Regulatory Alerts2019-10-28
Operations of Nominee Accounts by Capital Market Operators
The Securities and Exchange Commission requires Capital Market Operators to secure a one-off approval before maintaining nominee accounts for clients. Approved operators must file quarterly returns within thirty days of each quarter’s end, incurring a N100,000 initial penalty and N2,000 daily surcharge for late submissions. Existing operators must disclose their account lists, beneficiary numbers, and estimated asset values by October 31, 2019, to obtain a no-objection status.
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