Complaints & Dispute Resolution

Complaints

The FMDQ Complaints Management Framework is designed to ensure that complaints received by FMDQ are managed in a fair, impartial, transparent and timely manner. It also seeks to support the primary objectives of securities regulation in any capital market, as provided by the International Organisation of Securities Commissions, which is aimed at achieving ultimate protection for investors and reducing systemic risk in the markets.

Should you have a complaint regarding the conduct of any FMDQ Member as it relates to their activities on the FMDQ platform, kindly put your complaint in writing, providing as much detail as possible with regards to the Member and include copies of relevant supporting documents.

Your Complaint should be addressed to the Examination Group and sent via email to complaints@fmdqotc.com or posted to the address below:

Head, Examination Group
FMDQ OTC Securities Exchange
1, Olosa Street
Victoria Island
Lagos.

In line with the Framework, FMDQ shall endeavour to ensure the full resolution of your Complaint within twenty business days of receipt. However, where we anticipate that the Complaint may take longer to resolve, for instance, due to a request for further information from other parties, we shall provide an update on the progress of the Complaint pending the eventual resolution. Where a complainant is dissatisfied with FMDQ’s decision, any further appeal shall lie with the Securities and Exchange Commission, Nigeria.

Please note that FMDQ cannot adjudicate upon Complaints which fall outside the purview of FMDQ and the Securities and Exchange Commission. However, where we believe that the Complaint should be handled by another regulatory authority or dispute resolution body, we may suggest the appropriate body or forward the Complaint to the appropriate body with your consent.

Dispute Resolution

Arbitration and mediation are two distinct ways of resolving disputes between Members in an efficient and expeditious manner. Members can file an arbitration claim or request mediation through FMDQ when a dispute arises with another Member with respect to their respective activities conducted on the FMDQ platform. To be considered, the alleged act resulting in a claim must have taken place within the past six years.

Members shall be notified upon the establishment of the FMDQ Dispute Resolution Framework.