Regulatory Alerts2022-11-28
Added · Updated
Breakdown of Industry Comments – Financial Markets Standards
NAMFISA issued this breakdown to address industry feedback on Financial Markets Standards 3.1 through 3.4, clarifying beneficial ownership disclosures and reporting obligations for issuers, custodians, and investment managers. The regulator accepts proposed amendments that correct numbering errors, align definitions with the Companies Act and Financial Institutions and Markets Act 2021, and confirm that reporting onus rests with securities issuers rather than nominees. NAMFISA also rejects extending the annual report submission deadline to 120 days, maintains that off-market transactions resulting in beneficial ownership changes must be reported by transacting parties, and clarifies disclosure requirements for securities sold through regulated persons.