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JIBC Getting the country's economic and social institutions to fully optimize the benefits arising from Internet and be integrated in the global Internet development requires strong political will on the part of government, objective commitment on the part of the private sector, full cooperation on the side of the Nigerian public, as well as an effective collaboration and assistance from the global community. Appreciably, the Internet security policies of major countries such as the United States of America and Britain tend to focus in larger part on how to prevent the incursion of Nigerian cyber- criminals. Apart from preventing the spread of Nigerian Internet frauds internationally, it is important to recognize the indispensable place of the local banking system in the fight against this odd. In the main, the banks are the agents of transferring funds to and from overseas; and the increasing role of electronic and Internet banking is making such transfers easier than usual. Getting things right within the local banking system therefore becomes an option not to be ignored in the whole campaign. This demands, among others, promulgation and objective enforcement of necessary electronic banking laws and policies in line with international standards; effective public education not only on Internet frauds and their regulatory implications, but also on the general applicability of Internet in banking and other forms of financial transactions; adequate funding of the necessary structures (such as the law enforcement agencies and the requisite infrastructure) for the delivery and facilitation of Internet banking; and initiating necessary collaborative strategies for benefiting from the widely publicized global campaign against Nigerian Internet frauds in particular, and the economic and financial crimes in general. As earlier identified, Nigeria presently lacks the regulatory capacity to control the global spread of Internet fraud and other financial crimes that have roots in the local banking system. Most of the regulations relating to banking and commerce in the country predate the present electronic banking era, and so lack appropriate provisions to achieve an organized and systematic Internet banking development. Even the most recent E- Electronic Banking Guidelines released by the country's Central Bank could not cover this gap. Given this reality on ground, the first major task in the quest for a globally acceptable Internet banking system in the country is the promulgation of requisite laws and policies. Such regulatory framework should be able to address the most important driving forces in Internet banking among customers, which include better access to the services, better prices and higher privacy. It should be guided towards providing the public access to cheap, fast and easy telecommunication services, while at the same time providing banks with adequate legal cover on services provided through the Internet (Ovia, 2. The regulations and policies must also be such that fully takes into consideration available administrative expertise and resources, as well as political constraints and economic impacts in the country's wider economy (Guasch and Hahn, 1. As has been argued by Norgren (2. That is to say that Internet banking regulation should be made to be adaptive and proactive. In line with the recommendations of Carlson et al. Abel Ebeh Ezeoha (Mr.), Department of Banking and Finance, Ebonyi State University, Abakaliki, Nigeria. Email: [email protected]. Ezeoha is a lecturer in the. Laws & Policies | Regulations and Policies. The U.S. Fish and Wildlife Service (Service) and the National Oceanic and Atmospheric Administration's National Marine. Internet banking and commerce. Such provisions in the E- Banking Guidelines that are inhibitive to electronic banking development can be rebalanced along with reasonable industry discretion or if possible entirely removed from the guidelines. One of such provisions is the case of restricting Internet banking on only naira denominated transactions. This particularly fails to recognize the global nature of this area of banking. Internet banking laws and policies, no matter how efficient and comprehensive, only make sense in the presence of necessary ICT infrastructural facilities. As has been stressed by Malakata (2. The attention of government and its relevant agencies is called here, especially as it has to do with reducing the cost of interconnectivity and general ICT access. According to the Global Internet Policy Initiative (2. Internet in developing countries, the cost of Internet connectivity and bandwidth must be reduced and the quality of service improved. The body recommended the adoption of the Internet Exchange Point (IXP) as one of the most effective mechanisms to accomplish both cost and service gains. According to the body, an IXP is a facility operated by a single entity to facilitate the exchange of Internet traffic between three or more ISPs. At present, the banks are going through systems integration after the comprehensive industry convergence occasioned by the ongoing banking reforms in the country. The fear here lies in the fact that this process may give rise to system lapses and hence increase the level of frauds. Protecting banks' ICT facilities from experienced bank staff that are likely to be displaced after the integration process is an important issue. This is so considering that internally among these banks, poor recruitment policy, job insecurity and greed among bank staff remain the largest set of incentives for bank frauds. Given the arising difficulties arising from e- banking, banks must also reexamine their recruitment policies as a way of making their cyber banking attractive and protective. It is also important that the Central Bank of Nigeria reviews the prevailing Guidelines on Ethics and Professionalism in Banks, and ensures that defaulting banks and bank staff are penalized accordingly. At the same time, acquiring software that would be capable of handling the emerging divergences in the system is also a challenging issue. Already, banks have started complaining of the huge cost of integration, with the largest consolidated bank, the United Bank for Africa Plc., indicating that it had already invested as much as N1 billion (about US$8 million) on its systems integration in the last one year. These are indeed important areas for regulatory concerns. The Central Bank of Nigeria would have to ensure that cost is not a hindrance in the needed systems integration among the emerging banks. This is especially so given the fact that most of the applications that were in use prior to consolidation lacked the capacity and scope to match the new trend in the industry, more so in the area of handling complex operations of a mega bank. Providing infrastructure and acquiring necessary software would also have to be augmented with ensuring that the banking publics have wider access to Internet, if the investment must be meaningful and rewarding to banks. In the developed countries, using public Internet cafés to transact Internet banking and other forms of sensitive financial transactions is practically discouraged. In Nigeria and other developing countries, where access to computer and Internet is in most times available only through commercial providers, it becomes difficult for banks to control the delivery of their services through such terminals (Daily Sun, 2. This is a very serious problem especially considering the fact that any banking transactions by a customer from public cyber cafés can easily be trailed and cracked by Internet fraudsters. This then leaves the banks with one clear option – that is investing in cafés and having their staff posted to such terminals. Or even having such cafés located within their banking premises, at least as an interim measure. Today, cyber cafés have become very important means of livelihood to most Nigerian business men and women. The number of cafés in the country is estimated to have grown from a level of about 1. December 2. 00. 5. Ironically, these outfits are not in any way regulated or supervised. In fact, in most cases, what the owners and users use them for does not seen to be the concern of government and regulatory agencies. The effort of the law enforcement agents, where it exists, is mainly not targeted to objectively controlling the activities of the users and operators. In addition, the danger in regulating Internet banking and commerce transactions arises from the fact that the country's ISP's and Cyber café, operate in a highly deregulated Telecommunications Industry, with most of the Internet traffic being routed to VSAT Backbone Providers all around the world (Oyesanye, 2. This has made cyber activities, not only vulnerable but outside the control of government. Hence, correcting this trend is expected to be at the forefront of the renewed efforts to instill sanity in the country's cyber highways, since clearly none of the other measures may work out smoothly in such highly risky circumstance. It follows that for effective control of Internet commercial and financial transactions, government may have to put up a supervisory mechanism to ensure that these outfits are not continued to be used as dames for cyber criminals. One way of achieving this is to get the operator of these commercial cyber outfits to install necessary softwares that allow the law enforcement agents to monitor their activities from strategically located terminals. Equally, a lot can be achieved by developing a set of guidelines guiding the establishment, operations and use of commercial Internet centres and ISPs (Internet Service Providers) in the country. The issue of enforcement should be seen as joint efforts among the governments, the regulatory authorities, the banks and the global stakeholders. Banks in Nigeria, for instance, should note that the growth in Internet banking in countries with great success factors, such as America, Finland, Britain and Japan, was not because of the perfect state of the existing Internet laws in these countries, but more because of the efforts at the individual bank levels to keep customers account safe even where the identities of such customers are cracked or stolen. Rules and Regulations for the Securities and Exchange Commission and Major Securities Laws. Securities and Exchange Commission Rules and Regulations. Part 2. 00 Organization; Conduct and Ethics; and Information and Requests. Part 2. 01. Rules of Practice. Part 2. 02 Informal and Other Procedures. Part 2. 03 Rules Relating to Investigations. Part 2. 04 Rules Relating to Debt Collection. Part 2. 05 Standards of Professional Conduct for Attorneys Appearing and Practicing Before the Commission in the Representation of an Issuer. Part 2. 09 Forms Prescribed under the Commission's Rules of Practice Part 2. Form and Content of and Requirements for Financial Statements, Securities Act of 1. Securities Exchange Act of 1. Public Utility Holding Company Act of 1. Investment Company Act of 1. Investment Advisers Act of 1. Energy Policy and Conservation Act of 1. Part 2. 11 Index of Interpretations Relating to Financial Reporting Matters. Part 2. 29 Standard Instructions for Filing Forms Under Securities Act of 1. Securities Exchange Act of 1. Energy Policy and Conservation Act of 1. Regulation S- KSecurities Act of 1. Part 2. 30 General Rules and Regulations. Part 2. 31 Index of Interpretive Releases. Part 2. 32. Regulation S- T — General Rules and Regulations for Electronic Filings. Part 2. 39. e- CFR Forms Listing. PDF Versions of SEC Forms. Trust Indenture Act of 1. Part 2. 60 General Rules and Regulations. Part 2. 61. Index of Interpretive Releases. Part 2. 69e- CFR Forms Listing. PDF Versions of SEC Forms. Securities Exchange Act of 1. Part 2. 40 General Rules and Regulations. Part 2. 41 Index of Interpretive Releases. Part 2. 42 Regulations M, SHO, ATS, AC, and NMS and Customer Margin Requirements for Security Futures. Part 2. 43 Regulation FDPart 2. Regulation GPart 2. Regulation Blackout Trading Restriction (Regulation BTR — Blackout Trading Restriction)Part 2. Regulation R — Exemptions and Definitions Related to the Exceptions for Banks from the Definition of Broker. Part 2. 48 Regulation S- P: Privacy of Consumer Financial Information. Part 2. 49e- CFR Forms Listing. PDF Versions of SEC Forms. Part 2. 49. B Further Forms, Securities Exchange Act of 1. Part 2. 55 Proprietary Trading and Certain Interests in and Relationships with Covered Funds. Investment Company Act of 1. Part 2. 70 General Rules and Regulations. Part 2. 71. Index of Interpretive Releases. Part 2. 74e- CFR Forms Listing. PDF Versions of SEC Forms. Investment Advisers Act of 1. Part 2. 75. General Rules and Regulations. Part 2. 76. Index of Interpretive Releases. Part 2. 79e- CFR Forms Listing. PDF Versions of SEC Forms. Securities Investor Protection Corporation. Part 3. 00. General Rules and Regulations. Part 3. 01e- CFR Forms Listing. Note: See also Researching the Federal Securities Laws Through the SEC Website.
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