Section 82 Investments and Securities Act 2025

Section 82 of the Investments and Securities Act 2025 is about Request for information in respect of systemic risk. It is under Part VIII (Management Of Systemic Risk) of the Act. It provides as follows:

(1) Notwithstanding the provisions of any other law, the Commission may, by notice in writing, request any capital market participant to submit any information or document —
(a) which the Commission considers necessary for the purpose of monitoring, mitigating and managing systemic risks in the capital market; or
(b) where the Commission receives a request from a financial sector regulator.

(2) For the purpose of subsection (1), where the primary business operations of the relevant capital market participant are under the regulatory purview of another financial sector regulator, the Commission shall liaise and cooperate with such regulator for the purpose of issuing the directive.

(3) Where a notice is issued to a capital market participant under subsection (1), the capital market participant shall provide the required information or document notwithstanding any obligation under any contract, agreement or arrangement whether express or implied to the contrary.

(4) A capital market participant who fails to comply with a notice issued under subsection (1) is liable to a penalty of not less than N20,000,000 and a further penalty of not less than N50,000 for every day that the violation continues, and in the case of a director, or principal officer of an entity, is liable on conviction to a fine of not less than N5,000,000 or imprisonment for a term of one year.