Securities & Exchange Commission

AMENDMENTS TO RULE 45 (1) & (2): REGISTRABLE FUNCTIONS

Legend: Additions are underlined

Full Text of Existing Rule:

(1) The following are capital market operators: a. issuing houses/merchant bankers; b. underwriters; c. broker/dealers; d. sub-brokers; e. receiving bankers; f. registrars; g. trustees; h. investment advisers (corporate and individuals); i. fund/portfolio managers; j. rating agencies; k. market makers l. custodian m. nominee n. any other function the Commission may determine from time to time.

(2) Only corporate bodies are qualified to file applications for the following functions: a. Broker/Dealer; b. Underwriter; c. Issuing House; d. Registrar e. Trustee; f. Fund/Portfolio Manager; g. Rating Agency h. Market Makers i. Receiving Bankers

Provided that where an existing entity intends to perform the functions of a registrar, it shall incorporate a separate body for that purpose.

Amendment to Rule 45 (1):

(1) The following are Capital Market Operators: a. Issuing Houses/Merchant Bankers; b. Underwriters;
c. Broker/Dealers;
d. Sub-brokers (Corporate, Individual, Digital); e. Receiving Bankers; f. Registrars; g. Trustees; h. Investment Advisers (Corporate, Individual, Robo Adviser);
i. Fund/Portfolio Managers;
j. Rating agencies; k. Market Makers
l. Custodians
m. Nominees n. Crowdfunding Intermediaries o. Central Counterparty Clearing Members p. Any other function the Commission may determine from time to time.

Amendment to Rule 45 (2):

Provided that where an existing entity intends to perform the functions of a registrar, it shall incorporate a separate body for that purpose.

MADE AT ABUJA THIS 24th DAY OF MAY 2021

ENO OTUNBA-PAYNE, Ag. Secretary to the Commission LAMIDO A. YUGUDA, Director-General