Regulatory Alerts2024-10-11
Added · Updated
Standard 3.7: Application for Registration of Financial Market Entities
NAMFISA issued Standard 3.7 to prescribe the manner and form for applying for registration as a central securities depository, exchange, clearing house, investment manager, or other specified financial market entities under the Financial Institutions and Markets Act, 2021. The standard mandates electronic submission via the NAMFISA ERS and requires applicants to furnish comprehensive documentation, including proof of registration, financial resources, fit-and-proper details, and a board-approved business plan. Applications deemed incomplete may be rejected unless the applicant provides missing information within seven days, though NAMFISA retains discretion to request additional materials or summon personal representations.