Regulatory Alerts2005-03-09 | TED-AD-31-2005Extension Period For Submitting Schedule Of Allotment
In reference to previous CBN circular BSD/G2/DD/Circ of November 4, 2004 regarding share allotment schedules submission, due to the Securities and Exchange Commission's approval for an additional week for on-going recapitalization, banks are advised as follows: 1. Receiving Agents and Stockbrokers must submit photocopies of payment instruments and a schedule containing subscribers' particulars within two weeks after the offer close. 2. Registrars should forward the master list of subscribers to the Director of Banking Supervision within four weeks from the offer closing date. 3. Issuing Houses must collate submitted documents by Receiving Agents/Stockbrokers and forward them to the Director of Banking Supervision within four weeks after the offer closes. Banks are required to ensure that the Receiving Agents, Stockbrokers, and Issuing Houses follow these guidelines, enabling the CBN to perform capital verification on share payments and notify both the bank and the SEC within seven weeks of the offer's closure. Any unverified payment by the CBN Examiners will be rejected, and appropriate notification sent.