RegAlert

Rule · SEC · 25 May 2021

Executed Rules May 24 2021

licensing

The Securities and Exchange Commission (SEC) has announced amendments to Rule 45, sections (1) and (2), which concern registrable functions. These amendments include the expansion of sub-brokers to include Corporate, Individual, and Digital categories, as well as adding Robo Advisers to the list of Investment Advisers. Furthermore, the amendments incorporate Crowdfunding Intermediaries and Central Counterparty Clearing Members to the list of qualified entities for application, aiming to modernize and broaden the scope of registered functions within the capital market.

NigeriaSecurities and Exchange Commission Nigeria

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

  1. 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

  1. 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):
(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 Maker
i. Receiving Banker
j. Nominee k. Crowdfunding Intermediary
I. Central Counterparty Clearing Member

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

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Source: Securities and Exchange Commission Nigeria — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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