Regulatory Alerts2019-08-21
New Rules and Sundry Amendments to the Rules and Regulations of the Securities and Exchange Commission, Nigeria
The document establishes new regulatory frameworks for specialized funds, exchange-traded funds (ETFs), commodity brokers, and capital market holding companies (CMHCs) while implementing significant procedural amendments across existing commission rules. Key updates include the imposition of penalties for the diversion of issue proceeds, revised net liquid capital requirements for broker-dealers, and updated definitions for retail and high-net-worth investors. Furthermore, the commission introduces new registration requirements, such as a N500,000 fee and N1 billion minimum capital requirement for nominees, alongside mandatory compliance oversight by sponsoring firms.
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