The object of this Bill is to—
(a) regulate the capital markets so as to foster fair and efficient
trading;
(b) continue the existence of the Securities and Exchange
Commission and provide for its functions and powers;
(c) license and regulate securities exchanges, clearing and
settlement agencies and self-regulatory organisations;
(d) ensure the financial integrity of transactions and avoidance
of systemic risk in the capital markets;
(e) provide for licensing and regulation of capital markets
operators;
(f) provide for licensing and regulation of credit rating agencies
and protect the integrity, transparency and reliability of
the credit rating process and credit ratings;
(g) provide for registration of securities and conduct of
securities business;
(h) provide for regulation of collective investment schemes;
(i) prohibit insider dealing in securities and other offences;
(j) provide for mergers and take-overs of listed companies
and companies whose securities are registered with the
Commission;
(k) provide for auditing and corporate responsibility of listed
companies and companies whose securities have been
registered with the Commission;
(l) continue the existence of the Compensation Fund;
(m) establish the Capital Markets Tribunal;
(n) repeal and replace the Securities Act, 1993 ; and
(o) provide for matters connected with or incidental to the
foregoing.