The Association of Securities Dealing Houses of Nigeria has called on the Securities and Exchange Commission to consider a cooling-off period before the full implementation of the newly signed Investment and Securities Act 2025.

In a statement, ASHON said the grace period would enable capital market operators to familiarise themselves with the new regulatory provisions, especially those involving digital assets, crowdfunding, and other fintech innovations.

Speaking at a workshop organised by the association in Lagos to address the implications of the new law, the Chairman of ASHON, Sam Onukwue, applauded the SEC for its efforts in modernising Nigeria’s capital market framework but appealed for a phased implementation.

Onukwue said, “We commend the SEC for the passage of ISA 2025, which reflects global trends in capital market regulation. However, we are asking for a cooling-off period that will allow our members to understand the new law better before full enforcement.”

The ISA 2025 introduces significant changes, including clearer regulation for Virtual Asset Service Providers, digital investment products, and increased prosecutorial powers for the SEC against erring operators.

Market observers at the workshop expressed concerns that operators may struggle with compliance without adequate time to internalise the provisions, leading to avoidable sanctions.

Responding to the appeal, the Executive Commissioner for Operations at the SEC, Bola Ajomale, encouraged operators to study the new law and seek legal expertise where necessary.

“I urge ASHON members and all stakeholders to invest in capacity building. Employ professionals, study the Act thoroughly, and understand the risks and responsibilities that come with it,” Ajomale noted.

He advised market players to embrace self-reporting in cases of unintentional breaches to mitigate regulatory penalties.

The workshop featured technical sessions including ‘Translating the New ISA 2025 Act into Practice’, ‘Legal Perspectives on Digital Assets & Regulatory Frameworks’, and ‘The ISA 2025 and Digital Innovations’.

The PUNCH reported that the Association of Securities Dealing Houses of Nigeria has commended the capital market for raising N2tn in the primary market in 2024.