Regulatory Alerts2018-10-19
New Rule and Sundry Amendments to the Rules and Regulations of the Commission
The Commission issued a new rule on Green Bonds alongside sundry amendments to the Capital Market regulations. These changes formally recognize the Bank Verification Number (BVN) as a valid identification method for individual clients, establish guidelines for Investment Advisory Services, and amend existing provisions governing Nominee Accounts (Rule 61) and Investment Advisers (Rules 96 & 97). The regulatory updates collectively modernize client identification standards, clarify advisory service frameworks, and refine account management requirements within the capital market.
SUMMARY OF CHANGES New rule (1) Rules on Green Bonds Sundry Amendments (1) Inclusion of BVN as a valid means of identification of individual clients in the Capital Market (2) Rule on Investment Advisory Services (3) Amendment to Rule 61- Nominee Accounts (4) Amendment to Rule 96 & 97- Investment Advisers