Regulatory Alerts2019-10-01
Securities and Exchange Commission Nigeria New Rules and Amendments 2019
The Securities and Exchange Commission has introduced new regulatory frameworks for Direct Cash Settlement, Electronic Offerings, and the Transmission of Shares to enhance capital market transparency and efficiency. Key amendments include stricter filing requirements for annual and quarterly reports, mandatory disclosure of impending filing failures, and the prohibition of gifts at shareholder meetings. Additionally, the Commission has significantly increased registration and re-filing fees for securities offerings while establishing clear penalty structures for non-compliance with these updated standards.
New Rules and Amendments by the Securities and Exchange Commission Nigeria
Pursuant to the Investments & Securities Act (ISA) 2007, the Commission has reviewed and approved the following new Rules and Amendments to its existing Rules and Regulations as follows:
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New Rules a. Rules on Direct Cash Settlement b. Rules on Electronic Offerings c. Rules on Transmission of Shares
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Sundry Amendments a. Amendment to Rule 39- Annual Report b. Amendment to Rule 41(1)- Quarterly Report c. Amendment to Rule 67(2)- Individual Sub-broker (Re-instatement) d. Deletion of Rule 190(1) and 216(1)-Trading Rules e. Amendment to Rule 300- Pre-Offer Waiting Period (Fixed Price Offers) f. Amendment to Rule 302- Application Form g. Amendment to Part C (Schedule 1- Securities Offering) h. Amendment to Part N Rule 602- Miscellaneous (Prohibition of Gifts by Public Companies at meetings etc.) i. Amendment to Rules relating to Complaints Management for the Capital Market
[... The document proceeds to detail the full text of these rules, including technical definitions, operational obligations for Electronic Service Providers (ESPs), and revised penalty structures for violations of these provisions. ...]