Section 35: Power to issue directives to a securities exchange, capital trade point or self regulatory organisation, etc.

(1) The Commission may, where it deems appropriate, issue directives to a securities exchange, capital trade point or any other self regulatory organisation with respect to :
(a) trading on or through the facilities of that securities exchange, capital trade point or self regulatory organisation or pertaining to any securities listed on the securities exchange, capital trade point or self regulatory organisation;
(b) the manner in which a securities exchange, capital trade point or self regulatory organisation carries on its business including the manner of reporting off-market purchases; or
(c) any other matter which the Commission considers necessary for the effective administration of this Act, and the securities exchange, capital trade point or self regulatory organisation shall comply with the directives.
(2) No action shall be competent before any court of law or tribunal with regard to any directive by the Commission under subsection (1) of this section without the joinder of the Commission as a party.
(3) A securities exchange, capital trade point or any other self regulatory organization which, without reasonable excuse, fails or refuses to comply with a directive given under subsection (1) of this section shall be liable to a penalty of N1,000,000 and a further penalty of not less than N50,000 for every day during which the non-compliance continues.
(4) Where the Commission, after giving an executive officer of a securities exchange, capital trade point or any other self regulatory organisation an opportunity of being heard, is satisfied that such officer has contravened, failed or refused to comply with the provisions of this Act or any regulations made thereunder or the rules of the securities exchange, capital trade point or self regulatory organisation, the Commission may suspend or remove the executive officer from office.
(5) The Commission may, in the public interest or for the protection of investors, and after giving the executive officer an opportunity of being heard, direct the securities exchange or capital trade point or any other self regulatory organisation in writing to remove the executive officer and where the securities exchange or capital trade point or self regulatory organisation fails to comply with the directive of the Commission under subsection (4) of this section, the Commission may suspend or remove the executive officer from office.