Regulatory Alerts2019-10-29
Rules For Upload October 2019 Final
The Securities and Exchange Commission (SEC) Nigeria has released new rules and amendments to existing regulations aimed at enhancing market efficiency and investor protection. Key highlights include the introduction of Direct Cash Settlement (DCS) to ensure proceeds from securities trades are paid directly into clients' accounts, and regulations for Electronic Offerings (e-Offerings) to facilitate online access to prospectuses and subscription forms. The amendments also cover annual and quarterly reporting requirements, sub-broker reinstatement, and specific rules regarding transmission of shares and handling of complaints, with penalties for non-compliance to ensure adherence and accountability within the capital market.