Compliance Management Systems and Regulatory Governance in the Nigerian Capital Market

This study investigates compliance management systems and their role in enhancing regulatory governance in the Nigerian capital market. The Securities and Exchange Commission's regulatory framework establishes detailed compliance obligations for market operators including stockbrokers, fund managers, and registrars. Effective compliance management systems enable firms to identify, assess, monitor, and report on their adherence to these obligations, reducing regulatory violations and market disruption risks. Drawing on regulatory compliance theory and recent capital market governance literature, this study evaluates the maturity of compliance management systems in selected capital market operators and examines their relationship with regulatory violation records. A mixed-method research design is adopted, combining analysis of SEC enforcement records over four years with questionnaires administered to fifty compliance officers across twenty capital market firms. Data are analysed using descriptive statistics and ordered regression. The study expects firms with dedicated compliance functions, automated monitoring tools, and regular board compliance reporting to demonstrate fewer regulatory violations. Findings will assist the Securities and Exchange Commission, capital market operators, and the Chartered Institute of Stockbrokers in improving compliance governance standards. Keywords: compliance management, regulatory governance, capital market, Securities and Exchange Commission, Nigeria.