Regulatory Alerts2022-06-29
Circulars on Appointment of Directors and Acquisition of Securities of Public Companies
Issued by the Securities and Exchange Commission, this circular clarifies that references to 'public companies' in its May 2002 directives apply exclusively to companies limited by shares. Consequently, LDM directors may serve on the boards of non-share-limited entities without regulatory conflict. Corporate governance practitioners must ensure that director appointments and securities acquisitions strictly adhere to this share-limitation classification.
S E C U R I T I E S & E X C H A N G E C O M M I S S I O N C O M P L I A N C E M A N U A L FOR BROKER-DEALERS, INVESTMENT ADVISERS & REPRESENTATIVES
OUR REF: SEC/CIR/LIC.OPS./V.1 21ST JUNE, 2002
...................................................... ...................................................... ......................................................
RE : CIRCULARS ON APPOINTMENT OF DIRECTORS AND ACQUISITION OF SECURITIES OF PUBLIC COMPANIES
We wish to bring to your notice that references made to “public companies” in our Circulars Nos. SEC/CIR/001/2002 and SEC/CIR/002/2002, issued on 31st May 2002, apply only to companies limited by shares.
As such, directors of LDMs may serve on boards of companies that are not limited by shares.
Please take note accordingly.
DR. CHARLES ASEMBRI DIRECTOR-GENERAL
155 J A N U A R Y 2 0 0 8