The enforcement powers of the Commission are derived from the Securities Commission Act 2015, Capital Market Act 2015, Central Depository Act 2015, Regulations & Codes and or any other laws that expressly provides for the functions, powers, or duties of the Commission.
The Commission uses its enforcement powers within the scope of these securities laws to achieve compliance within the regulatory regimes for which it is mandated.
The Commission is empowered under Section 41 of the SCA 2015SCA 2015 Securities Commission Act 2015 to state a case for the opinion of the Court on question of law arising in any matter before it. Nevertheless, the decision of the Commission is final – Section 112 SCA 2015.
Right to Appeal:
The right to appeal against a decision of the Commission to impose an enforcement measure is prescribed in Section 114 of the SCA 2015. Pursuant to Section 114(2) of the SCA 2015, a party or a person who is dissatisfied with determination of the Commission is allowed to appeal to the Court by way of a case stated for the opinion only. Appeal is allowed within the 14 days after the date of determination.
When the Commission come across, at any time, a suspected or apparent breach of a securities laws , the Commission commences investigations and or brings criminal charges against the offender.
The Commission is empowered under Section 102 of the SCA 2015 to prosecute criminal offences in the National Court upon liaising with the Public Prosecutor. All offences in securities laws are indictable offences.
Investigation procedures are provided in Part V of the SCA 2015. Any persons arrested by the investigation officer of the Commission are handed over to a police officer. Then the arrested person is dealt with procedures under the Criminal Code Act.
The Commission had conducted several investigations so far and recommended relevant agencies to file proceedings against people and organizations implicated for breaches of the securities laws. Some investigations are currently underway.