Regulatory Alerts2017-10-11
New Rules and Sundry Amendments to the Rules and Regulations of the Commission
The Securities and Exchange Commission of Nigeria has introduced comprehensive new rules for asset managers, including a mandatory professional code of conduct and detailed requirements for investment processes, risk management, and disclosures. The regulation establishes fixed fee structures for primary issuances of debt and equity securities while mandating that all transactions for unlisted public companies and secondary market debt securities be conducted through SEC-registered platforms. Additionally, it updates registration requirements for capital market operators, establishes specific rules for Global Depository Receipts, and mandates that custodians of collective investment schemes maintain independence from fund managers and trustees.