Regulatory Alerts2019-01-18
Fidelity Bond for the Year 2019
The Securities and Exchange Commission requires all registered Capital Market Operators to submit updated Fidelity Bonds covering the January 1 to December 31, 2019 period. Submissions must be forwarded to designated SEC email addresses by January 31, 2019. Non-compliant operators will face penalties as stipulated under the Investments and Securities Act, 2007.
By virtue of Rule 27 (1) of SEC Rules and Regulations, (made pursuant to the Investments and Securities Act, 2007) every Registered CMO, as defined in the Act, is required to provide and maintain a Bond or Professional Indemnity Insurance Policy. In view of the foregoing, all registered Capital Market Operators who have not updated their Fidelity Bond for the year 2019 are required to do so on or before January 31, 2019. All Fidelity Bonds submitted to the Commission shall cover the period between January 1, 2019 to December 31, 2019 Updated fidelity bonds shall be forwarded to the following email addresses; eagama@sec.gov.ng hrufai@sec.gov.ng zabdullahi@sec.gov.ng Kazubuike-luke@sec.gov.ng For more information please contact – 094621149 Failure to comply would attract penalty as stipulated in SEC Rules and Regulations.