Regulatory Alerts2021-12-22
Amendment to Schedule I (Registration Fees, Minimum Capital Requirements, Securities and Others)
The Securities and Exchange Commission of Nigeria has significantly increased registration, filing, processing, and sponsorship fees for a wide range of capital market operators. The amendment also elevates the filing fee for proxy materials from N5,000 to N500,000 and increases the annual supervisory fee for Collective Investment Scheme fund managers from 0.005% to 0.2% of net asset value. These changes are part of a comprehensive update to fee structures, including new charges for corporate actions like share reconstructions and business combinations.
Amendment to Schedule I (Registration Fees, Minimum Capital Requirements, Securities and Others)
Part A
INCREASE IN FEES FOR REGISTRATION, FILING/APPLICATION, PROCESSING AND REGISTRATION OF SPONSORED INDIVIDUALS
| S/N | FUNCTIONS | REGISTRATION (N) | FILING/APPLICATION (N) | PROCESSING (N) | REGISTRATION OF SPONSORED INDIVIDUALS (N) |
|---|---|---|---|---|---|
| Existing/Amendment | Existing/Amendment | Existing/Amendment | Existing/Amendment | ||
| 1 | Broker/Dealer | 500k / 5M | 50k / 100k | 200k / 300k | 50k / 100k |
| 2 | Broker | 300k / 3M | " | " | " |
| 3 | Dealer | 300k / 3M | " | " | " |
| 4 | Sub-broker (Corporate) | 200k / 1M | " | " | " |
| 5 | Sub-broker (Individual) | - / 500k | " | " | " |
| 6 | Sub-broker (Digital) | 200k / 1M | " | " | " |
| 7 | Inter-Dealer Broker | 500k / 5M | " | " | " |
| 8 | Underwriter | 500k / 10M | " | " | " |
| 9 | Issuing House | 500k / 10M | " | " | " |
| 10 | Registrar | 500k / 5M | " | " | " |
| 11 | Fund/Portfolio Manager | 500k / 10M | " | " | " |
| 12 | Corporate Investment Adviser | 300k / 1M | " | " | " |
| 13 | Individual Investment Adviser | 200k / 500k | " | " | " |
| 14 | Robo Adviser | - / 1M | " | " | " |
| 15 | Commodity Broker Dealer | 25k / 200k | 10k / 50k | 25k / 50k | 10k / 30k |
| 16 | Commodity Broker | 25k / 100k | 10k / 50k | 25k / 50k | 10k / 30k |
| 17 | Commodity Dealer | 25k / 100k | 10k / 50k | 25k / 50k | 10k / 30k |
| 18 | Receiving Banker | 1M / 10M | 50k / 100k | 200k / 300k | 50k / 100k |
| 19 | Trustee | 500k / 1M | " | " | " |
| 20 | Rating Agency | 300k / 1M | " | " | " |
| 21 | Capital Market Consultant (Corp) | 300k / 1M | " | " | " |
| 22 | Capital Market Consultant (Part) | 300k / 1M | " | " | " |
| 23 | Capital Market Consultant (Indiv) | 200k / 500k | " | " | " |
| 27 | Custodian of Securities | 500k / 10M | " | " | " |
| 28 | Nominee | - / 5M | " | " | " |
| 29 | Crowdfunding Intermediaries | 500k / 1M | " | " | " |
| 30 | Central Counterparty (CCP) | 1M / 30M | " | " | 10k / 100k |
| 31 | Clearing Settlement Depository | 1M / 25M | " | " | 50k / " |
| 32 | Derivatives Clearing Member | - / 2M | " | " | " |
| 33 | Trade Repository | - / 1M | " | " | " |
| 34 | Warehousing Operators | - / 500k | " | " | " |
| 35 | Collateral Management Company | - / 1M | " | " | " |
| 36 | Commodities Exchange | 1M / 10M | " | " | " |
| 37 | Securities Exchanges | 1M / 30M | " | " | " |
| 38 | Capital Market Holding Companies | - / 1M | " | " | " |
| 39 | Trade Associations | 100k / 200k | " | " | " |
Other Fees
- Transfer of Sponsored Individuals Registration: Increased from N20,000 to N50,000.
- New Fees for Existing CMOs: Change of Registration status (N100,000), Appointment of Directors (N100,000), Registration of Nominee Account (N100,000).
- New Transaction Fees: Share reconstruction (N1,000,000), Business Combination (flat fee N1,500,000), Shelf Registration (N500,000), Derivative contract registration (N500,000).
- Miscellaneous: Capital Verification (N1,000,000), Amendment of use of proceeds (N1,000,000).
Part B
Minimum Capital Requirements: There is no amendment to Part B as this portion of the Schedule was amended recently on July 11, 2018.
Part C: Securities
Registration fees for units/securities have been adjusted, specifically for Collective Investment Schemes, where the flat rate remains, and specific percentage-based authorization fees are maintained for unit trusts, REITS, and private equity.
Part D: SEC Fees on Market Deals
- Filing fee for proxy materials: Increased from N5,000 to N500,000.
- Annual Supervisory Fees for CIS: Increased from 0.005% to 0.2% of the net asset value of the CIS under management.