Regulatory Alerts2015-04-17
Rules on Trading in Unlisted Securities
All transactions involving securities of unlisted public companies must be conducted exclusively through a Commission-approved platform facilitated by a registered securities exchange. These regulations mandate that all market participants, including companies, directors, and brokers, must utilize these formal systems for buying, selling, or transferring such securities. Violations of these requirements incur a minimum penalty of N100,000 for the first instance plus a daily default fine of N5,000.
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