuer to boost market confidence
The Securities and Exchange Commission (SEC), has restated its commitment to collaborate with the National Information Technology Development Agency (NITDA), to ensure safe conduct of transactions and usage of personal data in the Nigerian capital market.

The Director-General, SEC, Lamido Yuguda, stated this during a webinar on Nigerian Data Protection Regulation and how it affects the capital market.

The event was themed: Nigeria Data Protection Regulation (NDPR): Implications on the Nigerian Capital Market.

Yuguda said the Commission is very serious on the issue of data protection in the market, assuring that going forward, the SEC would continue to create the necessary awareness.

He said: “You may all recall that in 2019, the National Information Technology Development Agency (NITDA), which issued the Nigerian Data Protection Regulation (NDPR). The objectives are to safeguard the rights of natural persons to data privacy; foster safe conduct for transactions involving the exchange of personal data; prevent manipulation of personal data; and ensure that Nigerian businesses remain competitive internationally.

“By this regulation therefore, all private and public organizations that collect, process, store, archive and destroy data of natural persons in Nigeria or of Nigerians resident abroad are required to comply with the provisions of the regulation.

“Since the Commission and indeed all capital market operators perform these activities on data as covered by the NITDA NDPR; we are also subject to the new regulation, in one way or the other. That explains the reason behind organizing today’s webinar to enlighten the capital market community on the provisions of the NDPR.”

Yuguda assured participants that the new management would make it a duty to interact with the market from time to time to develop and improve its contribution to the economy.

He expressed optimism that the lessons gained from the session would impact the operations of participants meaningfully, and lead the local bourse to full compliance with NDPR.

In his presentation, Lead-NDPR Desk, NITDA, Olufemi Daniel, assured of NIDTA’s readiness to provide advisory support on NDPR implementation for the capital market, adding that the agency is willing to work in synergy with the SEC to standardise compliance.

Meanwhile, the Nigerian Stock Exchange (NSE), has announced the upgrade of its Issuers’ Portal (X-Issuer).
The X-Issuer, which was first launched in 2013, is a secure web-based portal designed to enable Issuers conveniently file information in an electronic format to the exchange. It is a key regulatory initiative of the NSE, developed to ensure electronic delivery of Issuers’ mandatory filings and other information in a structured and continuous manner to capital market stakeholders.

The enhanced X-Issuer comes with modern layout, improved functionalities, and new user-friendly features to further enhance the compliance and regulation experience of Issuers. Some of the new features include the release calendar module to allow issuers proactively file corporate actions and upcoming meetings; and an information channel for fund managers to share information about their funds.

Speaking on the development, the Chief Executive Officer, NSE, Oscar Onyema, said: “This upgrade affirms our commitment to eliminating information asymmetry in our market and protecting investors. The X-Issuer has, therefore, been enhanced to ensure that investors, analysts and other stakeholders are better able to evaluate data in an accurate, timely and more efficient manner.

“We are positive that the improvements we have incorporated will achieve greater transparency, integrity and accountability in our capital market; facilitate informed investment decision-making while providing an enhanced experience for issuers.”

The Executive Director, Regulation Division, NSE, Ms. Tinuade Awe, said: “At the NSE, we understand the importance of information in driving a vibrant capital market. As such, we are pleased to introduce the revamped X-Issuer to the market with its new features that will enable easy, convenient and more reliable submission and dissemination of company information, corporate actions, directors’ and insiders’ share dealing information, financial statements, earnings forecasts, meeting notices, and much more.

“We believe that the upgraded X-Issuer will further enhance the experience of issuers and expedite the discharge of post-listings obligations in a cost-effective and efficient manner.

“The Exchange remains committed to investing in business innovation and technological enhancements that will enable it to meet the needs of its stakeholders especially as we transition to a world of reduced physical interactions.”