Securities and Exchange Commission Thailand (SEC)

The Securities and Exchange Commission of Nigeria issued a directive prohibiting Registered Capital Market Operators from soliciting advance subscriptions for a purported securities offering by Dangote Petroleum Refinery & Petrochemicals FZE. The Commission clarified that no application for an IPO or public offer has been filed or approved, labeling the ongoing premature marketing activities as market manipulation and a serious violation of the Investments and Securities Act. Investors are advised to ignore high-pressure tactics and pre-funding requests, relying solely on official pronouncements and verified information from the SEC portal.

The Securities and Exchange Commission extends discounted filing fees for the registration of securities to qualified Micro, Small, and Medium Enterprises (MSMEs) until December 31, 2026. Applicants must meet specific asset size thresholds defined under Republic Act No. 9501 and submit a Certification of MSME Qualification, with a general paid-up capital requirement of PHP 25 million. This measure aims to reduce regulatory costs and encourage capital formation among MSMEs across various sectors including power generation, real estate, and agribusiness.

The Securities and Exchange Commission has postponed the commencement of the Q2 2026 Pre-Registration Training and Examination to Monday, June 15, 2026, and extended the registration deadline to Friday, June 12, 2026. All other conditions stipulated in the original circular remain strictly unchanged for eligible applicants. Applicants requiring further clarification may contact the Commission directly via email or the designated phone numbers provided in the notice.

The Securities and Exchange Commission announces that the next pre-registration training and examination cycle for prospective Capital Market Operators will commence on June 8, 2026. Eligible candidates, including those who missed or failed the March 2026 sessions and other qualified applicants, must complete their registration on the designated portal by June 5, 2026. Applicants are reminded that under SEC Rule 3(6)(b), failure to satisfy registration requirements within twelve months of submission will cause their application to expire and necessitate a fresh filing.

The Securities and Exchange Commission issued a Draft Strategic Plan outlining three core objectives to realign its regulatory framework with Congress’s original mandate of protecting investors, maintaining market efficiency, and facilitating capital formation. The document directs the agency to modernize disclosure rules for digital assets, shift enforcement toward established fraud and manipulation cases rather than ad hoc actions, and optimize operations through technology upgrades and performance accountability. Market participants may submit electronic or paper comments by July 2, 2026, to directly influence the implementation of these FY26-FY30 regulatory priorities.

The Securities and Exchange Commission has proposed rescinding its March 2024 climate-related disclosure rules, asserting they exceed statutory authority and impose unjustified costs on public companies. The proposal eliminates granular mandates regarding greenhouse gas emissions, climate risk management, and severe weather financial impacts in favor of a registrant-specific, materiality-based approach. Following a 60-day public comment period after Federal Register publication, the Commission will finalize the repeal to restore its core securities regulation focus and facilitate capital formation.

The Securities and Exchange Commission’s Investor Advisory Committee will convene a public meeting on June 4, 2026, to assess private market assets and passive index funds while proposing updated guidelines for fund proxy voting and reporting frequency. Two dedicated panels will address retail investor confusion and shareholder voting practices ahead of the Committee’s formal recommendations. Authorized by Congress to guide regulatory priorities, the Committee will submit its final findings directly to the Commission to strengthen investor protection and U.S. securities market integrity.

Issued by the Bank of Ghana alongside six other national financial regulators under the Financial Stability Council, this report evaluates Ghana’s financial system developments and establishes updated policy priorities to mitigate emerging stability risks. The 2025 edition introduces dedicated chapters on Financial Stability Council initiatives and Systemic Risk Survey results, while providing comprehensive resilience assessments across banking, insurance, securities, and pension sectors. Special features direct regulatory focus toward Ghana’s Mutual Evaluation Round outcomes, deposit insurance frameworks, microfinance reforms, FinTech payment vulnerabilities, and green bond regulations.

The Securities and Exchange Commission of the Philippines issues this circular to further reduce fees for IT-related services by an additional twenty-five percent. This action modifies rates for physical and digital copies of SEC documents, building upon the previous fifty percent reduction established in Memorandum Circular No. 6, Series of 2025. While API service fees remain unchanged, the new rates take effect on June 1, 2026, to lower the regulatory cost burden on the corporate sector.

The Securities and Exchange Commission issued Memorandum Circular No. 17, Series of 2026, to establish term limits and cooling-off periods for Broker Directors elected to the Board of an Exchange. The regulation caps cumulative service at ten years, requiring a one-year cooling-off period after five years of service, and allows re-election for a fresh five-year term thereafter. Non-compliant exchanges face penalties of one million pesos per director per year and potential license suspension for repeated violations.

The Securities and Exchange Commission and National Futures Association have entered into a Memorandum of Understanding to enhance their regulatory cooperation, coordination, and information sharing. The agreement establishes periodic staff meetings and expands information exchange on emerging risks, examination planning, and financial market conditions to promote compliance with derivatives and securities laws. By streamlining oversight and minimizing duplicative efforts, the framework aims to provide businesses with a predictable compliance path while maintaining high-quality investor protections and market integrity.

The Securities and Exchange Commission proposed comprehensive rule amendments to modernize registered offerings and simplify the public company reporting framework. The reforms expand shelf offering eligibility and registration flexibilities to companies regardless of public float, preempt state securities law requirements for registered offerings, and extend disclosure scaling and auditor attestation exemptions to approximately 81 percent of current public companies. By raising the large accelerated filer threshold to $2 billion and establishing a five-year IPO on-ramp alongside extended filing deadlines for the smallest companies, the proposals aim to reduce compliance costs and incentivize businesses to go public.

The Securities and Exchange Commission has rescinded Rule 202.5(e), eliminating its longstanding requirement that defendants in settled enforcement actions agree not to publicly deny the agency’s allegations. This policy change grants the Commission greater settlement flexibility, aligns it with most federal agencies, and conserves resources by allowing defendants to criticize government findings without triggering settlement vacatur or proceeding reopening. The Commission will not enforce existing no-deny provisions upon breach and maintains its independent discretion to negotiate or waive factual admissions in future settlements.

The Securities and Exchange Commission mandates a T+

The Securities and Exchange Commission issued Memorandum Circular No. 16, Series of 2026, suspending the per month of delay penalty for late and non-filing of reportorial requirements under MC No. 6, Series of 2024. This suspension applies uniformly to all domestic and foreign corporations subject to the previous circular, removing the monthly penalty component from pending or future assessments while maintaining the base fine and the obligation to file Annual Financial Statements and General Information Sheets. The suspension is effective prospectively from the circular's publication date until December 31, 2026, after which the penalty automatically resumes unless the Commission modifies or extends the exemption.

The SEC warns the public against unregistered online investment schemes

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 15, Series of 2026, to amend Rule 10.1.5 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code. The amendments align qualification standards for natural persons and juridical persons by expanding the definition of portfolio investments to include securities exempt from registration and government financial instruments. Additionally, the circular clarifies compliance evaluation methods for joint accounts based on specific ownership arrangements such as OR, AND, or AND/OR structures.

The Securities and Exchange Commission has issued a public notice directing the general public to rely exclusively on its official website and verified social media channels for all recruitment and market-related information. The regulator explicitly cautions investors against trusting advertisements or publications circulated through unauthorized third-party platforms, which may contain misleading or fraudulent content. Individuals seeking verification or further clarification are instructed to contact the Commission directly via its toll-free line, email, or official website pursuant to the Securities Industry Act.

Nigeria's SEC requires all existing and prospective

The Securities and Exchange Commission charged 21 individuals with a decade-long insider trading scheme orchestrated by attorneys Nicolo Nourafchan and Robert Yadgarov, who misappropriated material nonpublic information from global law firm clients to generate millions in illicit profits. The complaint details a multi-jurisdictional tipping chain where participants traded on the confidential deal information, agreed to kick back a portion of their profits, or further distributed the tips to other traders. Filed in the U.S. District Court for Massachusetts, the SEC seeks injunctive relief, disgorgement with prejudgment interest, and civil penalties against all defendants, who also face parallel criminal charges from the U.S. Attorney’s Office.

The Securities and Exchange Commission proposed rule amendments that allow public companies subject to Exchange Act Section 13(a) or 15(d) to elect semiannual reporting on a new Form 10-S instead of mandatory quarterly reports on Form 10-Q. This optional framework reduces interim filings from three quarterly reports to one semiannual and one annual report per fiscal year, with filing deadlines set at 40 or 45 days depending on filer status. The proposal concurrently updates Regulation S-X to streamline financial statement requirements and opens a public comment period lasting 60 days after Federal Register publication.

The Securities and Exchange Commission and Commodity Futures Trading Commission jointly proposed amendments to Form PF that raise the filing threshold from $150 million to $1 billion and increase the large hedge fund exposure reporting threshold from $1.5 billion to $10 billion. These changes eliminate or streamline reporting requirements for nearly half of currently required advisers while preserving detailed exposure data for over 90 percent of private fund gross assets and enabling identification of active private credit funds. The agencies are soliciting public comments on all proposed amendments, with the comment period closing 60 days after Federal Register publication.

The Nigerian capital market successfully mobilized ₦4.65 trillion in fresh equity capital over a 24-month period, enabling 33 banks to meet new, elevated minimum capital requirements. This landmark, market-mediated exercise facilitated the entry of hundreds of thousands of new retail investors via digital platforms, resulting in record-breaking market indices and historical equity gains. The Securities and Exchange Commission is now leveraging this institutional momentum and the updated Investments and Securities Act 2025 to drive further reforms, including insurance sector recapitalization and the deepening of fixed income and derivatives markets.

The Securities and Exchange Commission issued a concept release soliciting public comment on the Consolidated Audit Trail (CAT) and related data sources to inform a comprehensive regulatory review. The release specifically requests feedback on CAT funding, cost management, governance structure, design scope, cybersecurity, data privacy, and the balance between confidentiality, civil liberties, and regulatory needs. Public comments will be accepted for sixty days following Federal Register publication to guide potential regulatory responses and ongoing cost-reduction efforts.

The Securities and Exchange Commission issued a conditional exemptive order and approved a proposed rule change to permit dually registered broker-dealers and futures commission merchants to offer customer cross-margining of U.S. Treasury cash and futures positions. This regulatory action extends existing clearing member privileges to eligible customers by integrating the Fixed Income Clearing Corporation’s agreement with the Chicago Mercantile Exchange into FICC rules. The combined measures unlock additional market liquidity and strengthen the resilience of U.S. Treasury clearing operations.

The Securities and Exchange Commission promulgated rules governing open-end investment companies structured as Umbrella Funds with segregated assets and liabilities. The regulations mandate specific requirements for Articles of Incorporation, Main Prospectus disclosures, and Sub-fund Supplements to ensure operational flexibility and investor protection. Compliance includes maintaining a minimum of two Sub-funds, adhering to strict segregation of assets, and following defined procedures for unit re-allocation and fund termination.

The U.S. Securities and Exchange Commission issued this guidance to establish a framework for SEC personnel to systematically check for and acquire excess personal property, including IT assets, software, and furniture, from the General Services Administration’s web-based system. The directive requires designated SEC offices to conduct quarterly searches and apply defined practicability and suitability factors—such as cost-effectiveness, security compliance, and warranty availability—before procuring items above the $10,000 micro-purchase threshold. By prioritizing available government inventory over new purchases, the SEC aims to reduce acquisition costs while maintaining operational efficiency and compliance with federal cybersecurity directives.

The Securities and Exchange Commission announced its fiscal year 2025 enforcement results, fundamentally resetting the agency’s effectiveness metrics to prioritize direct investor protection and Congressional intent over case volume and headline-grabbing penalties. The agency filed 456 enforcement actions yielding $17.9 billion in monetary relief, deliberately refocusing resources on fraud, market manipulation, and individual accountability while dismissing prior crypto and book-and-record cases deemed to lack direct investor harm. This strategic course correction establishes a more transparent, fraud-centric enforcement program that safeguards retail investors, holds bad actors personally liable, and deploys specialized task forces to address cross-border and emerging technology misconduct.

The Securities and Exchange Commission approved an amendment to the National Market System Plan governing the Consolidated Audit Trail, granting exemptive relief to implement cost-saving measures while preserving core regulatory functions. The updated framework enables plan participants to delete data older than three years, relax processing deadlines, implement a spending cap, and cease several reporting requirements. The Commission estimates these changes will generate between $50 million and $70 million in annual savings compared to the 2025 budget, with an additional $19.4 million to $24.1 million in incremental savings.

The Securities and Exchange Commission extends discounted filing fees for Micro, Small, and Medium Enterprises (MSMEs) to support their growth and reduce compliance costs. Qualified MSMEs are granted a 20% discount on corporation registration fees until December 31, 2026, and a 50% discount on securities registration fees until June 30, 2026. Availment requires applicants to meet specific asset size definitions under RA No. 9501 and submit a Certification of MSME Qualification, with certain securities filings also requiring a minimum paid-up capital of PHP 25 million.

The Securities and Exchange Commission Nigeria has issued revised minimum capital requirements for all regulated capital market operators, effective from March 18, 2026. Existing entities are mandated to achieve compliance with these new capital thresholds by June 30, 2027, and must submit board-approved capitalization plans to the Commission by April 30, 2026. Failure to meet these obligations will subject operators to regulatory sanctions, including potential loss of license or forced reduction of registered activities.

The Securities and Exchange Commission has established significantly increased minimum capital requirements for all capital market operators to bolster market integrity and financial stability. Existing entities are mandated to comply with these revised thresholds by June 30, 2027, and must submit board-approved capitalization or restructuring plans to the Commission by April 30, 2026. Failure to meet these new standards will result in regulatory sanctions, and compliance is a strict precondition for the registration of all new market participants effective January 16, 2026.

The U.S. Securities and Exchange Commission, jointly with the Commodity Futures Trading Commission, issued a comprehensive interpretation establishing clear jurisdictional boundaries and regulatory treatment for crypto assets under federal securities laws. The framework introduces a coherent token taxonomy, defines how non-security crypto assets can become or cease being investment contracts, and explicitly covers airdrops, protocol mining, staking, and asset wrapping. By resolving over a decade of regulatory uncertainty and aligning with pending congressional market structure legislation, the guidance provides entrepreneurs, issuers, and investors with predictable rules for crypto market participation.

The Securities and Exchange Commission has proposed amendments to Exchange Act Rule 15c2-11 that restrict the regulation’s scope exclusively to equity securities. These changes clarify information gathering and review obligations for broker-dealers publishing quotations or maintaining continuous quoted markets in the over-the-counter sector. The proposal aims to prevent manipulative and fraudulent trading schemes while tailoring regulatory requirements to the specific asset class, with a 60-day public comment period following Federal Register publication.

The Securities and Exchange Commission of Ghana has admitted eleven virtual asset service providers into a regulatory sandbox to pilot their offerings under the Virtual Asset Service Providers Act, 2025. During the twelve-month controlled environment, market-ready firms may transition to activity-based licenses after six months, while others may continue testing to ensure compliance with anti-money laundering standards and investor protection requirements. Findings from this pilot will directly inform the SEC’s forthcoming licensing guidelines and enable the formal opening of the virtual asset market for broader industry registration.

The Securities and Exchange Commission of Ghana has issued the 2026 Securities Industry Regulatory Sandbox Licensing Guidelines to establish a controlled testing environment for innovative capital market products, services, and business models, including virtual asset solutions. Applicants must satisfy strict eligibility, fit-and-proper, and financial requirements while submitting detailed testing plans, risk mitigation strategies, and orderly winding-up procedures to qualify for temporary regulatory relaxations during a maximum ninety-day assessment period. Licensees are bound by continuous supervisory oversight, mandatory investor protection safeguards, and strict reporting obligations, with successful participants required to fully comply with standard licensing frameworks upon sandbox exit.

The SEC is hosting a Biannual Regulator/FinTech Clinic to foster dialogue on regulatory clarity, compliance, and responsible innovation within Nigeria's capital market.

The Securities and Exchange Commission revoked Kensington Agro Trading Limited'

The Securities and Exchange Commission issued these guidelines to regulate the issuance and disclosure of Sukuk in compliance with Shari’ah principles. The document defines eligible issuers, including Special Purpose Entities and government units, while strictly prohibiting elements such as interest, gambling, and excessive uncertainty. It further mandates specific incorporation requirements for Special Purpose Entities and detailed disclosure obligations for all Sukuk issuances.

The Securities and Exchange Commission of Ghana has issued binding guidelines establishing the market levy framework for the 2026 financial year. The regulations mandate fixed annual fees for licensed market operators, alongside transaction levies on equities, bonds, and repurchase agreements, as well as admission fees for fixed-income securities, all with specified payment deadlines and apportionment rules. Additionally, the guidelines impose quarterly or monthly levies on Funds Under Management based on net asset values while exempting pension funds, enforce late payment interest at the prevailing Treasury bill rate, and reserve enforcement powers for non-compliance.

The Securities and Exchange Commission of the Philippines promulgates tiered minimum public ownership requirements for companies conducting initial public offerings to balance investor protection with market competitiveness. The rules establish a sliding scale for initial public float ranging from 33% for smaller issuers to 15% for those with market capitalizations exceeding PHP 50 billion, with specific provisions for larger entities. Post-listing, companies must maintain a public float of at least 20% or 15% depending on their market capitalization and are subject to strict monitoring and remediation protocols if thresholds are breached.

The SEC requires Capital Market Operator applicants to complete pre-

The Securities and Exchange Commission of Ghana has issued a public warning against Mekanism Marketing Ltd, an unlicensed entity illegally soliciting public funds through an online investment scheme. The regulator mandates that the public desist from investing in the scheme, which promises unrealistic fixed daily returns for completing vague digital tasks, and warns that all unauthorized capital market activities are subject to criminal sanctions under Ghanaian law. The SEC is collaborating with law enforcement to prosecute those behind the suspected fraud and urges investors to verify the licensing status of any financial service provider before committing capital.

The Securities and Exchange Commission issued Memorandum Circular No. 10, Series of 2026 to establish uniform monitoring guidelines and penalty scales for One Person Corporations. The regulation mandates specific timelines for appointing officers and posting surety bonds, while introducing a tiered fine structure for late or non-filing of financial statements based on retained earnings. Additionally, the circular adjusts the audit threshold to three million pesos and provides transitory provisions for existing OPCs to regularize their compliance status.

The Securities and Exchange Commission issued this circular to mandate the electronic filing of Annual Financial Statements and General Information Sheets for the 2026 fiscal year. It establishes a May 29, 2026 deadline for corporations with December fiscal years and specifies distinct submission windows for listed entities, brokers, and those audited by the Commission on Audit. The directive further enforces the use of the eFAST platform, outlines specific documentation requirements such as BIR stamps and management responsibility statements, and imposes penalties for late or non-compliant submissions.

The Securities and Exchange Commission of the Philippines promulgated the 2026 Rules of Procedure to update and streamline administrative and adjudicative proceedings in alignment with recent statutory developments. These rules define the jurisdiction of specific Operating Departments, including the Enforcement and Investor Protection Department for securities violations and the Company Registration and Monitoring Department for corporate registration matters. The document establishes comprehensive procedural frameworks for formal charges, hearings, and decisions to ensure the just, prompt, and inexpensive determination of cases before the Commission.

The Securities and Exchange Commission of Ghana has issued a directive requiring fund managers, custodians, and trustees of Collective Investment Schemes to strictly limit investments in foreign securities to safeguard investor protection and macroeconomic stability. The regulation caps foreign exposure at 20% for schemes licensed for local investment only, restricts fully exposed schemes to a maximum of 70% foreign and 30% local holdings, and mandates that all foreign investments occur exclusively in approved markets with active regulatory cooperation agreements. Market operators must amend their scheme particulars to align with these restrictions within 90 days, with the SEC reserving the authority to impose sanctions under the Securities Industry Act for any non-compliance.

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The Securities and Exchange Commission issued Memorandum Circular No. 7, Series of 2026, to establish a maximum cumulative term limit of nine years for independent directors of publicly-listed companies. The regulation mandates that this tenure is calculated based on Annual Stockholders' Meetings and imposes a perpetual bar on re-election as an independent director of the same company once the limit is reached. Non-compliance triggers a one million peso penalty and potential license revocation for repeat offenses, while existing incumbents are granted a transition period until the 2026 Annual Stockholders' Meeting.

The Securities and Exchange Commission of Ghana is finalizing a regulatory sandbox framework to oversee and test innovative virtual asset products and services under the Virtual Asset Service Providers Act, 2025. Upon framework completion, the regulator will open licensing applications for seven specific service categories, including virtual asset exchanges, tokenization, ETFs, mining, and investment advisory. This controlled testing environment aims to foster responsible innovation while safeguarding investor protection, market integrity, and anti-money laundering compliance ahead of full-scale licensing.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 6 Series of 2026 to streamline the process for corporations increasing authorized capital stock through cash subscriptions. The circular removes the previous fifty million peso threshold, allowing most non-listed entities to submit a notarized Subscription Contract in lieu of a Special Audit Report. This exemption does not apply to listed companies, public companies, those offering securities to the public, or entities with secondary licenses, which must continue to provide a Special Audit Report.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 4, Series of 2026, to raise the audit threshold for corporations from P600,000 to P3,000,000 in total assets or liabilities. This amendment exempts qualifying entities from mandatory audits, requiring them instead to submit financial statements accompanied by a Statement of Management's Responsibility signed under oath. The revised definitions for Small and Micro Entities align with national MSME policies, with the new threshold applying to fiscal years ending on or after December 31, 2025.

The Securities and Exchange Commission of the Philippines issued this memorandum to amend Rule 39.1.4 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code, thereby standardizing the regulatory framework for entities acting as Registrars of Qualified Buyers. The amendments establish detailed requirements for the authorization, internal procedures, and ongoing responsibilities of Registrars, including mandatory annual verification of Qualified Buyers' continued eligibility and the issuance of permanent identification numbers. Furthermore, the rules create a Central and Inter-Registrar Registry to facilitate the mutual reliance on QB registrations while enforcing strict confidentiality and reporting obligations to ensure uniform investor protection and market integrity.

The Securities and Exchange Commission has issued a comprehensive revision of minimum capital requirements for all regulated capital market entities to strengthen market resilience and align capital adequacy with current risk profiles. Affected entities must fully comply with these updated financial requirements by June 30, 2027, or face potential regulatory sanctions including suspension or registration withdrawal. The Commission may grant transitional arrangements on a case-by-case basis and will provide further guidance on compliance and verification procedures.

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The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 3, Series of 2026 to establish revised guidelines for classifying, processing, and submitting corporate amendment applications through the eAMEND portal. The circular expands expedited Simple Processing for routine amendments while routing complex and highly technical transactions through Regular Processing, mandating upfront fee payment, digital certificate issuance, and strict post-approval deadlines for hard copy submission. It enforces compliance through graduated penalties, imposing a five-thousand-peso fine for Simple Processing applications delayed beyond fifteen days and automatic cancellation with fee forfeiture for non-compliance or delays exceeding forty-five days.

The Securities and Exchange Commission extends discounted filing fees for Micro, Small, and Medium Enterprises to support their growth under Republic Act No. 9501. The circular grants a 20% discount on corporation registration fees until March 31, 2026, and maintains a 50% discount on securities registration fees until June 30, 2026. Eligibility requires applicants to meet specific asset size definitions and submit a Certification of MSME Qualification, with certain exceptions for paid-up capital requirements.

The Securities and Exchange Commission of the Philippines issued this circular to revise the implementing rules and regulations of the Real Estate Investment Trust Act of 2009. The amendments expand the definition of infrastructure projects to include private initiatives, clarify income-generating real estate criteria, and introduce a definition for related party transactions. Key regulatory changes include extending the sponsor reinvestment period to two years, mandating dividend distribution cascades from special purpose vehicles, and prohibiting duplicate management fees at the vehicle level.

The SEC Nigeria warns the public that Voya Investment Management (VIM) is not registered or licensed by the Commission. VIM's claims of supervision and its presented certificate are false and fraudulent. The public should avoid dealing with VIM to prevent financial risks.

The Commission requires CMOs renewing 20

The Securities and Exchange Commission of Ghana announces Parliament's passage of the Virtual Asset Service Providers Bill, which establishes a comprehensive legal framework for the virtual asset sector. The legislation mandates that all individuals and entities conducting virtual asset activities must obtain a license or official registration from either the SEC or the Bank of Ghana. The SEC will specifically oversee and regulate key services including exchanges, trading platforms, issuance, tokenization, ETFs, management, advisory, brokerage, and mining activities while joint guidelines with the Bank of Ghana will operationalize the Act.

The Securities and Exchange Commission of the Philippines mandates that publicly listed companies and large non-listed entities adopt Philippine Financial Reporting Standards S1 and S2 for sustainability reporting. The regulation implements a tiered adoption timeline starting in fiscal year 2026 based on market capitalization and revenue thresholds, while requiring mandatory limited assurance for Scope 1 and 2 greenhouse gas emissions two years after initial implementation. Additionally, the circular establishes transition reliefs, exemption conditions for subsidiaries, and penalties for non-compliance to align local disclosures with international standards.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 14, Series of 2025, to establish new regulatory ceilings on interest rates and fees for unsecured general-purpose loans not exceeding PhP10,000 with tenors up to four months. The circular mandates a nominal interest rate cap of 6 percent per month, an effective interest rate ceiling of 12 percent per month inclusive of other fees, and a total cost cap of 100 percent of the borrowed amount. Non-compliance triggers escalating administrative sanctions ranging from fines to the revocation of certificates of authority, with the rules taking effect on April 1, 2026.

SEC Nigeria launched the Regulatory Hub, a digital

SEC Nigeria warns the public that Glorious Wealth Fund (GW

The Securities and Exchange Commission of Ghana has issued a public notice warning against unlicensed television advertisements promoting fraudulent "money doubling" investment schemes. The regulator explicitly identifies thirty-three television channels and associated schemes as unapproved, citing Sections 144(1) of the Securities Industry Act and 294(1)(b) of the Companies Act to declare such unauthorized public invitations a criminal offence. Investors are urged to verify the licensing status of any capital market service provider through the SEC’s toll-free hotline, main line, or official email before committing funds.

The Securities and Exchange Commission has introduced new regulatory rules for Credit Enhancement Facility Providers, requiring mandatory registration and a minimum paid-up capital of N10 billion. These providers must maintain a minimum 85% liquid asset ratio and comply with stringent prudential requirements including long-term credit ratings and leverage limits. Furthermore, the existing Commission rules have been amended to include these providers as registrable Capital Market Operators and to set specific liquidity ratios for their operations.

The SEC requires eligible pre-registration applicants to complete

The Securities and Exchange Commission notifies Capital Market Operator applicants of

A financial regulator issued this list of approved commercial papers as of

Management announced the Second Capital Market Committee Meeting 2

The Securities and Exchange Commission of Ghana issued its 2024 Annual Report to outline regulatory changes, market performance data, and strategic reforms designed to transition the national capital market to emerging status by 2029. The document details a comprehensive review of the Securities Industry Act to align with IOSCO standards, introduces Green Bond Guidelines to standardize sustainable finance, and establishes a regulatory framework for virtual assets through a dedicated task force. These regulatory updates, combined with mandatory continuing professional development and expanded investor education initiatives, coincided with record market capitalization, substantial growth in assets under management, and an increased number of licensed market operators.

The Securities and Exchange Commission (SEC) informs the public that AfriquantumX is not registered to solicit investments or operate in the Nigerian capital market. Investigations reveal AfriquantumX is actively promoted on social media and exhibits characteristics of fraudulent Ponzi schemes, prompting the SEC to advise caution as investments are at the investor's own risk. The Commission reiterates that transacting with unregistered entities exposes investors to financial risk and reminds the public to verify registration status on its portal, www.sec.gov.ng/cmos, before investing.

The Securities and Exchange Commission of Ghana invites eligible suppliers to submit sealed tenders for the acquisition, delivery, and maintenance of two 2026 model 4WD Sport Utility Vehicles. Bids must be submitted electronically through the e-GP portal by 15:00 on October 13, 2025, and must include a 2% tender security alongside a 1,000 GHS non-refundable participation fee. Only organizations pre-registered and qualified in the government e-procurement system are permitted to participate in this national competitive tender.

The Ghanaian securities regulator issues these guidelines to standardize and oversee market participants trading Government of Ghana securities. The framework mandates strict compliance with licensing, reporting, and operational protocols to safeguard market integrity and investor interests. Licensed dealers must align all dealing activities with the prescribed procedures to maintain their operational authorization under the 2025 regulatory regime.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 13, Series of 2025, to establish a regulatory framework for the voluntary designation of publicly listed companies as Philippine Green Equity. To qualify for this label, issuers must demonstrate that more than 50% of their revenue and investments stem from green activities, limit fossil fuel revenue to under 5%, and align with the Philippine Sustainable Finance Taxonomy Guidelines. The guidelines mandate external third-party assessments, annual public disclosures to the Philippine Stock Exchange, and outline procedures for monitoring, suspension, or cancellation of the label for non-compliance.

The Securities and Exchange Commission issued Memorandum Circular No. 12, Series of 2025, to amend Rule 8.1.2 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code. The amendments establish an Enhanced Shelf Registration framework that extends the validity of shelf registration periods to a maximum of five years from the effective date of the registration statement. This regulatory change aims to provide greater flexibility and efficiency in the continuous or delayed offering of securities while maintaining adequate investor protection and disclosure standards.

The Securities and Exchange Commission issued Memorandum Circular No. 11, Series of 2025, to provide further guidelines on exempt transactions under Section 10 of the Securities Regulation Code. The regulation amends Rule 10 of the 2015 Implementing Rules and Regulations to standardize application procedures and documentary requirements for optional confirmation of exempt transactions. It specifically details the filing processes, fees, and necessary certifications for stock option plans and other exempt offerings to ensure investor protection and public interest compliance.

The SEC invites Capital Market Operators to join Working Groups for

The Capital Market Committee (CMC) published proceedings

The Securities and Exchange Commission of Ghana published its Second Quarter 2025 newsletter to announce key regulatory appointments, strategic market diversification initiatives, and comprehensive capital market statistics. The document formally records the swearing-in of the Commission’s new Governing Board, details a regional knowledge-sharing initiative with Tanzania’s securities regulator on private equity and venture capital, and outlines technical roadmaps for introducing Islamic finance products. It further mandates enhanced investor protection through expanded financial literacy campaigns, provides updates on enforcement actions and compliance requirements, and summarizes international regulatory developments from the IOSCO 50th Annual Meeting.

The Securities and Exchange Commission (SEC) launched its newly redesigned official website on September 1, 2025, implementing a responsive design that consolidates regulatory documents and streamlines site navigation. This structural upgrade reorganizes critical information to enhance accessibility for investors, market participants, and the public while optimizing core functionality across desktop and mobile devices. The updated digital platform directly supports the Commission’s mandate to foster transparency, operational efficiency, and continuous stakeholder engagement through seamless access to regulatory updates and services.

The Securities and Exchange Commission of Ghana has issued the Securities Industry (Underwriter) Guidelines 2025 to regulate the licensing, registration, and operational conduct of underwriters, including broker-dealers and issuing houses. The guidelines mandate that all underwriters meet prescribed capital requirements, register their underwriting agreements with the SEC, and maintain strict compliance with due diligence, conflict of interest disclosure, and seven-year record-keeping obligations. Additionally, the document establishes comprehensive anti-money laundering protocols, outlines specific duties and prohibitions for underwriters, and authorizes the SEC to impose administrative penalties or remedial actions for non-compliance.

The Securities and Exchange Commission of Ghana issued the 2025 Securities Industry (Financial Resources) Guidelines to mandate licensed market operators to maintain strict minimum capital and liquid capital thresholds. The framework establishes precise calculation methodologies for liquid assets and adjusted liabilities, incorporating standardized haircut percentages, trade-date accounting, and strict prohibitions on netting or set-off arrangements. Market operators must continuously monitor their liquidity positions, immediately report any shortfalls to the Commission, and inject additional funds within five business days or face daily penalties and potential license suspension.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 10, Series of 2025, to repeal the 1973 rules allowing the trading of Class B shares on the regular board. The directive mandates the declassification of all listed companies' common shares into a single class and requires corporations to amend their Articles of Incorporation within one year to reflect this change. Additionally, the circular establishes that buyers are no longer compelled to accept alternative share classes and outlines immediate disposition requirements for trades that breach foreign ownership limits.

The Securities and Exchange Commission (SEC) has invalidated a July 2025 Annual General Meeting held by majority shareholders of The Tourist Company of Nigeria (TCN) Plc, rejecting all resolutions passed during that proceeding. The regulator mandates that the existing Board, including its SEC-appointed independent directors, remains fully constituted and active to preserve corporate stability and minority investor interests. TCN Plc continues under direct SEC oversight until all legacy governance disputes are resolved, with the Commission deploying legal mechanisms to enforce market discipline and protect shareholder value.

The Securities and Exchange Commission (SEC) of Ghana has issued a public notice warning investors against unlicensed fraudulent investment schemes proliferating across the country. The regulator advises the public to avoid platforms that utilize unauthorized celebrity endorsements, AI-generated deepfakes, anonymous social media profiles, or promises of unreasonably high returns. Investors are directed to verify the licensing status of any capital market entity through the SEC’s official toll-free line, email, or website before engaging with any investment opportunity.

The Securities and Exchange Commission issued Memorandum Circular No. 09, Series of 2025, to further streamline the 45-day review process for Registration Statements under the Markets and Securities Regulation Department. The Circular mandates a two-tranche payment structure for registration fees, requiring twenty percent upfront to initiate the review and eighty percent upon the issuance of a Payment Assessment Form before the 45th day. Additionally, it grants a thirty percent discount on assessed registration fees for all eligible applications from the Circular's effectivity until December 31, 2025.

The Securities and Exchange Commission issued this circular to provide discounted rates for certain filing fees to support the growth of micro, small, and medium enterprises. The regulation grants a 50% discount on securities registration and a 25% discount on increase in capital stock filings to applicants meeting the asset size definitions under RA No. 9501. These preferential rates are available from the circular's effectivity date until June 30, 2026, subject to the submission of a signed Certification of Qualification.

The Securities and Exchange Commission issued Memorandum Circular No. 07, Series of 2025 to affirm its commitment to ease of doing business and establish strict timelines for processing applications. The directive mandates specific procedural deadlines for various regulatory filings, including primary registrations, licensing of foreign corporations, and securities registrations. It further outlines guidelines for applications deemed approved, aiming to streamline operations across departments such as ESPARC, IMARD, and CGFD.

The Securities and Exchange Commission announced the next pre-registration training

The Nigerian Securities and Exchange Commission issued this guidance to mandate enhanced board governance for Capital Market Operators and Public Companies, specifically prohibiting the transmutation of Independent Non-Executive Directors into Executive roles within the same entity or group. The directives establish a maximum ten-year individual and twelve-year group board tenure limit, alongside a mandatory three-year cooling-off period before former executives may assume the Chairmanship for up to four years. These requirements apply immediately and mandatorily to Financial Market Infrastructures classified as Significant Public Interest Entities, while Public Companies must adhere to the 2018 Nigerian Code of Corporate Governance and other operators are encouraged to adopt them as best practice.

The Securities and Exchange Commission (SEC) has issued a public notice identifying News GH and Ghana News as entities advertising unlicensed investment products on social media in violation of the Securities Industry Act. The regulator mandates that the public immediately cease engagement with these schemes and verify the licensing status of all capital market operators through official SEC channels. Concurrently, the SEC is collaborating with law enforcement to prosecute the operators behind these fraudulent platforms and warns investors to avoid products promising unrealistic, risk-free returns.

The Securities and Exchange Commission (SEC) announced that the ten-year tax exemption period granted under the Companies Income Tax (Exemption of Bonds and Short-Term Government Securities) Order, 2011, expired in December 2021. Consequently, interest income from treasury bills, promissory notes, and bonds issued by various government and corporate entities may now be subject to applicable tax obligations, requiring consideration of Withholding Tax (WHT) deduction. Parties involved in issuing or processing payments for these instruments should take steps to align with current tax compliance requirements, though tax exemption for Federal Government of Nigeria bonds remains recognized.

The Securities and Exchange Commission mandates that all capital market stakeholders file commercial paper applications for prior review and approval via its designated e-portal. This requirement, established under the December 23, 2024 issuance rules, officially takes effect on July 1, 2025. Issuers must utilize the online system to secure regulatory clearance before proceeding with commercial paper offerings.

The Securities and Exchange Commission of the Philippines issued this circular to reduce fees for physical and digital copies of official corporate documents by fifty percent. The new rates apply to authenticated and plain copies of various records such as Articles of Incorporation, By-Laws, and General Information Sheets, while SEC API service fees remain unchanged. These reduced rates take effect on July 1, 2025, in accordance with mandates to ease the cost of doing business and ensure equitable access to corporate data.

The Securities and Exchange Commission (SEC) warns the public that CMTRADING is not registered in Nigeria. The platform, which claims South African and Seychellois licenses, uses cloned media and celebrity endorsements to promote a Ponzi scheme. Investors engaging with CMTRADING do so at their own risk.

Nigeria's SEC warns Sapphire Scents Limited is unregistered

The SEC has directed public companies and capital market operators to immediately stop converting Independent Non-Executive Directors to Executive Directors. It also limits director tenure to 10 years in one company and 12 in a group, with a 3-year cool-off for former CEOs/EDs before becoming Chairman.

The Nigerian Securities and Exchange Commission has declared that ZUGACOIN and SAMZUGA GPT are unregistered, unauthorized meme coins not approved for public issuance in the Nigerian capital market. Preliminary investigations indicate these assets lack intrinsic value and tangible backing, making them highly susceptible to promoter-driven pump-and-dump schemes. Investors are advised to purchase or promote these coins at their own risk and must verify the registration status of promoters and trading platforms through the Commission’s official fintech portal before investing.

The Securities and Exchange Commission (SEC) warns the public to avoid CBEX/ST Technologies International Ltd, as they are unregistered and unauthorized to offer investment services. The SEC has initiated enforcement action and advises against patronizing them to prevent fund loss.

The Investments and Securities Act, 2025 repeals the 2007 legislation to establish the Securities and Exchange Commission as the apex regulatory authority for the Nigerian capital market. It introduces comprehensive frameworks for the regulation of securities, market infrastructure, collective investment schemes, and systemic risk management. Furthermore, the Act mandates strict corporate governance, transparency, and reporting standards for public companies and capital market operators to ensure investor protection and efficient market operations.

The Securities and Exchange Commission (SEC) is currently reviewing the content hosted on its Enforcement Portal. During this interim period, members of the public seeking information regarding enforcement actions against Capital Market Operators must contact the Commission directly via email at sec@sec.gov.ng. This temporary adjustment ensures accurate portal data while maintaining public access to critical enforcement records.

The Securities and Exchange Commission (The Commission) has issued an alert regarding "PUNISHER COIN" ($PUN), stating that its promoters are not registered to operate in the Nigerian Capital Market and the coin is not approved for public issuance. Preliminary investigations reveal PUNISHER COIN is a meme coin, which typically lacks intrinsic value or projects and is susceptible to pump and dump schemes, a fraudulent activity where promoters inflate prices before selling. The public is advised to refrain from participating in the purported presale, as any investment is at their own risk, and to always verify the authenticity and registration status of virtual assets and their promoters.

The Securities and Exchange Commission clarifies that unclaimed dividends of public companies older than twelve years are no longer statute-barred and must be transferred to the Unclaimed Funds Trust Fund after six years under Section 60 of the Finance Act 2020. The Commission directs public companies and their registrars to immediately honor shareholder claims for these dividends, effective December 31, 2020, while the Federal Government establishes the trust fund. Entities must comply without delay and submit periodic reports according to the Commission’s prescribed rules and regulations.

The Securities and Exchange Commission mandates that the Nigerian equities market transition to a T+2 settlement cycle, effective November 28, 2025. This migration requires all brokers, dealers, and custodians to update their operational systems while advising investors to assess how the accelerated timeline impacts liquidity, counterparty risk, and global competitiveness. The expedited process aligns Nigerian markets with international best practices, enhancing fund accessibility and long-term market stability for domestic and foreign participants.

The Securities and Exchange Commission of the Philippines promulgated the SEC CASP Rules to establish a regulatory framework for crypto-asset service providers, classifying crypto-assets as financial products under its supervision. The rules mandate licensing for CASPs, require comprehensive disclosure documents for public offerings, and strictly regulate marketing activities to ensure consumer protection and market integrity. Additionally, the regulations enforce Anti-Money Laundering compliance and grant the Commission visitorial and enforcement powers to oversee and sanction non-compliant entities.

The Securities and Exchange Commission issued guidelines requiring all crypto-asset service providers and marketing entities to register with strict capital, operational, and compliance standards. The rules mandate a minimum paid-up capital of 100 million pesos, robust cybersecurity and risk management frameworks, and the legal segregation of client assets from corporate funds. Additionally, the SEC established comprehensive requirements for market integrity, client suitability assessments, and anti-money laundering measures, while retaining authority to suspend or revoke licenses for non-compliance.

The SEC issued a notice extending the deadline for the Technology Adoption Survey for Capital Market Operators to May 31, 2025. All registered CMOs must complete the survey via the SEC E-Portal by this new date.

The Securities and Exchange Commission has issued an alert declaring Silverkuun Investment Cooperative Society/Silverkuun Limited unregistered to operate in the Nigerian Capital Market despite holding itself out as an investment adviser and fund manager. Investors are advised to refrain from engaging with the entity or its representatives and must verify its registration status on the Commission’s official portal before transacting. Transacting with unregistered entities exposes the public to heightened financial risks, including fraud and potential capital loss.

This document introduces new regulatory rules for the issuance and allotment of private companies' debt securities, including strict eligibility, registration, and reporting requirements. It also details sundry amendments to existing SEC rules covering corporate bonds, annual and quarterly reporting penalties, private equity funds, and collective investment schemes (CIS). These changes include new fee structures, valuation standards, and continuous disclosure mandates to enhance market transparency and regulatory compliance.

The Securities and Exchange Commission (SEC) of Nigeria has announced new rules and amendments regarding the issuance and allotment of private companies' securities. These rules aim to regulate debt securities issuances by private companies, focusing on qualified investors and registration requirements. Additionally, amendments were made to existing rules concerning corporate bonds, annual and quarterly reports, fees, and private equity funds, emphasizing compliance and disclosure.

The Securities and Exchange Commission warns the public that PWAN/PWAN MAX are not registered to solicit investments. Their operations show signs of a Ponzi scheme, and investors are warned to verify registration status before transacting.

The Securities and Exchange Commission requires all registered Capital Market Operators to complete a technology adoption survey on the e-portal between May 5-20, 2025.

The Central Bank of Nigeria's Capital Market Committee meeting, originally set for May 9, 2025, is postponed to May 19, 2025, at the same Lagos venue.

The Nigerian Securities and Exchange Commission has declared the cryptocurrency trading platform Tofro.com as unregistered to solicit investments or operate within Nigeria. Investigations reveal that the entity exhibits classic Ponzi scheme indicators, including unusually high returns, a referral-dependent payout model, and consistent withdrawal failures. Investors are advised to exercise caution, assume full risk for their capital, and verify the platform’s registration status via the Commission’s official portal before transacting.

The Securities and Exchange Commission (SEC) Nigeria has released new rules and amendments aimed at regulating the issuance and allotment of private companies' securities. These updates address various aspects, including corporate bonds, annual and quarterly reports, fees on market deals, and private equity funds. The new regulations also outline eligibility criteria, restrictions, and conditions for securities issuance, as well as reporting requirements and sanctions for non-compliance, ultimately aiming to promote transparency and protect investors in the capital market.

The Commission issued Interpretative Guidance Note clarifying amended Private Equity Fund Rules. It requires funds under ₦5 billion to file governing documents for a "no objection" instead of registration. It also mandates fund managers to hold 3% proprietary investment (1% if sovereign wealth/MDFI invested) and limits total management fees/expenses to 2% of funds raised in Nigeria.

Capital Market Committee management issued this notice to convene the inaugural 2025 meeting in Lagos on May 9, requiring strict invitation-only attendance and an 8:45 a.m. seating deadline. The directive mandates that all pre-selected participants adhere to exclusive access protocols and comply with the specified venue logistics. This announcement establishes the regulatory body's operational calendar for 2025, ensuring focused oversight of capital market activities.

The Nigerian Securities and Exchange Commission has clarified that CBEX, operating as ST Technologies International Ltd, lacks official registration to solicit public investments or operate as a digital assets exchange. Preliminary investigations reveal the platform engaged in misleading promotional campaigns, failed to process subscriber withdrawals, and abruptly closed its physical offices while promising implausibly high guaranteed returns. Pursuant to Section 196 of the Investments and Securities Act 2025, the Commission will collaborate with law enforcement to enforce compliance against CBEX and its promoters while advising investors to verify platform registrations before transacting.

The Securities and Exchange Commission mandates the exclusive use of the Zuper Easy Registration Online (ZERO) system for all new corporation registrations through the eSPARC and OneSEC portals. This directive requires applicants to utilize credentialed eSECURE accounts and the Electronic Submission Authentication Portal (eSAP) to digitally authenticate documents, thereby eliminating the need for physical signatures, notarization, and hard copy submissions. While domestic stock corporations must immediately adopt this end-to-end paperless process, other entity types are granted a three-month grace period before the mandatory implementation applies to them as well.

The Securities and Exchange Commission has scheduled its 2025 first registration meeting to evaluate applications through virtual, oral, and computer-based written interviews. The proceedings run from April 7 to 11, 2025, with the computer-based written interview taking place on April 9 at Lagos’s Centre for Management Development. Attendance remains strictly by invitation, with official time slots and virtual links distributed via email to all qualified applicants.

The Securities and Exchange Commission issued this circular to exempt equity funds, balanced funds, and multi-asset funds with actual equity exposure from the single business group investment limit previously imposed by SEC Memorandum Circular No. 15, Series of 2020. These exempted funds are instead subject to the standard single entity or issuer investment limitation of twenty percent of net assets under Rule 6.8(b) of the Investment Company Act Implementing Rules and Regulations. The Commission also waived fines for past breaches of the single business group limit by these funds and mandated compliance with the ASEAN CIS Framework's single business group limit for cross-border offerings.

The Securities and Exchange Commission has immediately cancelled the registration of Mainland Trust Limited as a capital market operator due to its failure to comply with regulatory directives and unresolved complaints. Issued under Section 38(4) of the Investments and Securities Act, 2007, the order directs the Nigerian Exchange Group, CSCS, and related trade associations to discontinue all capital market dealings with the company. Affected clients are advised to contact the Central Securities Clearing Systems Plc to facilitate the transfer of their stocks to a new stockbroker.

The Securities and Exchange Commission issued Memorandum Circular No. 01, Series of 2025 to mandate the filing of annual financial statements and general information sheets for the year 2025. This directive establishes the specific requirements and deadlines for listed issuers and other regulated entities to submit their mandatory disclosures. The circular ensures continued compliance with securities regulations and promotes transparency in the Philippine capital markets.

The Nigerian Securities and Exchange Commission has issued an alert declaring Promiseland Estates Limited and Promiseland Building & Construction Limited as unregistered entities operating illegally in the capital market. The regulator specifically warns investors against patronizing their PRO-VEST scheme and advises the public to refrain from engaging with these companies or their representatives for capital market business. Investors are reminded to verify the registration status of all investment service providers on the Commission’s official portal before transacting to mitigate fraud and potential financial loss.

The Securities and Exchange Commission has declared My Shares, operating as UYJ Multitrade Limited, unregistered in the Nigerian Capital Market. The Commission requires investors to refrain from transacting with the entity and verify its status on the official SEC portal before engaging. Failure to do so exposes investors to fraud risks and potential capital loss.

The Nigerian Capital Market Institute (NCMI) has scheduled its Q1 2025 Pre-Registration Training and Examinations for March 10–16, 2025. Prospective candidates must remit tiered fees ranging from ₦100,000 to ₦250,000 via Remita and submit required applicant details and payment evidence to designated SEC email addresses. The virtual exercise requires a minimum pass mark of 70%, with unsuccessful candidates permitted to re-sit in future editions upon paying the applicable fees.

The Securities and Exchange Commission of Ghana has issued binding guidelines establishing the annual market operator levies and transaction fees applicable to all regulated securities market participants for 2025. The document mandates fixed annual fees ranging from GH¢3,000 to GH¢50,000 based on entity classification, while imposing transaction levies of 0.7% on share trades, 0.01% on bond trades, and 0.002% on repurchase agreements, with specified revenue distributions to exchanges, depositories, and the regulator. Market operators must settle annual levies by the end of the first quarter or in installments by June 30, pay transaction and admission levies within ten to fifteen working days after the relevant month, and face enforcement actions under the Securities Industry Act for non-compliance.

The Securities and Exchange Commission mandates all Market Operators to submit electronic Directors and Principal Officers' Personal Notes (e-DPN) via the Regulatory Compliance Portal. Submissions must be completed by April 30, 2025, to maintain an accurate regulatory database for oversight purposes. Non-compliance triggers enforcement actions under Section 209 of the Securities Industry Act, with the directive taking immediate effect upon issuance.

The Securities and Exchange Commission (SEC) directs all Capital Market Operators to ensure their Directors and Principal Officers complete and submit electronic personal notes (e-DPN) through the Regulatory Compliance Portal. This submission must be finalized by 30 April 2025 to maintain an accurate regulatory database for market oversight and compliance monitoring. Failure to comply will trigger enforcement actions under Section 209 of the Securities Industry Act, and the directive takes immediate effect pending any future amendments.

The Securities and Exchange Commission has relocated its Monitoring and Enforcement Departments from the Nigerian Capital Market Institute Building to its Head Office at SEC Tower in Abuja. This operational shift aims to enhance service delivery for capital market stakeholders and the general public. Consequently, all inquiries and official engagements concerning these departments must now be directed to the Commission’s Head Office at 272 Samuel Adesujo Ademulegun Street.

The Securities and Exchange Commission issued Memorandum Circular No. 18, Series of 2024, requiring public interest entities to disclose detailed fee-related information for external auditors in their audited financial statements. Covered companies must present a two-year comparative supplementary schedule itemizing audit fees, non-audit service fees, fees for related entities, and any fee dependency exceeding 15% of the auditor's total revenue. These guidelines align with the Code of Ethics for Professional Accountants and become effective for financial statements ending on or after December 31, 2024.

The Securities and Exchange Commission, Ghana, issued the 2025 Guidelines to regulate licensed entities dealing in Government of Ghana securities across primary and secondary markets. Authorized dealers must maintain prescribed minimum capital, employ at least four representatives, publish daily competitive bid and offer quotations, implement strict KYC and anti-money laundering protocols, and retain transaction records for seven years. The Commission may investigate operations, revoke or suspend licences for non-compliance, and levy administrative penalties ranging from fifty to twenty thousand penalty units.

The Securities and Exchange Commission requires registered Fund and Portfolio Managers to remit Supervisory and Regulatory Fees on a quarterly basis following the December 2024 rule amendments. Payments must be submitted by the last day of the month following each quarter's end to maintain compliance with the updated schedule. Non-compliant firms will be subject to enforced penalties under the revised framework.

The Securities and Exchange Commission has introduced new regulatory rules governing the issuance of commercial papers, including specific eligibility criteria, registration requirements, and strict guidelines for rollovers and allotments. The amendments also adjust exemption thresholds under Rule 8, increasing the aggregate value limit for qualifying securities from N5,000,000 to N20,000,000. Additionally, the commission has updated the annual supervisory and regulatory fee structure for collective investment schemes and other portfolios managed by fund managers.

The Securities and Exchange Commission (SEC) Nigeria has introduced new rules and amendments to existing regulations concerning the issuance of commercial papers (CPs). These rules outline eligibility criteria for issuers, conditions for CP issuance, registration requirements, and post-issuance obligations. The amendments also address exemptions and annual supervision fees for collective investment schemes, aiming to enhance regulatory oversight and investor protection in the Nigerian capital market. These changes are set to take effect, ensuring greater transparency and compliance within the financial sector.

The Securities and Exchange Commission extends the deadline for the Enhanced Compliance Incentive Plan applications until 31 December 2024 to allow regulated entities more time to submit complete reportorial requirements. Non-compliant, suspended, and revoked corporations must file their Expression of Interest, Audited Financial Statements, General Information Sheets, and supporting documents via the eFAST system to avail of reduced fines and penalties. The Commission mandates payment of fees through eSPAYSEC and warns that failure to submit the complete set of requirements within the prescribed period will result in the forfeiture of the paid ECIP fees.

The Securities and Exchange Commission issued Memorandum Circular No. 16, Series of 2024, to formally adopt the Insurance Commission's deferral of Philippine Financial Reporting Standard 17 for Mutual Benefit Associations and Health Maintenance Organizations. This directive aligns SEC financial reporting rules with IC Circular Letters, setting the new effective dates for PFRS 17 implementation at January 1, 2030 for MBAs and January 1, 2027 for HMOs. Entities availing of this relief must prepare audited financial statements using a modified industry-specific framework and include specific disclosures and auditor emphasis of matter paragraphs regarding the deviation from full PFRS requirements.

The Nigerian Securities and Exchange Commission (SEC) has declared Marino FX Ltd unregistered and unlicensed to operate in the Nigerian capital market, including cryptocurrency exchanges. The regulator warns that the company’s claims of SEC approval are false and misleading, exposing investors to fraud and capital loss. The public is therefore advised to exercise caution and refrain from transacting with Marino FX Ltd or its representatives.

The Securities and Exchange Commission requires all public companies to simultaneously publish their periodic returns on their official websites alongside regulatory filings. Effective January 2025, failure to comply with this mandate under Rules 39 and 41 will result in appropriate penalties. This mandatory web publication ensures seamless public access to timely disclosures, thereby facilitating sound investment decisions and enhancing shareholder engagement.

The Commission has announced the postponement of the forthcoming CMC meeting, originally scheduled for Thursday, 14th November 2024. This delay is necessary to allow the Commission to attend to urgent regulatory commitments. A new date for the meeting will be confirmed and communicated in due course.

The Government of the Republic of Ghana, funded by the African Development Bank, invites sealed bids for the acquisition, delivery, and installation of software and hardware solutions for a Regulatory Compliance Portal. The procurement, conducted through national open competitive bidding, specifically targets a fully functional system for the Securities and Exchange Commission with a required delivery period of 180 days. Interested bidders must submit their proposals with a $10,000 USD bid security to the Ministry of Finance in Accra by 11:00 GMT on October 16, 2024.

The Securities and Exchange Commission issued Memorandum Circular No. 14, Series of 2024, to establish accreditation requirements for entities seeking registration as Personal Equity and Retirement Account (PERA) Administrators or Investment Managers. The guidelines mandate specific net worth thresholds, corporate governance standards, technological capabilities, and personnel training for Administrators, while requiring proof of investment experience and supervision procedures for Investment Managers. Additionally, the circular outlines security deposit obligations, grounds for suspension or revocation of accreditation, and associated reporting and fee requirements.

The Securities and Exchange Commission issued Memorandum Circular No. 15, Series of 2024, to mandate that all accredited PERA Administrators maintain a security deposit of government securities equivalent to one percent of their total administered assets. The guidelines establish strict procedures for the submission, acceptance, and quarterly replenishment of these deposits, requiring administrators to notify the Commission of any deficiencies within one week. Non-compliance with these requirements triggers escalating fines of up to 150,000 pesos and the potential revocation of the administrator's qualification certificate.

The Securities and Exchange Commission (SEC) of Ghana has approved the release of GHS 1.5 billion in three tranches to provide financial relief to investors affected by the November 2019 revocation of fund management company licenses. This bailout top-up, distributed through the Amalgamated Mutual Fund managed by GCB Capital Ltd, will pay investors the higher of GHS 50,000 or 15% of their outstanding examined claims, bringing the total settlement rate to approximately 91%. Building on GHS 4.46 billion previously disbursed to settle over 69,000 claims, the SEC directs affected investors to access funds via the official bailout portal or contact appointed agents PwC and GCB Capital for further guidance.

The Securities and Exchange Commission of the Philippines issues SEC Memorandum Circular No. 13, Series of 2024, to launch the Enhanced Compliance Incentive Plan (ECIP) for corporations failing to submit timely reportorial requirements. The program allows eligible domestic and foreign entities to settle unassessed or unpaid fines for late or non-filing of General Information Sheets and Audited Financial Statements through a web-based application process. The ECIP is available from September 2 to November 30, 2024, and excludes listed public companies and those with specific legal disputes or expired terms.

Management has issued a time change notification for the Second Capital Market Committee (CMC) Meeting on August 14, 2024. The revised start time is now 9:00 AM, requiring all invited participants to be seated by 8:45 AM at the Ballroom of the Oriental Hotel in Victoria Island, Lagos. Attendance remains strictly by invitation, and attendees must adhere to the updated timing for the proceedings.

The Securities and Exchange Commission (SEC) Management announces the Second Capital Market Committee Meeting on August 14, 2024, at the Oriental Hotel in Lagos, followed by a press interaction on August 15 at the SEC Lagos Zonal Office. Attendance is strictly by invitation, and all participants must be seated by 9:45 am for both scheduled events. The updated venue arrangements and fixed timeline ensure seamless execution of the 2024 committee proceedings.

SEC Management has scheduled the Second Capital Market Committee Meeting for August 14, 2024, at the Lagos Continental Hotel in Victoria Island. A press interaction will follow on August 15 at the SEC Lagos Zonal Office, maintaining strict invitation-only attendance for both events. All participants are required to be seated by 9:45 am ahead of the proceedings.

Management has scheduled the second pre-registration examination for sponsored individuals on August 1, 2024. Eligible applicants who attended pre-registration training must register by completing the payment template and emailing it to ncmi@sec.gov.ng. Submissions must be received on or before July 25, 2024 to qualify for the examination.

The Securities and Exchange Commission issued Memorandum Circular No. 12, Series of 2024, to establish registration guidelines for real estate developers issuing investment contracts, certificates of participation, or profit-sharing agreements through rental pool agreements. The circular mandates specific pre-filing clearances, financial disclosure standards, and a structured 45-day review process for shelf registrations and subsequent offerings. It further outlines post-issuance reporting obligations and penalty clauses to ensure compliance with the Securities Regulation Code and protect investors in real estate non-traditional securities.

The Securities and Exchange Commission mandates all publicly listed companies to upload the minutes of their regular and special stockholders' meetings to their websites within five business days. The regulation specifies required content such as attendance, voting results, and questions, and requires signatures by the Corporate Secretary or Assistant Corporate Secretary. Non-compliance with these disclosure and posting requirements subjects companies to basic and monthly monetary penalties, with the rule taking effect on July 15, 2024.

The Securities and Exchange Commission of the Philippines issued this circular to establish the Electronic SEC Universal Registration Environment (eSECURE), a digital credentialing system designed to streamline corporate registration and online transactions. The guidelines mandate the use of electronic Know Your Customer (eKYC) procedures for user verification and authorize the SEC Electronic Submission Authentication Portal (eSAP) to digitally authenticate documents, thereby eliminating the requirement for wet signatures and notarization. The document outlines specific account creation steps, credentialing fees, validity periods, and the integration of various SEC online services into this unified digital platform.

The Nigerian Securities and Exchange Commission warns the public against fraudsters impersonating Director General Dr. Emomotimi Agama to extract personal data and secure unauthorized payments. The agency mandates that all official communications occur exclusively through verified email addresses, websites, social media handles, and phone numbers. Investors are instructed to independently verify contacting parties through the Commission’s official email or hotline before sharing investment details.

The Securities and Exchange Commission has launched a revamped e-Dividend Mandate Management System Portal to curb unclaimed dividends and enhance investor experience in Nigeria. The new self-service interface enables investors to virtually mandate their accounts for electronic dividend collection without visiting registrars or banks. Investors with non-mandated accounts are directed to the SEC website and NIBSS portal to complete registration, while alternative bank or registrar pathways remain available.

The Securities and Exchange Commission has issued a formal notice declaring that Alpha Trust Investment Club and its promoted investment schemes lack required registration. Operating as an unregistered investment professional constitutes a serious contravention of the Investments and Securities Act 2007. The public and investment promoters are strongly advised to verify the registration status of any entity or product before entering into financial transactions.

The Securities and Exchange Commission of Ghana has established July 9, 2024, as the final deadline for investors affected by the November 2019 revocation of Fund Management Company licenses to submit validated claims for a government bailout. Eligible customers must complete the attached claim form and email it to the SEC-appointed agent, PricewaterhouseCoopers (Ghana) LTD, to qualify for the voluntary bailout package. This directive, issued under the Securities Industry Act, aims to expedite investor compensation and maintain the integrity of the national capital market.

The Securities and Exchange Commission of Ghana and the UN Capital Development Fund have issued comprehensive guidelines establishing a regulatory framework for equity or investment-based crowdfunding in Ghana. The rules mandate that all crowdfunding platforms secure rigorous licensing, disclose investment risks and potential returns, and collaborate with banks and microfinance institutions to operate legally. By formalizing oversight for both domestic and foreign platforms, the framework aims to protect investors, unlock accessible financing for MSMEs and startups, and stimulate sustainable entrepreneurial growth.

The Securities and Exchange Commission secured a Federal High Court judgment sentencing Famzhi Interbiz Managing Director Mariam Suleiman to five years’ imprisonment without a fine for defrauding investors of over N2 billion. The ruling mandates the liquidation of all defendant properties to compensate victims, while upholding a prior SEC public notice that declared the company’s unregistered investment products and guaranteed returns unlawful under the Investments and Securities Act 2007. This enforcement action formally invalidates the entity’s unregistered fund-solicitation activities and establishes a precedent for prosecuting similar securities violations.

The Securities and Exchange Commission of Nigeria has issued a formal disclaimer stating that the $Davido meme coin is not recognized as an investment product under its regulatory purview. The regulator emphasizes that the asset lacks fundamental value, remains purely speculative, and carries high risk for investors who patronize it at their own peril. Capital market operators are instructed to cease associating, distributing, or monitoring such instruments through official capital market mechanisms while the Commission continues its oversight.

The Securities and Exchange Commission directs all Capital Market Operators to implement an Enterprise Risk Management framework aligned with international standards like COSO and ISO 31000. Operators must establish clear risk governance, submit a board-approved policy by September 30, 2024, and file annual risk profiles by January 31 to obtain regulatory no-objection. This mandate strengthens risk-based supervision and anti-money laundering measures while requiring continuous reporting of emerging threats, new products, and structural changes.

The Securities and Exchange Commission (SEC) of Ghana has issued a request for expressions of interest to recruit a consultancy firm that will streamline and update the regulatory framework for pooled funds and forex brokerage. Funded by the African Development Bank, the assignment requires the selected firm to analyze existing laws, develop governance and operational guidelines for collective investment schemes, and design training manuals for SEC and market operator staff. Eligible consulting firms must submit their qualifications by June 14, 2024, following the African Development Bank’s consultant selection procedures, with shortlisted candidates contacted for further engagement.

The Securities and Exchange Commission (SEC) of Nigeria has introduced an Accelerated Regulatory Incubation Program (ARIP) to facilitate the onboarding of Virtual Assets Service Providers (VASPs) and other Digital Investments Service Providers (DISPs). This framework aims to streamline the registration process for qualified entities, allowing them to receive preliminary approval pending the full operationalization of Digital Assets Rules. The program will provide guidance on regulatory demands and enable the SEC to better understand digital asset business models, ensuring adequate measures for market integrity, investor protection, and anti-money laundering. Entities seeking to participate in the ARIP must meet specific eligibility criteria, including being incorporated in Nigeria, conducting investments and securities business, and seeking registration or having pending virtual asset-related applications. The application process involves an initial assessment phase and a subsequent application phase, with successful applicants receiving an approval-in-principle to operate within the ARIP for a specified period. The framework also outlines various operational requirements, reporting obligations, and potential penalties for non-compliance, as well as conditions for termination or removal from the program. The ARIP is designed to provide a pathway for participants to transition to full registration upon meeting the Commission's requirements. It includes provisions for the adoption of new regulations based on insights gained from the ARIP and aims to ensure that the framework is not used to circumvent existing rules and regulatory requirements.

The Securities and Exchange Commission of Ghana has issued a circular revising its official fees and charges pursuant to the Securities Industry Act and the Fees and Charges (Miscellaneous Provisions) Regulations 2023. Market operators must remit all updated payments to the designated SEC Revenue Collection Account at Consolidated Bank Ghana Limited, with the revised schedule effective from 1 January 2023. Non-compliance triggers enforcement actions under section 209(4) of Act 929, and the Commission retains exclusive authority to interpret, amend, or revoke the directive.

The Securities and Exchange Commission of Ghana has issued a circular revising its official fees and charges, effective January 1, 2023. Market operators are mandated to remit these updated payments directly to the SEC Revenue Collections Account at Consolidated Bank Ghana Limited, as detailed in the attached schedule. Failure to adhere to the revised fee structure will subject non-compliant entities to enforcement actions under section 209(4) of the Securities Industry Act, 2016.

The Securities & Exchange Commission has amended its contact centre telephone numbers to comply with the Nigerian Communications Commission’s new fixed-line numbering format, effective January 1, 2024. The updated local (02 09 4621 168) and international (+234 209 4621 168) lines now handle all public enquiries, complaints, and requests. These contact channels remain operational from 8:30 AM to 4:00 PM West Africa Time on weekdays.

The Securities and Exchange Commission issued this circular to establish the SEC Stratbox, a regulatory sandbox framework allowing eligible entities to test innovative financial products and services in a controlled live environment. The framework permits the SEC to grant temporary waivers or modifications to specific regulatory requirements to foster innovation while mandating strict safeguards for investor protection, risk mitigation, and consumer rights. Participants must adhere to defined evaluation criteria, testing plans, and exit strategies, with the ultimate goal of transitioning viable innovations to full public deployment under standard regulations.

The Securities and Exchange Commission issued Memorandum Circular No. 08, series of 2024, to regulate the participation of cornerstone investors in Philippine initial public offerings. The guidelines mandate that cornerstone agreements be signed prior to pricing and require issuers to disclose investor profiles and allocation details in the final prospectus. Additionally, the circular prohibits the provision of material non-public information to these investors and allows board representation only if minimum shareholding requirements are met.

The Securities and Exchange Commission issued Memorandum Circular No. 07, Series of 2024, to remove the minimum commission rate charged by Philippine Stock Exchange stockbrokers. This regulatory change aligns with the Financial Products and Services Consumer Protection Act and the Philippine Competition Act to foster market efficiency and lower costs for investors. The circular repeals inconsistent rules and takes effect immediately upon publication in two newspapers of general circulation.

The Securities and Exchange Commission issued Memorandum Circular No. 06, Series of 2024, to implement an updated scale of fines and penalties for the late and non-submission of Audited Financial Statements and General Information Sheets. The circular establishes tiered monetary penalties based on retained earnings or equity brackets and offense frequency, applying distinct computation methods for domestic and foreign stock and non-stock corporations. This regulatory update follows the expiration of the amnesty period under SEC MC No. 2 and aims to enhance compliance monitoring and accurate beneficial ownership data.

The Director General has approved the 2024 Capital Market Committee First Webinar Meeting, mandating its holding on April 18, 2024. A subsequent press interface will be conducted via webinar on April 19, 2024. Attendance for both events is strictly by invitation, requiring all participants to be seated by 9:45 am.

The Securities and Exchange Commission of Ghana has issued a directive mandating the Ghana Card as the sole identity document for all securities market transactions, effective immediately. Market operators must update investor KYC records using the Ghana Card, while non-resident Ghanaians and foreign nationals are permitted to use passports for identification until they obtain the card or permanently, respectively. The directive revokes previous identification rules, authorizes the SEC to enforce compliance under existing securities laws, and remains in force until amended or revoked.

The Securities and Exchange Commission of Ghana mandates the Ghana Card as the sole identity document for all securities market transactions, effective immediately. All admitted investors must update their know-your-client records with Market Operators to enable account redemptions, while funds remain accessible during the transition. Non-resident Ghanaians and foreign nationals may temporarily use passports for identification until they secure the Ghana Card.

The Ghana Securities and Exchange Commission issued this press release to clarify the status and delays of the government bailout program for clients of Blackshield Fund Management Limited (formerly Gold Coast). While GHS 4.6 billion has already been disbursed through partial and full payouts, the remaining funds are stalled because Blackshield is actively litigating against its license revocation and the Official Liquidator’s court petition for winding up. The Commission emphasizes that full disbursement legally requires a court winding-up order and fresh parliamentary approval, urging affected investors to remain calm and rely solely on official SEC channels for updates.

The Financial Reporting Council of Nigeria mandates a maximum fifteen-year rotation period for audit firms operating under joint audit arrangements in public companies. This requirement harmonizes the 2020 Audit Regulation with the existing ten-year auditor rotation rule from the Nigerian Code of Corporate Governance 2018. All public companies and capital market operators must comply with section 9.3 to ensure consistent regulatory application across the Nigerian capital market.

The Securities and Exchange Commission, in collaboration with the Bangko Sentral ng Pilipinas and Insurance Commission, issued guidelines to classify economic activities as environmentally or socially sustainable. Regulated entities must apply a four-step assessment process involving exclusion checks, environmental objective selection, and Do No Significant Harm evaluations to determine if financing aligns with the taxonomy. The framework utilizes a traffic-light classification system of Green, Amber, or Red categories to guide investment decisions and mitigate greenwashing risks.

The Securities and Exchange Commission issued this circular to establish simplified registration guidelines for power generation companies and distribution utilities mandated to offer at least 15% of their shares to the public. The document outlines specific pre-filing clearances, financial disclosure requirements, and a structured 45-day review process administered by the Markets and Securities Regulation Department. It further details procedures for continuous offerings, underwriting, post-registration reporting, and penalties for non-compliance with the Securities Regulation Code.

The Securities and Exchange Commission issued Memorandum Circular No. 03, series of 2024, to establish guidelines for the use of the eAmend Portal. This directive mandates the electronic submission of amendments to corporate documents and other filings through the designated online platform. The regulation aims to streamline the filing process and enhance efficiency in regulatory compliance for covered entities.

The Securities and Exchange Commission (SEC) has launched the second cohort of its Regulatory Incubation program, inviting eligible entities to submit applications for regulatory testing and innovation. The application portal remains open from February 5, 2024, to April 8, 2024, directing all submissions through the SEC Innovation & FinTech Portal (FinPort). Applicants must review the FinPort guidelines to complete their registration and secure admission into Cohort 002/24 before the deadline.

The Securities and Exchange Commission mandates that all corporations file their 2024 Annual Financial Statements and General Information Sheets exclusively through the eFAST platform to comply with automation policies. The circular establishes a staggered filing schedule for Annual Financial Statements based on the last digit of SEC registration numbers, with specific deadlines and exceptions for listed companies, COA-audited entities, and those with different fiscal year-ends. Additionally, it requires the submission of the General Information Sheet within 30 days of the respective annual meetings and outlines strict operational hours and rejection criteria for electronic submissions.

The Securities and Exchange Commission issued Memorandum Circular No. 01, Series of 2024 to formally adopt the Philippine Financial Reporting Standards and the Philippine Interpretations Committee Questions and Answers. This regulatory action ensures that listed companies and other reporting entities comply with the latest accounting standards and interpretations in the Philippines. The circular was published in major newspapers and filed with the University of the Philippines Law Center on February 1, 2024.

The Securities and Exchange Commission of Ghana issued the 2024 Crowdfunding Guidelines to regulate investment-based crowdfunding by mandating licensing for intermediaries, platforms, issuers, and investors operating within the jurisdiction. The framework establishes strict eligibility criteria, a GHS 250,000 minimum capital requirement, and comprehensive operational duties including due diligence, risk management, transparency, and mandatory periodic reporting. It further defines permissible investment instruments, marketing standards, ongoing disclosure obligations, and specific provisions for agricultural commodity fundraising while granting the Commission authority to revoke licenses and impose penalties for non-compliance.

The Securities and Exchange Commission issued these guidelines to regulate green bond issuances, mandating that proceeds exclusively finance or refinance projects with verified positive environmental impacts. Issuers must implement transparent project evaluation and fund tracking processes, secure independent external reviews aligned with ICMA principles, and maintain continuous periodic and immediate disclosures regarding fund allocation and environmental performance. The framework defines eligible green categories and explicit exclusions, establishes pre-issuance approval procedures, and empowers the Commission to enforce compliance through administrative penalties and remedial actions.

The Securities and Exchange Commission mandates that all newly registered corporations using the eSPARC and OneSEC portals are automatically deemed compliant with MC No. 28 s. 2020 regarding official contact details and MC No. 01 s. 2021 regarding nominee disclosures. This integration simultaneously enrolls these registrants into the eFAST portal for annual reporting, with temporary credentials sent to their designated official email addresses. The circular also updates specific registration forms and provides transitory guidelines for pending applications to ensure alignment with these streamlined automated processes effective December 18, 2023.

The SEC requires Capital Market Operators to complete their

The Nigerian Capital Market Institute has published its 2024 training schedule, featuring a diverse array of courses covering topics like investment management, anti-money laundering, corporate governance, and market conduct. These training programs vary in duration and cost, with specific modules involving both physical and virtual attendance options for industry professionals. Interested participants can register for these sessions or specialized modular programs by contacting the designated Institute representatives via telephone or email.

The International Organization of Securities Commissions (IOSCO) has issued 18 principles-based policy recommendations to foster consistent global regulation of crypto-asset service providers and mitigate market integrity and investor protection risks. These recommendations mandate that regulators apply existing financial frameworks to crypto-assets—following the principle of 'same activity, same risk, same regulation'—to address conflicts of interest, market abuse, inadequate custody, and retail harm. By focusing on the economic substance of these activities, IOSCO aims to minimize regulatory arbitrage and promote robust supervision across borders while facilitating responsible innovation.

The Securities and Exchange Commission issued Memorandum Circular No. 22, Series of 2023, to standardize the application and payment procedures for filing and annual fees applicable to Real Estate Investment Trust fund managers and their compliance officers. The directive mandates precise documentation and timely remittance of these financial obligations to maintain active regulatory registration. Failure to comply with these fee requirements will result in administrative sanctions and potential suspension of operational licenses.

The Securities and Exchange Commission issued Memorandum Circular No. 21, Series of 2023, which amends the SEC Memorandum Circular Series of 2014. This regulatory update establishes revised guidelines on asset valuations for issuers and listed companies. The circular was published in the Philippine Star and Manila Standard on November 16, 2023, following its filing with the UP Law Center on November 14, 2023.

The Securities and Exchange Commission of the Philippines issued this memorandum circular to grant a final extension of the amnesty application deadline until 31 December 2023 for regulated entities. The directive requires non-compliant corporations to submit their Expression of Interest by the end of 2023, followed by the upload of all supporting documents, including Audited Financial Statements and Petitions to Lift Orders, via the eFAST system by 31 January 2024. Failure to meet these submission deadlines will result in the forfeiture of paid amnesty and filing fees, after which an updated scale of fines and penalties for reportorial requirements will take effect on 1 January 2024.

The Securities and Exchange Commission issued Memorandum Circular No. 19, Series of 2023 to establish guidelines for declaring corporations delinquent and revoking their certificates of registration. These guidelines operationalize Sections 21 and 177 of the Revised Corporation Code by detailing the procedural requirements for identifying non-compliant entities. The regulation aims to streamline the enforcement mechanisms for corporate registration violations and ensure stricter adherence to statutory obligations.

The Securities and Exchange Commission (SEC) Ghana issued this press release to announce a courtesy condolence visit by its leadership to the Ga State royal family and to outline the regulator’s ongoing requirements for market transparency and investor protection. The document details the SEC’s strategic implementation of a 10-year Capital Market Master Plan designed to mobilize patient capital for national development, while outlining scheduled 2023 activities including the commission’s 25th anniversary and the Ghana Capital Market Conference. The release further records the delegation’s monetary donation for the late Queen Mother’s funeral and underscores the ongoing collaborative relationship between the financial authority and traditional governance structures.

SEC Management has issued this notice to schedule the Third Capital Market Committee (CMC) Meeting for November 16, 2023, at the Federal Palace Hotel in Lagos. A press interaction session will follow on November 17 at the SEC Lagos Zonal Office. Attendance for both events is strictly by invitation, with participants required to be seated by 9:45 a.m.

The Securities and Exchange Commission (SEC) is soliciting public feedback on three draft regulatory frameworks: the Securities Industry (Crowdfunding), (Financial Resources), and (Green Bond) Guidelines for 2023. Issued under the Securities Industry Act, 2016, these drafts establish operational and compliance standards for capital market operators in Ghana. Stakeholders must submit their written comments or inquiries to designated SEC officials within two weeks of publication to influence the finalization of the rules.

The Securities and Exchange Commission issued this memorandum circular to mandate the online submission of applications and compliance documents while significantly reducing the required number of hard copies. The guidelines specify that electronic submissions are deemed filed if received by 11:59 PM on business days and require the use of designated email addresses or platforms. After one year from effectivity, the Commission will cease accepting hard copies entirely, transitioning to a fully digital records system in alignment with sustainability and ease of doing business policies.

The Securities and Exchange Commission of the Philippines extends the deadline for corporations to file amnesty applications until 06 November 2023 to allow more entities to settle reduced fines and update their status. The directive mandates that eligible corporations submit an Expression of Interest via the eFAST platform by the new deadline, while supporting reportorial documents must be completed by 04 December 2023. Failure to submit complete requirements within these periods results in the forfeiture of paid amnesty fees and subjects non-compliant corporations to delinquent status and higher penalties.

The Securities and Exchange Commission issued Memorandum Circular No. 16, Series of 2023, to revise the guidelines governing the determination of retained earnings available for dividend declaration. This regulation establishes specific criteria and methodologies for corporations to accurately calculate distributable earnings, ensuring compliance with statutory requirements and protecting creditor interests. The circular mandates strict adherence to these updated standards to maintain financial transparency and corporate governance integrity across all regulated entities.

This Order provides a three-year exemption for State Governments and the Federal Capital Territory from Section 223 of the Investments and Securities Act, 2007. To qualify, issuers must meet specific fiscal requirements including a minimum 60% Internally Generated Revenue ratio, debt service limits, and the provision of independent third-party guarantees with investment-grade ratings. The initiative aims to facilitate access to capital markets for financing urgent infrastructure projects.

The Securities and Exchange Commission of the Philippines issued these guidelines to regulate the issuance of Blue Bonds, defining eligible projects and activities that support sustainable water management and ocean protection. The document mandates compliance with ASEAN Green Bond Standards and specifies eligible categories such as ecosystem restoration, sustainable fisheries, and wastewater management while excluding fossil fuel projects. Issuers are required to report on quantitative performance measures and are strongly encouraged to engage external review providers to verify the use of proceeds.

The Securities and Exchange Commission Nigeria, SEC Ghana, and AMFAO issued this announcement to convene the 3rd biennial West Africa Capital Market Conference (WACMaC) 2023 in Lagos on October 25–26. The gathering of over 300 stakeholders focuses on mobilizing innovative and sustainable financing to resolve the region’s critical infrastructure deficit within an integrated capital market framework. Organizers mandate that all attendees secure prior registration and present a valid access card to gain entry at the Eko Hotels and Suites venue.

The Securities and Exchange Commission issued Memorandum Circular No. 14, Series of 2023 to amend Annex C of Rule 12 of the Securities Regulation Code regarding non-financial disclosure requirements. The amendment specifically modifies the section on the description of business by requiring registrants to discuss major risks involved in their operations and those of their significant subsidiaries. It further permits companies to voluntarily include disclosures detailing the procedures used to identify, assess, and manage these identified risks.

The Securities & Exchange Commission, Nigeria requires eligible bidders from African Development Bank member countries to supply, install, and deploy a real-time securities market surveillance system to enhance market integrity and investor confidence.

The proposed amendment modifies the definition of an Inter-Dealer Broker (IDB) under Rule 234 to explicitly include participants in the Exchange-traded derivatives market alongside the existing bonds and OTC derivatives markets. This expansion aims to broaden the scope of permissible activities for IDBs within the capital market framework. The primary objectives of this change are to deepen market participation and enhance overall market liquidity.

The Securities and Exchange Commission issued this memorandum circular to resolve conflicting interpretations regarding the comparative periods required in the Management’s Discussion and Analysis of registration statements. The Commission clarified that the phrase 'for each of the last three fiscal years' mandates the disclosure of only two comparative periods rather than three. This interpretation applies prospectively to all registrants filing registration statements or other reportorial documents containing Management’s Discussion and Analysis.

WHO issued a regulatory document requiring enhanced surveillance and reporting of antimicrobial resistance (AMR) to improve global health outcomes.

The Securities and Exchange Commission issued Memorandum Circular No. 12, Series of 2023, to amend Section 39.1.4.1 of the Implementing Rules and Regulations of the Securities Regulation Code. This amendment updates the list of entities authorized to act as Registrars of Qualified Institutional and Individual Buyers by explicitly including Funding Portals registered under SEC Crowdfunding Rules. The change aligns the registrar eligibility criteria with the provisions established in Memorandum Circular No. 14, Series of 2019, regarding crowdfunding regulations.

This document outlines the mandatory corporate governance standards for Nigerian public companies, incorporating the 2018 Nigerian Code of Corporate Governance alongside supplementary SEC guidelines. It details specific operational mandates covering board composition, director independence, remuneration structures, and ethical conduct for management. Non-compliance with these provisions incurs a primary fine of N500,000.00, followed by recurring daily penalties for persistent violations.

This framework establishes mandatory, fair, and objective complaints management policies for all Capital Market Operators and listed public companies in Nigeria. It mandates specific response timelines for grievances, requires the maintenance of an electronic complaints register, and details formal escalation procedures to the Securities and Exchange Commission or other competent authorities. Compliance is overseen by senior management, with non-compliance subject to regulatory sanctions and reporting obligations.

The regulator issued this registration notice for a workshop on internal control over financial reporting in public companies. The document requires interested parties to complete the registration process to secure their attendance and engage with compliance guidance. This mechanism ensures direct stakeholder participation in critical oversight discussions regarding corporate financial disclosures.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 11, Series of 2023, to amend the 2015 Implementing Rules and Regulations of the Securities Regulation Code and MC No. 16, Series of 2004. These amendments formally shift the securities settlement cycle from T+3 to T+2, requiring cash account purchases to be paid within two business days and adjusting the aging schedules for customer receivables and non-performing accounts accordingly. The circular also updates risk-based capital adequacy requirements by modifying Net Liquid Capital computations and establishing new counterparty risk factors for unsettled agency and principal trades effective August 24, 2023.

Management has rescheduled the Capital Market Committee meeting from August 23 to August 24, 2023, while keeping the press interaction on August 25. Attendance is strictly by invitation, requiring all participants to be seated by 9:45 am for a prompt commencement. The updated schedule ensures orderly proceedings and maintains exclusive access for registered attendees.

The West Africa Securities Regulators Association (WASRA), alongside ECOWAS and WACMIC, issued this announcement to host the 3rd West Africa Capital Market Conference (WACMaC) in Lagos. The conference addresses infrastructure deficits and promotes sustainable financing to strengthen regional capital market integration. Organizers are currently soliciting sponsorship and partnership commitments through a dedicated email address.

The Securities and Exchange Commission extends the deadline for amnesty applications under MC No. 2, Series of 2023, until September 30, 2023, to accommodate compliance challenges and encourage qualified corporations to settle fees before increased penalties take effect. The Commission streamlines the application procedure by replacing notarized forms with a web-based form on the eFAST platform and removing the undertaking for late Annual Financial Statement submission for applications filed after July 1, 2023. This memorandum circular retains existing amnesty rates while mandating the complete submission of reportorial requirements by the new deadline to secure a Confirmation of Payment.

The Securities and Exchange Commission issued Memorandum Circular No. 10, Series of 2023 to establish the fees and charges for certain IT-related services. This regulation became effective on August 3, 2023, following its publication in the Philippine Daily Inquirer and Manila Standard. The circular mandates compliance with the specified financial requirements for entities utilizing these specific regulatory information technology services.

The Nigerian Securities and Exchange Commission has declared Binance’s crypto-asset solicitation activities unregistered, unregulated, and illegal within Nigeria. It directs all platform providers soliciting Nigerian investors to immediately cease operations and warns the public that unregulated crypto investments carry a high risk of total loss. The regulator will issue further guidance and coordinate with other Nigerian authorities to monitor compliance and protect investors.

The Securities and Exchange Commission proposes new rules under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to eliminate or neutralize conflicts of interest arising from broker-dealers’ and investment advisers’ use of predictive data analytics technologies. These proposed conflicts rules require firms to identify, determine, and address conflicts through specific policies and procedures while mandating corresponding recordkeeping amendments to ensure compliance. By addressing how these technologies optimize for, predict, or direct investment-related behaviors, the proposal aims to protect retail investors and clients from scaled harms caused by firms prioritizing their own interests over investor welfare.

The Securities and Exchange Commission proposes amendments to Rule 203A-2(e) under the Investment Advisers Act of 1940 to modernize the Internet Adviser Exemption for technology-driven advisory firms. The updated rules broaden the definition of an interactive website to encompass modern digital platforms and eliminate the de minimis non-internet client exception, ensuring all advisory services are delivered online. Concurrently, the Commission amends Form ADV to align instructions and require specific representations, enabling qualifying internet-based advisers to register federally and preempt state oversight.

The Securities and Exchange Commission proposes to amend Rule 15c3-3 to require certain carrying broker-dealers with large customer and proprietary account balances to perform daily reserve computations and make corresponding daily deposits into their bank accounts, replacing the current weekly requirement. This change aims to shorten periods of mismatch between net cash owed and funds held, thereby reducing the risk of substantial shortfalls and customer losses during broker-dealer financial failures or Securities Investor Protection Act liquidations. The Commission is also soliciting comments on whether similar daily computation mandates should extend to security-based swap dealers regarding their security-based swap customers.

The Nigerian Securities and Exchange Commission addresses false media claims by confirming that its financial accounts have been annually audited and statutorily submitted since 2014. The regulator mandates that all information requests be channeled through its official email address to ensure accurate public dissemination. This clarification reinforces the Commission’s corporate governance commitments while supporting Nigeria’s capital market growth and economic development.

The Securities and Exchange Commission issued Memorandum Circular No. 08, Series of 2023 to establish the SEC FARMS registration form for agri-business corporations seeking to raise capital through securities offerings. This framework allows issuers to register up to five hundred million pesos per project with a shortened twenty-eight-day review period and permits the use of Group B external auditors for the first five years. The guidelines impose strict conditions including a fifty percent equity requirement, mandatory project progress reporting, and shareholder guarantees to cover funding shortfalls.

The Securities and Exchange Commission has reopened the comment period for its proposed Rule 10B-1, which mandates that entities holding security-based swap positions above specified thresholds promptly file public schedules detailing their positions and underlying assets. This action allows stakeholders to review and submit feedback on a newly added staff memorandum that provides supplemental economic analysis regarding the proposed reporting thresholds. Comments addressing whether threshold amounts should be adjusted based on factors like related securities, offsetting positions, and aggregation rules are due by August 21, 2023.

The Securities and Exchange Commission has directed Binance Nigeria Limited to immediately cease soliciting Nigerian investors, citing its unregistered status as constituting illegal operations. The regulator warns the public that investing with unregulated crypto platforms carries extreme risk and may result in total financial loss. The Commission will coordinate with other Nigerian regulators to issue further guidance and monitor compliance from Binance and similar platforms.

The Director General approved the 2023 Capital Market Committee 2nd webinar meeting for Wednesday, August 23, 2023. A press interface will follow the next day via webinar. Attendance is strictly by invitation, requiring all participants to be seated by 9:45 am.

The Securities and Exchange Commission proposes amendments to the Covered Clearing Agency Standards under the Securities Exchange Act of 1934 to strengthen risk management by mandating intraday margin calls and clarifying requirements for substantive third-party inputs in risk-based margin systems. The proposal also introduces a new rule establishing mandatory content requirements for covered clearing agencies’ recovery and wind-down plans, ensuring they include specific triggers, scenarios, interdependencies, and monitoring frequencies tailored to each agency’s structure. By codifying existing practices and adding targeted enhancements, the updated framework aims to bolster financial stability, improve operational resilience, and streamline regulatory oversight of critical clearing agencies.

The Securities and Exchange Commission has issued a formal disclaimer clarifying that several websites and blogs claiming affiliation with the regulator are fake. The Commission explicitly identifies www.sec.gov.ng as its sole official website and instructs the public to disregard all communications originating from the fraudulent platforms. This directive, effective as of May 9, 2023, aims to protect investors and the general public from misinformation disseminated through these unauthorized digital channels.

The Securities and Exchange Commission of the Philippines issues these guidelines to regulate the allocation of International Securities Identification Numbers, Classification of Financial Instruments codes, and Financial Instrument Short Names for registered and exempt securities. The circular defines eligibility criteria, specifies assignment rules for fungible instruments and corporate actions, and mandates a filing fee of Php1,500 per set of identifiers. Issuers must submit applications via email with required documentation to receive the codes, typically within 24 hours of a complete request.

The Nigerian Securities and Exchange Commission has opened its application portal for the Regulatory Incubation Program, inviting registered capital market operators and unregistered FinTech innovators to submit proposals between April 28 and May 26, 2023. Applicants must demonstrate that their innovations are safe for investors, introduce new products or processes to specific market needs, and are ready for testing, while excluding established models like crowdfunding and robo advisory. Successful participants will undergo a structured regulatory testing phase to enhance investor participation, with cohort announcements made at designated intervals throughout the program.

The Securities and Exchange Commission extends the deadline for amnesty applications under MC No. 2, Series of 2023, until June 30, 2023, to accommodate corporations facing overlapping regulatory deadlines. Eligible corporations must submit complete requirements within ninety days of payment, with non-compliance resulting in the forfeiture of payments and waiver of the amnesty process. An updated scale of fines and penalties for covered reportorial requirements becomes effective on July 1, 2023.

The Securities and Exchange Commission is reopening the comment period for its proposed amendments that modernize beneficial ownership reporting requirements under the Securities Exchange Act of 1934. The proposed rules shorten filing deadlines for initial and amended Schedules 13D and 13G, deem holders of certain cash-settled derivatives as beneficial owners, clarify group operation rules, and mandate structured machine-readable data submissions. This reopening specifically allows stakeholders to review and submit comments on a newly added staff memorandum containing supplemental economic data and analysis prior to the June 27, 2023 deadline.

The Securities and Exchange Commission promulgated implementing rules and regulations to enforce the Financial Products and Services Consumer Protection Act of 2022. These rules establish the Commission's authority to supervise market conduct, enforce compliance through penalties and cease and desist orders, and adjudicate financial consumer complaints. The regulations define key terms, outline consumer rights regarding transparency and fair treatment, and mandate specific operational standards for financial service providers under SEC jurisdiction.

The Securities and Exchange Commission of the Philippines adopts the ASEAN Sustainable and Responsible Fund Standards to establish uniform disclosure requirements and mitigate greenwashing risks for sustainable investment funds. The regulation defines qualification procedures for local investment companies seeking to offer ASEAN SRFs locally or cross-border, while also setting recognition rules for foreign collective investment schemes operating under the ASEAN CIS Framework. It mandates specific prospectus disclosures, marketing guidelines, and strict reporting obligations for ESG compliance, including immediate notification and rectification of any breaches to the sustainable investment objective.

The Securities and Exchange Commission (SEC) of Ghana temporarily closed its Accra office on April 19, 2023, to conduct a one-day simulation exercise testing its crisis Business Continuity Preparedness. The regulator has since resumed normal operations and instructed the public to direct all future inquiries through its official toll-free lines, email, website, and social media accounts. This notice was published under sections 3(i)(m) and 208(c) of the Securities Industry Act, 2016 (Act 929), to formally document the completed drill and confirm the restoration of standard regulatory services.

The Securities and Exchange Commission has reopened the comment period for its proposed amendments to Rule 3b-16, which redefine the statutory definition of an exchange under the Securities Exchange Act. This action provides supplemental economic analysis and clarifies how the updated framework applies to trading systems handling crypto asset securities, distributed ledger technology (DLT), and decentralized finance (DeFi) protocols. The Commission invites public feedback on these specialized applications and general compliance alternatives, with comments due by June 13, 2023.

The Securities and Exchange Commission (SEC) has issued a directive discontinuing the use of dividend warrants for dividend payments in the securities market. Effective May 2, 2024, all dividend distributions must be processed electronically via mobile money, bank transfers, or other SEC-approved methods, requiring licensed registrars and shareholders to update payment details accordingly. Issuers may implement the transition earlier if compliant, while non-compliance will trigger enforcement actions under the Securities Industry Act, 2016.

The Supreme Court of Nigeria has definitively affirmed that the Investments and Securities Tribunal holds exclusive jurisdiction over capital market disputes, specifically regarding decisions made by the Securities and Exchange Commission. This landmark ruling in Mufutau Ajayi vs SEC resolves a fifteen-year legal battle and establishes that aggrieved parties must file grievances against the Commission’s Administrative Proceedings Committee at the Tribunal rather than the Federal High Court. Consequently, capital market practitioners must now route all statutory appeals and determinations under Section 284 of the Investments and Securities Act, 2007 directly to the designated tribunal.

The ASEAN Sustainability-Linked Bond Standards provide a disclosure checklist and frequently asked questions to guide issuers in adhering to regional bond frameworks. The document mandates specific pre-issuance and post-issuance disclosures regarding Key Performance Indicators, Sustainability Performance Targets, and verification processes. It clarifies that these bonds allow financial characteristics to vary based on ESG performance while proceeds remain unrestricted for general corporate use.

The Securities and Exchange Commission of Ghana issued this update to clarify the disbursement status and address public concerns regarding the bailout program for clients of Blackshield Fund Management Ltd following the 2019 license revocation. The regulator confirmed that the parliamentary-approved funds cover all forty-seven affected companies, with GHS 4.6 billion already allocated and GHS 1.34 billion distributed to Blackshield clients to settle over seventy-three thousand validated claims. The SEC refuted allegations of delaying the official winding-up process, noting full cooperation with the courts and urging all affected investors to rely exclusively on official communications from the regulator and the Official Liquidator.

The Commission has issued a public statement confirming that Seplat Energy Plc’s fundamentals remain intact and its Board is united following recent media reports. The regulator has obtained direct explanations from Seplat’s directors and the Nigerian Exchange, while encouraging continued stakeholder dialogue to resolve ongoing issues. The Commission will actively monitor the situation and implement measures to preserve capital market integrity and transparency.

The Securities and Exchange Commission proposes to mandate the electronic submission of specified forms, reports, notices, and supplementary materials through its EDGAR system using structured data where appropriate. The rule eliminates manual signature requirements for self-regulatory organization filings, requires certain SRO data to be publicly posted on their websites, and updates clearing agency reporting obligations. Additionally, the proposal harmonizes technical amendments to the Financial and Operational Combined Uniform Single Report while extending electronic filing mandates to broker-dealers, security-based swap dealers, and major participants.

Management has scheduled the inaugural 2023 Capital Market Committee webinar for Wednesday, April 12, 2023. A dedicated press interface session will follow via webinar on Thursday, April 13, 2023. Attendance for both events is strictly by invitation, with all participants required to be seated by 9:45 a.m.

Issued by the Securities and Exchange Commission of Ghana, these guidelines establish revised annual market operator levies ranging from GHS 3,000 to GHS 50,000 for 2023 to align with current operational costs. The regulations impose transaction levies of 0.7% on equity trades, 0.01% on bond trades, and 0.002% on repurchase agreements, alongside a 0.0018% admission levy for fixed income securities, with revenues distributed among the Ghana Stock Exchange, Central Securities Depository, and market development funds. All annual levies must be settled by June 30, 2023, while transaction and admission fees are due within ten to fifteen working days following each trade, with non-payment subject to statutory enforcement under the Securities Industry Act.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 2, Series of 2023, granting amnesty on unassessed and uncollected fines and penalties for the non-filing or late filing of General Information Sheets and Annual Financial Statements, as well as for non-compliance with MC No. 28, s. 2020. Eligible entities may avail of a fixed amnesty fee of Php 5,000 for standard violations, a 50% discount on assessed fines for suspended or revoked corporations, and a full waiver of the Php 10,000 penalty for failing to designate official contact details, provided they submit the required reports and comply with the contact designation rule. Applications must be filed through the eFAST portal on or before April 30, 2023, and the amnesty explicitly excludes publicly listed companies, public companies, and entities with intra-corporate or disputed filings.

The Securities and Exchange Commission proposes amendments to Regulation S-P requiring broker-dealers, investment companies, registered investment advisers, and transfer agents to implement written incident response programs addressing unauthorized access or use of customer information. These amendments mandate timely notification to affected individuals regarding data breaches involving sensitive customer information, while broadening the scope of safeguarded records and extending disposal requirements to all transfer agents. The proposed rules also establish recordkeeping obligations and align annual privacy notice delivery with a statutory exception under the Gramm-Leach-Bliley Act to create a consistent federal standard for customer protection.

The U.S. Securities and Exchange Commission proposes amendments to Regulation Systems Compliance and Integrity that expand the “SCI entity” definition to include security-based swap data repositories, large broker-dealers, and exempt clearing agencies. The updated framework strengthens existing obligations by modernizing requirements for systems classification, third-party vendor management, cybersecurity protocols, and ongoing regulatory reviews. The Commission also requests public comment on extending these market infrastructure oversight mandates to significant-volume alternative trading systems and broker-dealers utilizing electronic or automated corporate debt and municipal securities trading.

The Securities and Exchange Commission has reopened the comment period for its proposed cybersecurity risk management rules until May 22, 2023. The proposal mandates registered investment advisers and funds to adopt written cybersecurity policies, disclose risk-related information, confidentially report significant incidents, and maintain compliance records. This extension allows market participants to evaluate the proposal alongside concurrent SEC cybersecurity initiatives affecting broker-dealers, clearing agencies, and market infrastructure.

The Securities and Exchange Commission proposes amendments to its Privacy Act regulations to clarify, update, and streamline procedural provisions governing the collection, maintenance, and disclosure of personal information. The rule revises fee structures to charge direct duplication costs, codifies existing practices for electronic identity verification and 90-day administrative appeals, and eliminates redundant or obsolete statutory restatements. Additionally, the amendments formally establish procedures for requesting an accounting of record disclosures and reorganize the regulatory framework to improve operational efficiency and reduce public confusion.

The Securities and Exchange Commission of Ghana has issued five new regulatory guidelines under the Securities Industry Act, 2016, to strengthen market supervision and close existing regulatory gaps. These guidelines establish mandatory frameworks for the registration of public securities, structure over-the-counter trading for unlisted securities, and define the fiduciary roles of note trustees and issuing houses. Additionally, the regulations introduce a formal recognition process for self-regulatory organizations to complement regulatory oversight and enhance overall market integrity and investor protection.

The Securities and Exchange Commission, jointly with the Office of Government Ethics, proposes amendments to its Supplemental Standards of Ethical Conduct for members and employees. The rule prohibits employee ownership of Financial Industry Sector Funds, eliminates pre-clearance and reporting requirements for low-risk diversified investment funds, and authorizes automated third-party collection of transaction data. It further extends a seven-day purchase prohibition to direct listings, adjusts reporting deadlines for automated systems, and implements technical corrections to streamline internal ethics compliance.

The Securities and Exchange Commission proposes new Rule 192 to implement Section 27B of the Dodd-Frank Act by prohibiting underwriters, placement agents, initial purchasers, and sponsors from engaging in transactions that create material conflicts of interest with asset-backed security investors. The prohibition applies for one year following the first closing of an asset-backed security sale and targets proprietary bets against those securities, while explicitly exempting risk-mitigating hedging, bona fide market-making, and liquidity commitment activities. By establishing clear functional definitions for securitization participants and conflicted transactions, the rule aims to prevent structuring practices that prioritize sponsor interests over investor returns without unduly disrupting routine market activities.

The Securities and Exchange Commission of Ghana has approved Zenith Bank Ghana Limited’s voluntary request to cease operations as a licensed trustee in the securities industry. Consequently, the bank is no longer mandated to conduct any trustee activities within the capital market. The regulator assures investors and market participants that it will maintain rigorous enforcement of capital market rules to safeguard investor interests and ensure market integrity.

The Securities and Exchange Commission of Ghana issued this notice to correct public misinformation regarding Zenith Bank Ghana Limited’s capital market activities. The regulator clarifies that although the bank voluntarily ceased its trustee services for Unit Trust Schemes in 2022, it maintains a valid custodian license and remains an active, compliant participant in the Ghanaian securities market. This statement directly addresses misinterpretations of a prior January 2023 directive and reaffirms the institution’s ongoing regulatory standing.

The Securities and Exchange Commission has rescheduled the bid submission and opening for its prequalification and Expression of Interest (EOI) process under Project ID P-NG-HZ0-007. The revised deadline is now Monday, January 23, 2023, to accommodate Federal public holidays observed in late December 2022 and early January 2023. All interested parties must submit their bids by this new date to participate in the procurement originally advertised on December 26 and 27, 2022.

The Nigerian Capital Market Institute has published its 2023 training calendar, featuring 46 diverse programs covering topics such as anti-money laundering, corporate governance, derivatives, and financial analysis. Interested participants must register for these bespoke, in-person, or online sessions via the provided Google Forms link. All registration forms must be submitted at least 15 days prior to the commencement of the selected training program.

The Securities and Exchange Commission issued these rules to regulate Sustainable and Responsible Investment Funds and prevent greenwashing by mandating strict disclosure and reporting standards. The regulations require funds to allocate at least two-thirds of their net asset value to ESG-aligned investments and adhere to specific naming conventions and sustainability principles. Fund managers must provide comprehensive prospectus disclosures, maintain regular monitoring, and rectify any breaches of ESG thresholds within thirty business days to maintain their qualified status.

The Securities and Exchange Commission (SEC) and Financial Intelligence Centre (FIC) have issued updated guidelines mandating Ghanaian Market Operators to implement a comprehensive, risk-based AML/CFT/CPF compliance framework. The document establishes binding requirements for customer due diligence, suspicious transaction reporting, governance structures including the Anti-Money Laundering Reporting Officer, and enhanced monitoring of high-risk entities. Aligned with the 2020 AML Act and FATF standards, these guidelines prescribe specific operational procedures, record-keeping obligations, and administrative sanctions to mitigate money laundering, terrorist financing, and proliferation financing risks within the securities sector.

The Securities and Exchange Commission, under the Ministry of Finance, issues a detailed schedule fixing initial and renewal licensing fees for securities market entities. The regulations mandate specific Ghana Cedi charges for fund managers, trustees, broker-dealers, custodians, and market infrastructure operators. Furthermore, the framework establishes tiered percentage-based prospectus approval fees for equity and debt offerings, calculated progressively based on the total value of securities raised.

The Securities and Exchange Commission of Ghana has issued updated guidelines establishing fixed market operators' levies ranging from GH¢3,000 to GH¢50,000 and specific transaction levies for shares, bonds, and repurchase trades. Market operators must pay these fixed levies by the end of the first quarter, either in full or through a maximum of three installments due no later than June 30. Transaction and admission levies are collected from buyers and sellers within ten working days of each trade, with all proceeds allocated to designated SEC and depository accounts.

The Securities and Exchange Commission of Nigeria has issued a public warning regarding four Italian e-commerce companies blacklisted by CONSOB for fraudulent trading and unauthorized financial services. The Commission confirmed that Tetris Group Limited, Broker Capitals Limited, MTinvesting, and NBIMarkets operate without SEC registration, prompting investors to verify their status before committing capital. Consequently, the public is advised to exercise due diligence and bear all risks when engaging with these entities in capital market activities.

The Securities & Exchange Commission, Nigeria, is seeking consultants to build capacity in green finance and green bonds for regulators and market operators. This includes developing frameworks, guidelines, and templates for green bond oversight and processing.

The Securities and Exchange Commission of the Philippines issued this circular to amend the General Information Sheet requirements, mandating SEC-registered corporations to disclose detailed beneficial ownership information to combat money laundering and terrorist financing. The regulation significantly increases financial penalties for non-compliance and false declarations, introduces daily fines for delayed submissions, and imposes personal liability, disqualification, and potential dissolution on corporations and their officers. Additionally, it requires all annual reportorial filings to be submitted exclusively through the Electronic Filing and Submission Tool, eliminating over-the-counter or mail submissions.

The Securities and Exchange Commission of Ghana has further extended its moratorium on issuing new Fund Management Licenses for six months, effective August 1, 2022. This regulatory pause builds upon previous notices and reinforces the Commission's commitment to rigorous capital market rule enforcement to safeguard investor protection and market integrity. Market operators and the public are directed to the SEC website or designated contact channels for clarification regarding the updated licensing restrictions.

The Securities and Exchange Commission proposes amendments to Rule 605 of Regulation NMS requiring market centers and larger broker-dealers to disclose updated execution quality reports for National Market System stocks. The proposal expands the scope of covered orders to include pre- and post-market trades and stop orders, while refining order size and type categorizations to capture fractional, odd-lot, and large-sized transactions. It mandates more granular time-to-execution metrics measured in milliseconds, calculates realized spread at fifteen seconds and one minute, and requires all reporting entities to publish accessible summary reports to enhance market transparency and competition.

The Securities and Exchange Commission proposes amending Regulation NMS to establish a new Order Competition Rule that mandates greater market-wide competition for individual investor orders. The rule prohibits restricted trading centers from internally executing certain retail orders at a set price unless those orders are first exposed to competition in a qualified auction operated by an open trading center. By requiring order-by-order competitive exposure and defining specific exceptions, the proposal reduces market segmentation and adverse selection costs to deliver more favorable execution prices for retail investors.

The Securities and Exchange Commission proposes new rules establishing a comprehensive best execution standard that requires broker-dealers to implement detailed policies and procedures for executing customer orders at the most favorable terms reasonably available. The framework mandates heightened compliance measures for retail transactions involving conflicts of interest, such as payment for order flow and internalization, by requiring broker-dealers to assess broader market options and document their execution determinations. Additionally, the proposal obligates broker-dealers to conduct quarterly reviews of execution quality against alternative markets and submit an annual effectiveness report to their governing bodies.

The Securities and Exchange Commission proposes amending Regulation NMS to implement variable minimum pricing increments for quoting and trading National Market System stocks, reducing the fixed $0.01 tick size to $0.005 for tick-constrained equities priced at or above one dollar. The proposal simultaneously lowers statutory access fee caps to align with the reduced tick sizes and mandates that all exchange fees and rebates be determinable at execution. Additionally, the Commission accelerates Market Data Infrastructure rules to enhance transparency by requiring earlier and more comprehensive display of round lot and best odd-lot order information.

The Securities and Exchange Commission mandates that all corporations file their 2023 Annual Financial Statements and General Information Sheets exclusively through the eFAST platform. Filers must adhere to specific submission schedules based on their SEC registration numbers, with standard deadlines set for May 2023 and a late filing window opening on June 5, 2023. The circular also establishes distinct filing timelines for entities with non-calendar fiscal years, PSE-listed companies, and those audited by the Commission on Audit, while prohibiting over-the-counter or mail submissions.

The Securities and Exchange Commission requires all Capital Market Operators to renew their annual registration for 2023. Compliance must be completed on or before January 31, 2023 through the official Registration Renewal Portal at eportal.sec.gov.ng. Operators requiring assistance may contact the Commission via renewal@sec.gov.ng to ensure timely processing.

The Securities and Exchange Commission of Ghana has implemented regulatory forbearance and support measures for market operators impacted by the government’s Domestic Debt Exchange Programme. Participating firms may apply for temporary relief on capital adequacy and compliance requirements, access the Financial Stability Fund for liquidity, and must promptly report secondary market trading delays to the Commission. Operators are required to proactively manage investor communications, maintain full supervisory oversight, and anticipate potential additional exemptions as market conditions evolve.

The Securities and Exchange Commission is reopening the comment period for its proposed amendments to modernize share repurchase disclosure by mandating daily reporting on a new Form SR, enhancing periodic disclosures, and requiring Inline XBRL structured data. This extension specifically addresses the economic impact of a newly enacted one percent excise tax on stock repurchases, allowing stakeholders to review and comment on a staff memorandum analyzing how the tax affects issuers and market activity. Interested parties may submit written or electronic comments regarding the proposed rules and the tax analysis through January 11, 2023.

The Securities and Exchange Commission, acting for the National Sanctions Committee, has designated ten individuals and three entities to the Nigeria Sanctions List under the Terrorism (Prevention and Prohibition) Act, 2022. Capital market operators must immediately identify, freeze, and report all related funds and assets to the committee’s secretariat while filing suspicious transaction reports with the NFIU. These preventive freezing obligations extend to directly or indirectly controlled assets and carry potential criminal, civil, and reputational liabilities for non-compliant financial institutions and designated non-financial businesses.

The Securities and Exchange Commission of Ghana has directed all securities market operators to adopt the mark-to-market valuation method for assessing investment assets, securities, and portfolios. This mandate, issued under the Securities Industry Act 2016, aims to standardize asset valuation across the industry and ensure portfolios accurately reflect current market prices. The directive specifically targets enhanced investor protection, particularly for participants in Collective Investment Schemes, by eliminating valuation inconsistencies and reinforcing market integrity.

The Securities and Exchange Commission of Ghana mandates all fund managers, custodians, and trustees of collective investment schemes to adopt the Fair Value through Other Comprehensive Income (FVOCI) mark-to-market valuation method for client portfolios. Market operators must source pricing from the Ghana Stock Exchange and Ghana Fixed Income Market, charge management fees exclusively on mark-to-market valuations, and amend scheme particulars to align with International Financial Reporting Standards. Entities unable to implement FVOCI must justify their alternative business models within one month, compute parallel valuations to track errors, and face regulatory sanctions for non-compliance with this immediately effective directive.

The Securities and Exchange Commission proposes amendments to enhance liquidity risk management programs and mandate swing pricing for open-end funds, excluding money market and exchange-traded funds. These rules require funds to classify portfolio assets by liquidity, maintain minimum holdings of highly liquid investments, and adjust net asset values to pass transaction costs directly to transacting shareholders. The proposal also establishes a hard close requirement for order execution and updates Form N-PORT reporting to ensure more frequent, transparent disclosure of portfolio holdings and liquidity data.

The Capital Market Management has scheduled the Third CMC meeting for 24 November 2022 at the Lagos Continental Hotel, followed by a press interface on 25 November at the SEC Lagos Zonal Office. Attendance is strictly invitation-only, requiring participants to present valid identification cards and be seated by 9:45 am for both events. The notification also marks the official launch of the Nigerian Capital Market Masterplan covering 2021 to 2025.

The Securities and Exchange Commission has proposed a new rule requiring registered investment advisers to perform due diligence and periodic monitoring before outsourcing covered functions to service providers. The proposal mandates specific oversight criteria, including risk assessment, subcontractor management, and orderly termination, alongside amendments to Form ADV and the books and records rule for third-party recordkeeping. These requirements aim to prevent client harm from service provider disruptions and compliance gaps while preserving the operational efficiencies that outsourcing provides.

The Securities and Exchange Commission of Ghana has achieved full signatory status to the International Organisation of Securities Commissions Multilateral Memorandum of Understanding on consultation, cooperation, and information exchange. This elevation to IOSCO status A confirms that Ghana’s securities regulatory framework meets international benchmarks, enabling cross-border collaboration to combat fraud, enforce regulations, and manage emerging market risks. The agreement facilitates information sharing across jurisdictions regarding insider trading, market manipulation, securities offerings, and the operations of financial intermediaries and clearing entities.

The Securities and Exchange Commission of Ghana issued this press release to announce a new bilateral Memorandum of Understanding between the securities regulators of Ghana and Nigeria. The agreement requires accelerated capital market integration by enabling cross-border securities transactions, establishing integrated payment and settlement systems, and directing regulatory cooperation to fund regional infrastructure under the African Continental Free Trade Area. Vice President Mahamudu Bawumia assured governmental support for the initiative and directed both commissions to rapidly operationalize these frameworks to expand private sector access to capital and strengthen West African economic growth.

The Securities and Exchange Commission is reopening comment periods for multiple rulemaking releases and self-regulatory organization matters until November 1, 2022. This action addresses a technological error that prevented numerous internet-submitted comments from June 2021 through August 2022 from being received and properly posted. Affected commenters must verify whether their submissions appear on SEC.gov and resubmit missing comments, which will be treated as received on their original submission dates.

The Securities and Exchange Commission (SEC) Ghana hosted its inaugural Northern Region investor education event, "Time with the SEC," in Tamale to demystify capital market operations and promote financial literacy. The program educated attendees on utilizing investment vehicles, identifying fraudulent schemes, and accessing government bailout updates while highlighting recent regulatory enhancements such as stricter licensing, new corporate governance guidelines, and a comprehensive 10-year market development blueprint. Regional leaders and SEC officials emphasized the capital market's critical role in mobilizing patient capital for economic growth and stressed the necessity of continuous public outreach to combat investment ignorance and fraud.

The Securities and Exchange Commission (SEC) has released new regulations for capital market operators in Nigeria, aimed at combating money laundering, terrorism financing, and proliferation financing. These regulations, effective from May 2022, outline the obligations of capital market operators in implementing preventive measures, conducting customer due diligence (CDD), and reporting suspicious transactions. The regulations emphasize a risk-based approach to compliance and provide detailed guidelines for identifying and verifying clients, monitoring transactions, and ensuring employee training. Capital market operators are now required to enhance their internal controls and procedures to deter criminals from using their facilities for illicit activities, contributing to a more secure and transparent capital market in Nigeria.

The Nigerian Securities and Exchange Commission issued these 2022 regulations to establish a comprehensive anti-money laundering, combating terrorism financing, and proliferation financing framework for capital market operators. The rules mandate strict customer due diligence, enhanced procedures for high-risk clients and politically exposed persons, mandatory reporting of suspicious transactions to the Nigerian Financial Intelligence Unit, and the appointment of independent compliance officers. By standardizing identification protocols, virtual asset oversight, and correspondent banking requirements, the regulations align domestic capital market operations with international standards while mitigating financial crime risks across corporate, individual, and trust entities.

The Securities and Exchange Commission, on behalf of the Minister of Finance, has approved an amendment to the 2019 Investment and Securities Order by adding a new Section 3. This amendment formally exempts State Governments and the Federal Capital Territory from Section 223 of the Investments and Securities Act, 2007. Consequently, these entities are now authorized to raise capital market funds directly for infrastructural development projects.

The Securities and Exchange Commission promulgated these guidelines to implement Section 181 of the Revised Corporation Code, establishing procedures for arbitrating intra-corporate disputes between corporations, stockholders, and officers. The rules mandate that arbitration agreements must specify the number of arbitrators and a designated independent third party for appointments, with the Commission stepping in to appoint arbitrators if the designated party fails to act. The guidelines further detail the tribunal's powers to rule on jurisdiction and grant interim measures, while outlining strict protocols for arbitrator challenges, disclosures, and the finality of arbitral awards.

The Securities and Exchange Commission proposes amendments to clearing agency standards requiring U.S. Treasury securities covered clearing agencies to establish policies ensuring direct participants submit all eligible secondary market transactions for clearance and settlement. The proposal also updates risk management requirements for margin calculation and segregation while amending the broker-dealer customer protection rule to allow treasury securities margin held at clearing agencies to count toward broker-dealer reserve formulas. These regulatory changes aim to enhance investor protection, mitigate systemic risk, and improve operational efficiency across the U.S. Treasury market.

The Securities and Exchange Commission and the Economic and Organised Crime Office jointly issued a public notice identifying seventeen online investment entities operating without regulatory approval in Ghana. The agencies warn the general public to immediately cease all financial dealings with the listed firms and avoid unlicensed investment products. Citing their statutory mandates under the Securities Industry Act and the EOCO Act, the regulators urge citizens to report suspicious activities and reaffirm their commitment to enforcing capital market laws to safeguard investor interests.

The Financial Literacy Technical Committee of the Securities and Exchange Commission is hosting an online webinar to examine how financial technology impacts the capital market, highlighting both growth opportunities and emerging threats like fraud. The session will evaluate Nigeria’s regulatory landscape, current industry players, and value propositions to help stakeholders navigate risks while maximizing digital banking and investment solutions. By addressing these dynamics, the committee aims to strengthen financial literacy, safeguard public interests, and accelerate nationwide financial inclusion.

The Securities and Exchange Commission of Ghana mandates all Capital Market Operators to develop, maintain, test, and review comprehensive Business Continuity Plans (BCPs) to ensure operational resilience and investor protection. These plans must align with the five Joint Forum high-level principles covering board responsibility, major operational disruptions, recovery objectives, communications, and periodic testing. Operators must submit their finalized BCPs to the Commission by 31 December 2022, after which compliance will be verified through mandatory on-site and off-site inspections.

The Commission directs all registered Commodity Exchanges to report the number of linked farmer cooperatives and warehouses in their quarterly filings. These electronic submissions must be sent to the Commodity Exchange Division within thirty days following each quarter's end, effective immediately. This mandatory reporting ensures continuous data updates for the Commission's effective supervision of market-linked agricultural entities.

The Securities and Exchange Commission issued Memorandum Circular No. 07, Series of 2022, to prescribe the qualification and eligibility criteria for Personal Equity and Retirement Account (PERA) investment products under its purview. The rules define eligible securities, including mutual funds, REITs, and corporate bonds, by establishing specific standards for non-speculative nature, marketability, and regular income payment history. Additionally, the circular outlines procedures for maintaining eligibility, conditions for losing status, and reporting requirements for issuers of these qualified investment products.

The Securities and Exchange Commission of Ghana mandates the “Ghana Card” as the sole identity document for all securities market transactions, applying immediately to new investors and existing ones by January 1, 2023. Market operators must update investor records through digital channels while existing investors are required to present their Ghana Card for Know Your Customer updates. This directive ensures uniform identification across the financial sector and empowers the regulator to enforce compliance through specified legal actions.

The Securities and Exchange Commission of Ghana has issued this circular to require all market operators to strictly comply with existing legal provisions governing advertisements in the securities industry. The directive mandates adherence to specific sections of the Securities Industry Act 2016, the SEC Regulations 2003, and relevant Conduct of Business Guidelines. Non-compliance will trigger direct enforcement actions under Section 206 of Act 929 and Regulation 44 of L.I. 1728, with supporting documents available on the SEC website or in Annex A.

The Commodity Futures Trading Commission and Securities and Exchange Commission jointly propose amendments to Form PF that revise reporting requirements for all private fund advisers and large hedge fund advisers. The updated rules enhance the Financial Stability Oversight Council’s systemic risk monitoring and strengthen SEC investor protection by improving data quality, clarifying master-feeder and parallel fund reporting, updating timelines, and streamlining hardship exemptions. Applicable to advisers managing at least $150 million in private fund assets, the amendments refine Section 1 disclosures for all filers and expand Section 2 data collection for qualifying hedge funds to better capture evolving strategies like digital assets and credit exposures.

The Securities and Exchange Commission (SEC) has issued a circular directing all market operators to strictly comply with established legal provisions regulating advertisements within the securities industry. The directive specifically mandates adherence to Sections 144, 149, 150, and 151 of the Securities Industry Act 2016, Regulations 39 through 43 of the 2003 SEC Regulations, and Section 29 of the Conduct of Business Guidelines. Market operators may access the complete regulatory text and an annexed summary via the SEC website or by contacting the commission’s designated support lines for clarification.

The Securities and Exchange Commission is proposing a consolidated Rule 17Ad-25 to enhance the governance of registered clearing agencies by reducing board conflicts of interest and clarifying director responsibilities. The rule mandates independent board representation, establishes specific composition and oversight standards for nominating and risk management committees, and requires documented policies to identify, mitigate, and report conflicts. Concurrently, the Commission withdraws older proposed governance rules to replace them with these precise requirements that better align the incentives of clearing agency owners, participants, and stakeholders.

The Securities and Exchange Commission warns the investing public against using unregistered crowdfunding platforms, declaring that operating without registration is illegal and may result in operator prosecution and client investment losses. Following its January 2021 crowdfunding rules, the Commission mandates that all platforms complete registration by June 30, 2021 to ensure effective investor protection. Members of the public are advised to verify an entity’s registration status directly through the Commission’s official website, email, or telephone before participating in any investment scheme.

The Securities and Exchange Commission proposes amendments to Rule 15b9-1 that replace the existing de minimis allowance with narrower exemptions from mandatory national securities association membership for registered brokers and dealers. These targeted exemptions apply to exchange members carrying no customer accounts that effect off-exchange transactions, specifically covering orders routed for order protection compliance or executed solely to complete the stock leg of a stock-option order. By eliminating the proprietary trading exclusion and tightening eligibility criteria, the rule ensures consistent self-regulatory oversight and transaction reporting for growing electronic proprietary trading firms, particularly those active in U.S. Treasury securities.

The Securities and Exchange Commission proposes amendments to Exchange Act Rule 14a-8 that clarify three substantive bases for excluding shareholder proposals from company proxy materials. The revisions specify that the substantial implementation exclusion applies when a company has executed the essential elements of a proposal, while the duplication and resubmission exclusions now require that proposals address the same subject matter and seek the identical objective through the same means. These standardized criteria aim to increase predictability for issuers and investors by aligning historical voting thresholds with a unified substantive test.

The Securities and Exchange Commission mandates strict adherence to disclosed purposes for IPO and rights issue proceeds, requiring full fee disclosure and refunding of undisclosed payments by lead managers. The regulator caps total flotation costs at five percent of raised proceeds and requires shareholder approval via general meeting for any change in fund utilization. Furthermore, issuers must appoint an independent reporting accountant distinct from their external auditors and routine service providers to ensure transparency.

Issued by the Securities and Exchange Commission, this circular clarifies that references to 'public companies' in its May 2002 directives apply exclusively to companies limited by shares. Consequently, LDM directors may serve on the boards of non-share-limited entities without regulatory conflict. Corporate governance practitioners must ensure that director appointments and securities acquisitions strictly adhere to this share-limitation classification.

The Securities and Exchange Commission mandates that directors and executive officers of licensed dealing members and stockbrokers must not concurrently serve on the boards of listed or unlisted public companies. Incumbent directors and executive officers currently holding dual roles are required to resign from their public company boards by July 15, 2002, and formally notify the Commission. This directive aims to prevent conflicts of interest, insider trading, and market manipulation, with the Commission empowered to sanction non-compliant licensed operators, officers, directors, and public companies.

The Securities and Exchange Commission requires issuers conducting initial public offerings or other public invitations to appoint an independent registrar. This directive mandates that the appointed entity remain unaffiliated and not a subsidiary of the issuer, ensuring operational independence throughout the listing period. The obligation applies to all subsequent additional listings and remains binding as long as the issuer maintains its stock exchange status.

The Ghana Securities and Exchange Commission issued this compliance manual to standardize the public issuance of securities by broker-dealers, investment advisers, and listed companies. It requires sponsors to submit complete draft prospectuses at least six weeks before an offer opens, undergo a structured review process, and maintain non-interest-bearing escrow accounts for all subscription monies. The guidelines further mandate timely disclosure of material information, strict adherence to refund and allotment timelines, and the submission of a post-offer report with applicable fees within fourteen days of offer closure.

The Securities and Exchange Commission mandates that issuers conducting initial public offers or public invitations must appoint a Lead Manager, requiring an independent co-lead manager when the primary manager is affiliated. For IPOs, the guidelines prohibit affiliated banks from serving as escrow receiving banks, obligating issuers to designate a non-affiliated bank and document this in the Escrow Agreement submitted for regulatory approval. Issued under Section 9(d) of the Securities Industry Law, 1993, these directives standardize co-management and fund handling to ensure transparency in public securities offerings.

The Securities and Exchange Commission directs broker-dealers and investment advisers to submit periodic compliance reports on time by implementing robust IT safeguards, disaster recovery programs, and backup systems. These measures are required to ensure the physical security of software and hardware, protect master files, maintain accurate transaction processing, and prevent computer breakdowns from causing late submissions. Licensees must utilize these stipulated back-up methods to enable prompt transaction settlement and fulfill their reporting obligations as they fall due.

The Securities and Exchange Commission of Ghana requires all cedi quotations in regulatory communications, returns, and reports to be denominated in the new Ghana Cedi (GH¢). This mandate takes effect on September 1, 2007, and applies to all licensed operators, market participants, and listed as well as unlisted public companies. Licensees must immediately update their financial reporting formats to reflect the new currency standard across all SEC submissions.

The Securities and Exchange Commission mandates the public disclosure of sanctions imposed on defaulting Market Operators and Licensees. These enforcement actions will be published on the SEC website and disseminated through media channels to uphold market integrity and foster capital market growth. The guidelines establish a standardized publication framework that enhances regulatory transparency and strengthens investor confidence.

The Securities and Exchange Commission of Ghana is soliciting expressions of interest from qualified consultants to acquire and implement a comprehensive web-based Enterprise Resource Planning (ERP) system. The assignment requires analyzing current processes and deploying integrated modules for finance, human resources, payroll, procurement, and inventory management, with firms needing at least five years of relevant experience and specific regulatory compliance certificates. Interested parties must submit three hard copies and a digital file by 3:00 PM GMT on July 11, 2022, adhering to the Public Procurement Act evaluation criteria and a minimum qualifying score of 70 points.

The Securities and Exchange Commission (SEC) maintains and publishes an official register of audit firms authorized to provide capital market services. Firms must meet rigorous qualification, independence, and quality control standards to retain their registration status. Market participants are required to engage only these registered entities for statutory audits and capital market engagements.

The Securities and Exchange Commission (SEC) of Ghana announces that the High Court dismissed a lawsuit challenging its auditor guidelines and directs all market operators to strictly comply with existing registration and auditing directives. The court awarded costs against the nine plaintiff accountants, effectively upholding the regulatory framework for public company audits. The SEC reaffirms its commitment to rigorously enforcing capital market rules to protect investors and maintain market integrity.

The Securities and Exchange Commission extends the compliance deadline for auditing firms and sole practitioners to meet the two-partner and partnership structure requirements under Revised SRC Rule 68. This extension, granted due to the impact of the COVID-19 pandemic, moves the final deadline from June 30, 2022, to June 30, 2026. The directive mandates that all SEC-accredited external auditors and auditing firms achieve full compliance by the new date without further extensions.

The Securities and Exchange Commission of Ghana directs all licensed market operators to route all statutory payments, including levies, license fees, renewals, and penalties, directly into its designated Revenue Collections Account at Consolidated Bank Ghana. Effective 15 June 2022, operators must use their license number without the year as the transaction reference to ensure accurate payment identification. This centralized collection mandate, issued under Sections 3 and 208(c) of the Securities Industry Act 2016, streamlines financial administration and strengthens investor protection across the securities market.

The Securities and Exchange Commission has reopened the comment period for its proposed rule requiring national securities exchanges and associations to establish listing standards that mandate listed issuers to develop, implement, and disclose policies for recovering erroneously awarded incentive-based compensation. This thirty-day extension allows market participants to evaluate a newly filed staff memorandum detailing increased voluntary policy adoption, projected accounting restatements triggering recovery, and updated cost-benefit analyses. Submissions due by July 14, 2022, will inform the Commission’s final determination on whether issuers must comply with these recovery provisions to maintain their exchange listings.

The Securities and Exchange Commission proposes amendments to the Investment Advisers Act of 1940 and Investment Company Act of 1940 to mandate enhanced environmental, social, and governance (ESG) disclosures for registered investment advisers, funds, and business development companies. These standardized narrative and quantitative reporting requirements, including greenhouse gas metrics and structured Inline XBRL data tagging, aim to mitigate greenwashing risks while providing investors with consistent, comparable, and decision-useful information. The rule updates multiple regulatory forms such as Form ADV and Form N-CEN to establish uniform disclosure frameworks, streamline compliance procedures, and facilitate ongoing regulatory oversight of ESG investment strategies.

The Securities and Exchange Commission proposes amendments to Rule 35d-1 under the Investment Company Act of 1940 to prevent misleading fund names from deceiving investors. The rule mandates that funds with names suggesting a specific investment focus adopt an 80% investment policy, ensuring at least eighty percent of their assets align with the indicated strategy. Furthermore, the proposal modernizes prospectus disclosure standards for fund terminology, establishes comprehensive recordkeeping mandates, and introduces Form N-PORT reporting to verify ongoing compliance.

The Securities and Exchange Commission of Ghana, in collaboration with the West Africa Securities Regulators Association, will host the second West Africa Capital Market Conference (WACMaC) on 24 May 2022 in Accra. The biennial event, themed around deepening and strengthening regional capital markets through effective regulation, will feature a closed workshop and expert discussions on sustainable finance, technology integration, and private equity. Attendance requires a paid registration fee of GHS 770 for in-person participation or GHS 385 for virtual access, which can be secured through the official conference website or designated contact line.

The Securities and Exchange Commission of Nigeria has issued new regulations that classify digital tokens as securities and mandate strict operational frameworks for issuers, offering platforms, and custodians. Issuers must file detailed whitepapers for a thirty-day regulatory assessment, comply with capital-raising ceilings of N10 billion and retail investment caps of N2 million, and maintain mandatory equity holdings by directors. Digital Asset Offering Platforms must secure N500 million in paid-up capital, implement robust risk management and governance structures, and fulfill continuous disclosure obligations to protect investors and ensure market integrity.

The Securities and Exchange Commission is reopening comment periods until June 13, 2022 for proposed rules affecting private fund advisers and alternative trading systems. The Advisers Act proposals require registered private fund advisers to disclose investment costs, secure annual audits and fairness opinions for secondary transactions, and restrict preferential treatment and conflicting sales practices. Concurrently, the Exchange Act proposals modernize regulatory frameworks for alternative trading systems by clarifying exchange definitions, applying system compliance and integrity rules to high-volume Treasury and agency securities traders, and updating fair access requirements.

The U.S. Securities and Exchange Commission extends the public comment period to June 17, 2022 for a proposed rule requiring registrants to disclose material climate-related risks, greenhouse gas emissions, and specific financial metrics in registration statements and annual reports. The amendment to rules under the Securities Act of 1933 and Securities Exchange Act of 1934 mandates that companies report climate risks reasonably likely to impact their business, operations, or financial condition alongside audited climate-related financial data. This deadline extension provides stakeholders additional time to analyze the proposed requirements and submit detailed feedback, thereby improving the Commission’s evaluation of the final regulations.

The Securities and Exchange Commission of Ghana mandates all capital market operators to strictly adhere to Ghana Revenue Authority guidelines regarding the Electronic Transfer Levy (E-Levy) implementation. Operators must update customer investment records using individual National Identification Cards (Ghana Cards) and comply with existing trust account directives to facilitate transaction identification and support ongoing exemption negotiations with the Ministry of Finance. This directive aligns with the GRA’s modified phased approach, requiring full system integration and compliance ahead of the second phase commencing on July 1, 2022.

The Securities and Exchange Commission of Ghana has issued comprehensive regulatory guidelines to establish a licensed framework for securities-based crowdfunding platforms and protect retail investors. The document mandates strict licensing criteria, mandatory due diligence, and operational safeguards for crowdfunding intermediaries while capping issuer fundraising at GHS 500,000 annually and restricting retail investor contributions to 10% of their yearly income. It further enforces rigorous risk disclosure requirements, trust account management, continuous monitoring, and quarterly reporting obligations to ensure market transparency and mitigate speculative investment risks.

The Government of Ghana, through the Ministry of Finance, invites qualified consulting firms to submit expressions of interest for a consultancy project funded by the African Development Fund. The selected consultant will review existing securities laws and international best practices to draft and update rules for Ghana’s fixed income market, exchange traded funds, surveillance, and market making. Submissions must be delivered in hard and soft copy by 4:00 PM GMT on April 27, 2022, with selection procedures governed by African Development Bank guidelines and joint ventures permitted.

The Securities and Exchange Commission of Nigeria mandates all public companies involved in mergers, acquisitions, or corporate restructuring to apply the fairness review processing fee as specified in Schedule I, Part C, 8(iii) of its Consolidated Rules 2013. Issued under the Investment and Securities Act of 2007, this directive standardizes fee calculations for both ongoing and prospective transactions. Companies must adhere to these stipulated rates immediately, ensuring full compliance with the Commission’s updated regulatory framework for transaction approvals.

The Securities and Exchange Commission proposes new rules to enhance investor protections in special purpose acquisition company (SPAC) initial public offerings and subsequent business combinations. The regulations mandate specialized disclosures regarding sponsor compensation, conflicts of interest, dilution, and transaction fairness while clarifying underwriter liability and expanding the Private Securities Litigation Reform Act safe harbor. Additionally, the Commission updates projections guidance for SPAC filings and establishes a new Investment Company Act safe harbor to exempt qualifying SPACs from investment company regulation.

The Securities and Exchange Commission proposes new rules to further define 'as a part of a regular business' within the statutory definitions of dealer and government securities dealer under the Securities Exchange Act of 1934. The proposed amendments require market participants, particularly principal trading firms providing significant liquidity through electronic platforms, to register as dealers or government securities dealers if they meet specific activity thresholds. This regulatory expansion aims to ensure consistent oversight, enhance market stability, and protect investors by aligning the registration requirements with modern trading practices.

The Securities and Exchange Commission proposes amendments to Regulation M that eliminate reliance on credit ratings from Rules 101 and 102, fulfilling a mandate under Section 939A of the Dodd-Frank Act. The rule replaces the existing investment-grade exception for distribution participants with alternative credit-worthiness standards based on probability of default for nonconvertible securities and Form SF-3 shelf registration for asset-backed securities, while completely removing the exception for issuers and selling security holders. Broker-dealers must additionally maintain written probability of default determinations to comply with the new recordkeeping requirements, thereby reducing undue reliance on nationally recognized statistical rating organizations while preserving anti-manipulation safeguards.

The Securities and Exchange Commission (SEC) has closed the offices of three unregistered entities—Oxford International Group, Farmforte Agro Allied Solutions Limited, and VeKtr Capital Investment—and declared their promoted investment schemes unauthorized. The regulator emphasizes that soliciting public funds for private ventures without proper registration or authorization violates the Investments and Securities Act, 2007. Investors are strongly advised to verify an entity's registration status before committing funds, as all transactions with these unregistered entities are conducted at the public's own risk.

The Securities and Exchange Commission proposes new rules requiring public companies to disclose material cybersecurity incidents through current reporting on Form 8-K and periodic updates in annual reports. The amendments mandate standardized disclosures detailing cybersecurity risk management strategies, board oversight and expertise, and the implementation of relevant policies. All required disclosures must be submitted in Inline XBRL format to enhance investor transparency and ensure timely, comparable market information.

The Securities and Exchange Commission issued these guidelines to clarify the jurisdictional authority for processing corporate dissolution applications under the Revised Corporation Code. The document assigns voluntary dissolutions without affected creditors, term shortening, and involuntary dissolutions to the Company Registration and Monitoring Department and Extension Offices, while designating the Office of the General Counsel for voluntary dissolutions involving creditors. It further establishes procedural requirements for amending articles of incorporation and mandates specific notice contents for stockholders' meetings regarding dissolution votes.

The Securities and Exchange Commission requires issuing houses to obtain and file a No-Objection letter from primary regulators, particularly in banking and insurance, as a prerequisite for approving proposed transactions. This mandatory reference letter must confirm the absence of material financial statement changes since the last accounting year-end, list current board members, and explicitly approve the proposed issuance. Applications submitted without this letter will be deemed incomplete and withheld from processing, a change designed to accelerate the Commission transaction turnaround period.

The Securities and Exchange Commission of the Philippines issued these guidelines to implement Sections 26 and 27 of the Revised Corporation Code, establishing strict disqualification criteria for corporate directors, trustees, and officers. Individuals are barred from holding office if they have been convicted of offenses carrying imprisonment exceeding six years, found administratively liable for fraud, or sanctioned by foreign authorities for similar misconduct within five years prior to appointment. The Commission may order the removal of disqualified officials upon verified complaint or motu proprio after due process, while retaining the authority to sanction boards that knowingly retain ineligible members.

The Securities and Exchange Commission issued this circular to implement Bangko Sentral ng Pilipinas Circular No. 1133 by imposing strict ceilings on interest rates and fees for unsecured loans of up to P10,000 with tenors of four months or less. The regulation mandates a nominal interest rate cap of 6 percent per month, an effective interest rate ceiling of 15 percent per month, and a total cost cap of 100 percent of the borrowed amount for lending and financing companies. Additionally, covered entities must submit a compliant Business Plan by May 2022 and an annual Impact Evaluation Report, facing administrative sanctions including fines and license revocation for non-compliance.

The Securities and Exchange Commission has reopened the comment period for proposed Rule 10c-1, which requires entities loaning securities to report material transaction terms and available loan data to registered national securities associations. This extension, now open until April 1, 2022, specifically invites stakeholders to evaluate how the proposed short sale disclosure framework (Rule 13f-2) might impact securities lending reporting requirements. Commenters may submit feedback electronically via the Commission’s website or by email, or in paper form to the Secretary’s office.

The Securities and Exchange Commission is publishing notice of proposed amendments to the National Market System Plan Governing the Consolidated Audit Trail (CAT NMS Plan). These amendments, related to the "Short Position and Short Activity Reporting by Institutional Investment Managers" Proposing Release, would require reporting of "buy to cover" order marking information to the Consolidated Audit Trail. Additionally, the amendments mandate reporting of reliance on the bona fide market making exception under Regulation SHO, specifically modifying Section 6.4(d)(ii) of the CAT NMS Plan.

The Securities and Exchange Commission proposes a new rule requiring institutional investment managers meeting specified thresholds to report monthly short position and short activity data for equity securities on a dedicated Form SHO. The proposal also establishes a new “buy to cover” order marking requirement under Regulation SHO and amends the Consolidated Audit Trail plan to mandate reporting of related order markings and bona fide market making exceptions. By aggregating and publishing this short sale data, the Commission aims to enhance market transparency, improve regulatory oversight of short selling, and strengthen investor protection during periods of heightened volatility.

The Securities and Exchange Commission of Ghana mandates all licensed market operators to submit licence renewal applications at least three months prior to expiry. Operators must adhere to specific submission deadlines, with mutual funds and unit trusts required to apply by October 1 for December 31 expirations, while fund managers, issuing houses, representatives, broker dealers, and investment advisors must apply by April 1 for June 30 expirations. This directive, issued under the Securities Industry Act 2016, ensures continuous regulatory compliance and market integrity.

The Securities and Exchange Commission proposes comprehensive amendments to Rules 13D-G and Regulation S-T to modernize beneficial ownership reporting for Schedules 13D and 13G. The rule shortens initial and amendment filing deadlines to five days or one business day, deems holders of certain cash-settled derivatives as beneficial owners, and mandates structured machine-readable data submissions. It also clarifies group formation under the Exchange Act and establishes new exemptions allowing investors to communicate, consult, and execute transactions without triggering group status.

The Securities and Exchange Commission proposes amendments to its Whistleblower Program Rules that expand award eligibility for related actions and clarify the Commission’s discretion in setting monetary awards. The revised Rule 21F-3(b)(3) permits the SEC to grant awards for related actions even when alternative whistleblower programs apply, provided those alternatives are not comparable or potential awards remain at or below five million dollars. Concurrently, the proposed Rule 21F-6(d) explicitly authorizes the Commission to consider potential dollar amounts when determining awards, specifically allowing upward adjustments while prohibiting downward reductions.

The Securities and Exchange Commission proposes new rules requiring registered private fund advisers to deliver quarterly statements disclosing full costs and performance, obtain annual financial audits, and secure independent fairness opinions for adviser-led secondary transactions. The proposal also prohibits all private fund advisers from engaging in specific sales practices, conflicts of interest, and compensation schemes while banning undisclosed preferential treatment to certain investors. Corresponding amendments to the books and records and compliance rules will mandate written documentation of annual compliance program reviews to facilitate regulatory examinations.

The Securities and Exchange Commission proposes new rules under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 requiring registered investment advisers and funds to adopt written cybersecurity policies and procedures reasonably designed to address operational and data risks. The proposal mandates that advisers report significant cybersecurity incidents to the Commission via a new Form ADV-C while amending existing disclosure forms to ensure clients and shareholders receive timely information about material cyber risks. Additionally, the Commission introduces enhanced recordkeeping obligations and annual board oversight requirements to strengthen investor protection and standardize how financial intermediaries manage, report, and communicate cyber threats.

The Securities and Exchange Commission proposes to shorten the standard settlement cycle for most broker-dealer transactions from two business days (T+2) to one business day (T+1). To support this acceleration, the agency mandates same-day affirmation for institutional trades, updates recordkeeping rules for investment advisers, and requires clearing agencies to establish straight-through processing policies. Market participants must comply with these amendments by March 31, 2024, while the Commission simultaneously solicits feedback on potential pathways to achieve a same-day (T+0) settlement cycle.

The Securities and Exchange Commission of the Philippines mandates the use of the Electronic Filing and Submission Tool (eFAST) for filing Annual Financial Statements and General Information Sheets to ensure orderly processing and public safety. The circular establishes a specific filing schedule for corporations with fiscal years ending December 31, 2021, based on the last digit of their SEC registration number, while granting extensions for listed companies and defining thresholds for audit requirements. It further requires General Information Sheets to be filed within 30 days of annual meetings and prohibits over-the-counter or mail submissions in favor of digital filing via eFAST.

The Securities and Exchange Commission of Ghana has further extended the moratorium on issuing new fund management licences for six months. This suspension, effective from February 1, 2022, follows prior regulatory pauses and aims to facilitate stricter enforcement of capital market rules under the Securities Industry Act 2016. Market operators and investors are advised to consult the Commission’s official channels for updates while the regulator maintains its commitment to market integrity and investor protection.

The Ministry of Finance of Ghana, utilizing African Development Fund financing, invites eligible consulting firms to develop a risk-based supervisory and regulatory framework for the Securities and Exchange Commission (SEC). The appointed firm will transition the SEC from a compliance-based model to an IOSCO-aligned risk-based approach, delivering comprehensive regulatory reviews, risk data modeling, automation recommendations, and targeted capacity building. Submissions must be delivered in English by 4:00 PM GMT on February 7, 2022, to the Ministry’s Project Coordinator in Accra.

The Securities and Exchange Commission adopted specific Philippine Standards on Auditing and Philippine Financial Reporting Standards as part of its rules and regulations on financial reporting. The circular mandates compliance with revised auditing standards, including PSA 250 and PSA 315, as well as various amendments to PFRSs such as those regarding liability classification and property, plant, and equipment. These pronouncements carry distinct effectivity dates ranging from 2020 to 2023, requiring entities to align their financial reporting and audit practices accordingly.

The Securities and Exchange Commission has reopened the comment period for its proposed Pay Versus Performance rule, which amends executive compensation disclosure requirements to mandate a clear tabular description of how compensation actually paid relates to corporate financial performance. The proposed rule requires registrants to disclose metrics including Total Shareholder Return, pre-tax and net income, and a company-selected performance measure for the principal executive officer and other named executive officers over multiple fiscal years. Interested parties may submit comments electronically or by mail until March 4, 2022, to address evolving compensation practices and refine the rule’s implementation of Section 953(a) of the Dodd-Frank Act.

The Securities and Exchange Commission proposes amendments to Form PF that mandate current reporting within one day of key stress events for large hedge fund and private equity advisers. The rule also lowers the reporting threshold for large private equity advisers from $2 billion to $1.5 billion in assets under management while requiring more granular data on fund strategies, leverage, and portfolio company financings. Additionally, large liquidity fund advisers must now report substantially the same information as money market funds on Form N-MFP to improve systemic risk monitoring and investor protection.

Management has directed all Capital Market Operators to complete their 2022 license registration renewal by 31 January 2022. Filers must utilize the eportal.sec.gov.ng portal, and no deadline extensions will be granted. Non-compliant operators will face a complete ban on performing capital market activities for the remainder of 2022.

The Securities and Exchange Commission notifies public companies of two mandatory filing options for fourth quarter unaudited and annual audited financial statements. Companies may either submit the unaudited quarterly statement within thirty days after quarter-end alongside the annual audited statement within ninety days, or waive the quarterly return to file only the annual audited statement within sixty days. Organizations must consistently adhere to their chosen schedule, as non-compliance constitutes a direct violation of Section 60 of the Investments and Securities Act, 2007.

The Securities and Exchange Commission has proscribed the YAN BINDIGA and YAN TA’ADDA groups as terrorist entities, requiring Capital Market Operators to screen all clients against these proscribed groups, UN Security Council Resolutions, and OFAC lists. This mandate applies to new client onboarding, one-off transactions, and all existing clients prior to executing any transaction from the circular’s effective date. Capital Market Operators must subsequently file suspicious transaction reports to the Nigerian Financial Intelligence Unit based on screening findings.

The Securities and Exchange Commission of Ghana has issued a public interest warning stating that Tizaa Ghana Fund is unlicensed and not regulated to conduct capital market activities. Investors and the general public are advised to exercise caution and verify the licensing status of any investment firm through the SEC’s official contact channels before committing funds. This notice, issued pursuant to Section 208(c) of the Securities Industry Act 2016, reinforces the regulator’s commitment to maintaining market integrity and protecting investors from unregulated entities.

The Securities and Exchange Commission proposes amendments to Rule 10b5-1 that strengthen the affirmative defense against insider trading by imposing mandatory cooling-off periods of 120 days for officers and directors, and 30 days for issuers. The rule also mandates personal certifications that insiders lack material nonpublic information at plan adoption, restricts overlapping trading arrangements, and requires quarterly Inline XBRL disclosures regarding the adoption, termination, and modification of these plans. Additionally, the Commission amends Forms 4 and 5 to require corporate insiders to identify Rule 10b5-1(c)(1) transactions, disclose all securities gifts, and clarify the timing of equity awards relative to material nonpublic information releases.

The Securities and Exchange Commission issued these 2022 Guidelines to regulate the Over-The-Counter (OTC) market by mandating licensing for market operators and securities dealers. The framework establishes operational standards, including independent management structures, mandatory dematerialization of unlisted securities, and strict disclosure obligations for issuers regarding price-sensitive information and financial performance. Licensed OTC markets and issuers must submit regular trade, surveillance, and financial reports to the Commission, while non-compliance triggers administrative penalties, sanctions, and a one-year transitional compliance period.

The Securities and Exchange Commission issued the 2022 Guidelines to regulate, license, and supervise Issuing Houses that arrange or underwrite securities issuances. The framework establishes mandatory licensing criteria, including professional indemnity insurance, a minimum of four licensed representatives, operational independence from issuers, and strict anti-money laundering compliance. Issuing Houses must submit audited financial statements within ninety days, file timely quarterly and annual returns, fully disclose transaction fees, and face license suspension or administrative penalties of up to twenty thousand penalty units for non-compliance.

The Securities and Exchange Commission issued these guidelines to establish comprehensive licensing, operational, and reporting standards for corporate Note Trustees in the securities market. The framework mandates that licensed entities maintain independence from issuers, secure adequate capital and infrastructure, appoint fit-and-proper representatives, and implement robust anti-money laundering and default-reporting protocols. Furthermore, the guidelines impose strict annual and half-yearly financial reporting obligations, empower the Commission to conduct inspections and appoint auditors, and authorize administrative penalties of up to twenty thousand penalty units for non-compliance.

The Securities and Exchange Commission issued these Guidelines to establish the recognition, governance, and operational framework for Self-Regulatory Organizations within the securities industry. The document mandates that SROs meet specific financial, structural, and fit-and-proper criteria while maintaining a governing body with independent members and clearly defined officer tenures. It further requires SROs to submit regular financial and operational returns, comply with Commission directives and inspections, and exercise disciplinary powers over their members under standardized rules.

The Securities and Exchange Commission issued these Guidelines to mandate the registration of securities offered to the public or intended for licensed Over-The-Counter trading. Issuers must file a formal application accompanied by corporate resolutions, constitutional documents, audited financial reports, and applicable valuation or prospectus statements, alongside a registration fee of 0.015% of the securities' book value. The framework establishes clear procedures for security cancellation, outlines administrative penalties and criminal settlement options for non-compliance, and defines the comprehensive scope of registrable financial instruments.

The Securities and Exchange Commission mandates all public companies and registered issuers to submit an Annual Corporate Governance Report to disclose compliance with the Code of Corporate Governance. Covered entities must file two notarized copies by June 30 of the following year, signed by key board and executive officers, while listed companies are excluded from this specific requirement. The circular establishes specific penalties for non-submission, incomplete disclosures, or misrepresentation and repeals inconsistent prior issuances.

The Commission requires all registered fund and portfolio managers to pay annual supervisory and regulatory fees calculated daily on the net asset value of their managed portfolios. Collective investment schemes must remit a 0.2 percent supervisory fee, while discretionary and non-discretionary funds pay 0.25 percent for retail investors and 0.01 percent for qualified investors, with all payments due annually by January 31 starting in 2022. Late submissions will incur a N100,000 base penalty plus a daily N5,000 charge until full payment is made.

The Securities and Exchange Commission of Nigeria has issued a public warning regarding the unregistered status of FinAfrica Investment Limited and its associated Chimark Group. The Commission confirms that neither entity holds SEC registration and their promoted investment schemes lack official authorization. Consequently, the investing public is advised to conduct any capital market-related business with these entities at their own risk.

The Securities and Exchange Commission of Nigeria has identified Poyoyo Investment (PILVEST) Nigeria Limited as an unregistered Ponzi scheme circulating high-yield investment plans via electronic and WhatsApp messages. Preliminary investigations confirm the company operates a non-sustainable business model that pays returns from new investors' capital rather than underlying assets, despite offering monthly yields ranging from 20 to 360 percent. The Commission formally warns the public that engaging with Poyoyo Investment (PILVEST) Nigeria Limited in capital market activities carries full financial risk to the investor.

The Securities and Exchange Commission (SEC) has announced a temporary closure of its office on December 24, 2021, to conduct a planned fumigation exercise as a COVID-19 safety measure. All in-person operations will be suspended during this period, but stakeholders may direct inquiries to the designated email address, toll-free line, or official social media channels. This directive is issued under section 208(c) of the Securities Industry Act, 2016 (Act 929).

The Securities and Exchange Commission of Nigeria has significantly increased registration, filing, processing, and sponsorship fees for a wide range of capital market operators. The amendment also elevates the filing fee for proxy materials from N5,000 to N500,000 and increases the annual supervisory fee for Collective Investment Scheme fund managers from 0.005% to 0.2% of net asset value. These changes are part of a comprehensive update to fee structures, including new charges for corporate actions like share reconstructions and business combinations.

The Securities and Exchange Commission of Nigeria has issued a circular commencing a regulatory fee structure on secondary market bond transactions effective January 1, 2022. The framework mandates a standard charge of 0.025% on the total transaction value for both the Commission and the relevant Securities Exchange, while Dealing Members pay a reduced single fee of 0.0001% exempt from the standard rate. This directive supersedes all prior regulatory notices regarding bond transaction fees and applies to transactions executed on or reported to an Exchange for settlement, price discovery, and corporate disclosure.

The Commission's Management has announced the mandatory annual registration renewal for all Capital Market Operators (CMOs) for 2022. CMOs must complete the renewal process via the eportal.sec.gov.ng portal between January 1 and January 31, 2022. Operators requiring assistance may contact designated support staff via the provided email addresses to ensure timely compliance.

The Securities and Exchange Commission issued Memorandum Circular No. 12 Series of 2021 to establish revised rules for the SOAR Inspection Program, which conducts on-site reviews of accredited audit firms to ensure high-quality financial reporting for publicly-listed companies. The regulations define a risk-based selection process, specify inspection frequencies based on market capitalization, and outline detailed procedures for firm-level and engagement-level assessments under international quality management standards. Furthermore, the document mandates strict timelines for reporting findings, firm remediation plans, and appeals, while establishing protocols for confidential consultations and sanctions to protect investor interests.

The Securities & Exchange Commission, Nigeria, funded by the African Development Bank, seeks consultants to build institutional capacity in derivatives regulation. This includes enhancing staff technical skills and improving operational guidelines for the derivatives market.

The Securities and Exchange Commission (SEC), Ghana, invites eligible consulting firms to submit expressions of interest for a consultancy assignment funded by the African Development Bank. The selected firm will develop comprehensive market rules for asset-backed securities, securities lending and borrowing, margin trading, market making, and underwriting, while conducting an environmental scan and designing training manuals for capital market stakeholders. Submissions must be delivered by January 14, 2022, and shortlisted firms will be evaluated according to the Bank’s consultant selection procedures.

The Securities and Exchange Commission of the Philippines extends the deadline for foreign corporation branch offices to post additional and substitution securities deposits until December 23, 2021. This adjustment aligns the deposit submission schedule with the extended deadline for filing audited financial statements for the fiscal year ending December 31, 2020. The extension is applied automatically to affected branch offices without requiring a formal request.

The Securities and Exchange Commission (SEC) grants a two-year extension, until December 31, 2023, for public companies to implement internal controls over financial reporting and for auditors to report on their adequacy and effectiveness.

The Securities and Exchange Commission of Ghana mandates all directors of listed companies to attend a workshop on the SEC Code of Corporate Governance scheduled for 23 to 25 November 2021. Participants must register online and remit a GH¢800.00 fee via direct bank transfer to the Commission’s designated Ecobank account. All registrations and payment confirmations must be submitted by Friday, 19 November 2021.

The Philippine Securities and Exchange Commission imposed an immediate moratorium on the registration of new online lending platforms and barred existing financing and lending companies from launching new OLPs. Only platforms officially recorded by the regulator as of November 2, 2021, may continue operating under strict compliance monitoring while the agency finalizes dedicated licensing guidelines. This restriction remains in effect until formally lifted to mitigate consumer protection risks and address widespread regulatory violations in the sector.

The Securities and Exchange Commission (SEC) Nigeria has released new rules on social bonds to guide their issuance and utilization. These rules define social bonds, eligible projects, and target populations. They also outline conditions for approval, utilization and management of proceeds, reporting requirements, refinancing guidelines, and external review processes. The aim is to ensure that social bonds are used effectively to finance projects that address social issues and benefit specific populations in Nigeria.

The Securities and Exchange Commission of Nigeria has established formal regulations for the issuance of social bonds, requiring that net proceeds be exclusively directed toward defined social projects such as affordable infrastructure, healthcare, education, and job creation. Issuers must fulfill stringent registration criteria, including filing a feasibility report and prospectus, while maintaining escrow accounts with trustees to ensure proper fund utilization and tracking. Ongoing compliance necessitates the annual publication of detailed social bond reports, external reviews of the bond framework, and specific disclosures regarding the allocation of proceeds and measurable project impact.

The Securities and Exchange Commission of Ghana has issued mandatory guidelines establishing comprehensive regulatory requirements for all licensed Credit Rating Agencies operating in the country. The framework mandates strict licensing criteria, including specific director qualifications and Ratings Committee residency rules, while enforcing rigorous standards for rating methodologies, ongoing surveillance, and conflict-of-interest mitigation. Additionally, the guidelines require agencies to maintain transparent disclosure practices, adopt IOSCO-aligned codes of conduct, and submit regular compliance reports to the SEC to ensure market integrity and investor protection.

The Securities and Exchange Commission of Ghana invites eligible consultants to submit expressions of interest for developing a comprehensive five-year Scheme of Service aligned with international best practices and Public Services Commission guidelines. Applicants must demonstrate firm registration, valid tax and SSNIT clearance, Public Procurement Authority registration, and relevant experience, with professional associations permitted to enhance qualifications. Submissions must be delivered in triplicate to the commission headquarters in Accra by 5:00 PM GMT on November 5, 2021, with additional details available during the October 25 to November 5 inquiry period.

The Capital Market Committee Management has scheduled the 2021 Third CMC Webinar Meeting for Thursday, 11 November 2021, with a subsequent press interface on Friday, 12 November 2021. Attendance is strictly by invitation, requiring all participants to be seated by 9:45 am for both sessions. Invited attendees must adhere to these scheduling and seating directives to secure access to the virtual proceedings.

The Ghana Securities and Exchange Commission engaged the Criminal Investigations Department and the Economic and Organized Crime Office through its ‘Time with the SEC’ market education program to strengthen regulatory partnerships and enhance investor protection. During the event, SEC leadership outlined new conduct and licensing guidelines, a digitized reporting system, and a forthcoming Financial Data Centre designed to improve market oversight and investor decision-making. Law enforcement representatives pledged to collaborate with the Commission to combat economic crimes, build investigative capacity, and foster confidence in Ghana’s capital market.

The Securities and Exchange Commission (SEC) of Ghana is soliciting expressions of interest from qualified individual consultants to support its transition to a risk-based supervisory framework and deliver capacity-building programs for the securities market. Funded by the African Development Bank, the assignment requires the consultant to conduct gap analyses, assess market operator risks, design a compliant supervisory framework aligned with IOSCO principles, and train SEC and market operator staff. Eligible candidates must submit their qualifications and curriculum vitae by October 22, 2021, in accordance with the Bank’s consultant selection rules, with further information available during specified office hours.

The Securities and Exchange Commission (SEC) Ghana has launched "Time With The SEC," a regional investor education campaign designed to enhance public understanding of the capital market and regulatory framework. Starting in Takoradi with plans for a nationwide rollout, the initiative addresses critical topics such as capital raising, market operations, and the SEC's protective role while providing updates on the Government Bailout program and strategies to combat Ponzi schemes. The campaign aligns with the SEC's broader efforts to strengthen the securities industry through stringent licensing, market operator guidelines, and a 10-year Capital Market Master Plan aimed at fostering investor confidence and regional financial development.

The Securities and Exchange Commission of Ghana, funded by the African Development Bank, is procuring consultancy services to implement the Capital Market Supervision and Market Rules Capacity Building Project. The initiative will embed a risk-based supervision expert, develop updated regulatory manuals, and draft market rules for pooled funds and asset-backed securities to strengthen oversight and diversify investment products. Requests for Proposals for these consultancy contracts are scheduled for release in August 2021, with interested parties directed to contact the Project Implementation Unit Coordinator at the SEC Ghana office.

This regulatory update introduces comprehensive frameworks for Robo-Advisory Services and Trade Repositories, while establishing specific processing fees for Exchange-Traded Derivatives. It mandates strict operational, compliance, and governance standards for these digital and repository services, including technology risk management and anti-money laundering controls. Additionally, the document amends existing rules governing mergers, take-overs, acquisitions, and divestments to enhance oversight, standardize filings, and clarify requirements for shareholder protections and corporate restructuring processes.

The Ghana Securities and Exchange Commission mandates that issuers of public securities and licensed firms must secure written regulatory approval prior to appointing auditors for their annual financial statements. Pursuant to Section 197(3) of the Securities Industry Act, 2016 (Act 929), all appointed auditors must be registered with the Commission, and the regulator will reject any 2021 audited reports that fail to meet these statutory requirements. Market participants are directed to immediately review the Act and the 2020 Auditors Guidelines to ensure full compliance and preserve the credibility of capital market disclosures.

Nigeria's SEC requires consultants to develop best

The Securities and Exchange Commission of the Philippines issued this circular to operationalize the ASEAN CIS Framework, allowing Philippine investment companies to offer shares cross-border and enabling foreign collective investment schemes to be offered in the Philippines. The rules establish specific authorization requirements for domestic entities to become Qualifying CIS and mandate that foreign CIS operators appoint local representatives and distributors to handle marketing, investor communication, and regulatory reporting. Additionally, the document outlines the application procedures, filing fees, disclosure obligations, and grounds for suspension or revocation of approval for cross-border fund offerings.

The Securities and Exchange Commission has re-opened its online portal to enable Capital Market Operators to complete their 2021 registration renewals. The renewal window runs from August 12 to August 31, 2021, with late fees accruing from May 1, 2021. Non-compliant operators will incur monetary penalties, face market suspension, and remain subject to further regulatory sanctions.

The Securities and Exchange Commission of Ghana has announced the inauguration of its reconstituted Board by the Minister of Finance under the Securities Industries Act, 2016. The newly constituted board comprises a Chairman, three Executive Commissioners, and seven commissioners representing government ministries, the Bank of Ghana, and professional institutions. Mandated to sustain investor confidence and execute the Capital Market Master Plan, the board will direct regulatory oversight and strategic development for Ghana’s financial sector.

The Securities and Exchange Commission of Nigeria has received an African Development Bank grant to implement a project focused on strengthening supervision frameworks, derivative regulation, and green bond oversight. The initiative employs a Quality and Cost Based System for procurement, with consultant selection following October 2015 Bank Group guidelines. Interested parties should monitor the Commission's website, the AfDB portal, and official tenders for the upcoming Request for Expression of Interest.

The Securities and Exchange Commission has issued a public notice highlighting the Federal High Court's conviction of BARA Finance & Investment Ltd and its promoters, Messrs Eda Aguda Peters and Olom Ojebong Jacob. The court ruled that the company and its management violated sections 38, 54, and 67 of the Investments and Securities Act 2007 by operating an unregistered investment scheme and engaging in illegal capital market activities. This regulatory notice enforces stricter capital market compliance and serves as a formal warning to unregistered investment entities.

The SEC Nigeria proposes major amendments to the Rules on Securities Exchanges to enhance governance, risk management, and operational efficiency through updated regulatory standards and oversight. These amendments introduce new classifications for securities exchanges, including Composite and Non-Composite Exchanges, while formalizing registration requirements, continuing obligations, and reporting mandates for both exchanges and Alternative Trading Facilities. The revisions aim to align the local regulatory framework with international best practices by streamlining operations, clarifying accountability, and strengthening investor protection mechanisms.

The Securities and Exchange Commission issued a settlement agreement with Oando Plc to resolve 2017 petitions that imposed regulatory directives and sanctions. The deal requires the company to immediately withdraw pending lawsuits, pay a monetary sum, implement corporate governance improvements, and submit quarterly compliance reports. Reached without accepting or denying liability, the arrangement safeguards shareholder interests while reinforcing capital market transparency and investor protection.

The Securities and Exchange Commission of Ghana has issued binding guidelines mandating licensed fund managers to implement strict client profiling, know-your-client protocols, and suitability assessments before executing investment mandates. The document establishes precise asset allocation limits, including a 15% cap on related-party investments and a 10% restriction on unlisted securities, while requiring robust risk management frameworks and independent investment committee approvals for all portfolio decisions. Fund managers must also submit quarterly placement and performance reports to the Commission, maintain comprehensive disclosure records, and face regulatory penalties or license revocation for non-compliance.

The Securities and Exchange Commission (SEC) Ghana has reintroduced its Compliance Forum to clarify regulatory expectations and mandate strict adherence to compliance frameworks for market operators. During the inaugural session with the Ghana Securities Industry Association, Director-General Rev. Daniel Ogbarmey Tetteh emphasized the necessity of robust corporate governance, timely disclosures, and diligent fund management to avoid regulatory sanctions. The initiative aims to foster a transparent and efficient securities market by strengthening stakeholder engagement and ensuring the protection of investor interests and market integrity.

The Securities and Exchange Commission of the Philippines issued this memorandum circular to amend the transitional provisions of four prior memoranda concerning the implementation of Philippine Financial Reporting Standards 15 for real estate companies. The amendment grants entities the accounting policy option to apply either the full retrospective or modified retrospective approach when adopting specific PIC and IFRIC pronouncements on revenue recognition and borrowing costs. This policy option is also extended to entities that cease availing of the previously granted financial reporting reliefs in full or in part.

This framework mandates that Central Securities Depositories (CSDs) establish peer-to-peer interoperable links to facilitate efficient fixed income trading and settlement across multiple platforms. CSDs are required to implement necessary infrastructure, risk management systems, and reconciliation procedures while ensuring investors can maintain accounts and settle trades across exchanges regardless of security domiciliation. All interoperable agreements must cover key operational, legal, and risk areas, with any new associated charges remaining subject to Securities and Exchange Commission approval.

The Securities and Exchange Commission issued this disclaimer to clarify that MBA Capital and Trading Limited has never been registered, contradicting recent public claims of online verification. Citing Section 38(1) of the Investments and Securities Act 2007, the regulator mandates that only registered entities may legally conduct capital market activities. Investors are directed to verify advertised products through official SEC channels and consult the published list of registered operators on the Commission’s website before committing funds.

The Securities and Exchange Commission (SEC) Nigeria has appointed Director General Lamido Yuguda as the new two-year Chairman of the West Africa Securities Regulators Association (WASRA). This leadership transition prioritizes sub-regional capital market integration and the operationalization of existing regulations to ensure fair, transparent activities for market operators. The handover was formalized during a virtual Executive Council meeting attended by all member regulatory CEOs, building upon the association's 2015 framework to standardize cross-border capital market operations across West Africa.

The Nigerian Securities and Exchange Commission launches the Regulatory Incubation program to accommodate emerging FinTech business models requiring regulatory authorization. The cohort-based initiative operates through a one-year incubation period comprising an initial assessment and formal regulatory phase, with continuous reviews of FinTech Assessment Forms to clarify applicable regimes. This interim framework enables technological innovation while preserving market integrity and ensuring robust investor protection within the Nigerian Capital Market.

This document introduces new regulatory frameworks for fund management products, nominee companies, and investment-based crowdfunding, including eligibility, operational, and disclosure obligations for market participants. It establishes specific fee structures for supervision, administrative reviews, and crowdfunding transactions to ensure investor protection and market integrity. Additionally, the Commission enacts various amendments to existing rules regarding trust deeds, unlisted security investments, underwriting commitments, and valuation reporting requirements.

The African Development Bank Group and Ghana’s Securities and Exchange Commission launched a $400,000 grant-funded project to transition the nation’s capital market supervision from a compliance-based to a risk-based framework. The initiative will provide technical assistance and capacity building to regulators and the Ghana Stock Exchange while streamlining policy frameworks for pooled funds and introducing new financial instruments such as asset-backed securities. This regulatory modernization aims to deepen market liquidity, broaden investment products, and stimulate Ghana’s industrialization and private sector growth through a more efficient financial system.

The Securities and Exchange Commission (SEC) has ordered Crowdyvest to cease and desist from launching its Halal Fund and soliciting public investments, as the entity is unregistered. The public must verify investment and savings product providers' registration status.

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.

The Securities and Exchange Commission of Ghana, in partnership with the Ministry of Finance, has issued a comprehensive 10-year Capital Market Master Plan to transform the national financial sector into a deep, efficient, and well-regulated emerging market hub. The framework mandates four strategic pillars: expanding investment product diversity and market liquidity, broadening the domestic and international investor base, modernizing market infrastructure and services, and strengthening regulatory oversight and enforcement mechanisms. By aligning capital market development with national economic priorities, the strategy aims to mobilize long-term financing for the real sector, mitigate systemic banking risks, integrate financial technology, and establish Ghana as a leading regional financial services center.

The Securities & Exchange Commission has updated Rule 45 to expand the list of recognized capital market operators to include digital sub-brokers, robo-advisers, crowdfunding intermediaries, and central counterparty clearing members. These same functions have been added to the list of roles that require corporate body status for application purposes. Existing entities intending to perform registrar functions are still required to incorporate a separate body for that specific purpose.

These guidelines require regulated entities in the Nigerian capital market to integrate environmental, social, and governance (ESG) considerations into their core operations, risk management, and organizational culture. Entities must actively support priority economic sectors like green finance, promote human rights and diversity, and implement formal ESG reporting mechanisms on an annual basis. By aligning with these principles, firms are expected to enhance accountability, foster sustainable development, and facilitate the transition toward a resilient and responsible national economy.

The Securities and Exchange Commission (SEC) of Nigeria has released regulatory incubation guidelines for a specific category of Fintech entrepreneurs. These guidelines outline the requirements, restrictions, and conditions for Fintech operators to operate under regulatory incubation. The aim is to enable the deepening of the Nigerian Capital Market through regulatory support, while ensuring investor protection and market integrity. Interested applicants are advised to complete the relevant application form and pay a processing fee, and the guidelines also detail the content required in the implementation plan.

The Securities and Exchange Commission (SEC) Nigeria has established a regulatory incubation framework to allow fintech firms to offer innovative capital market services under limited, prescribed conditions for a maximum period of one year. Applicants must meet specific pre-qualification criteria, including technical innovation, a clear implementation plan, and compliance with anti-money laundering and consumer protection standards. Upon expiration of the incubation period, participants are required to either apply for formal registration or formally discontinue operations.

The Securities and Exchange Commission of Ghana issued draft guidelines to regulate credit rating agencies pursuant to the Securities Industry Act, 2016. The proposed framework establishes compliance and operational standards to foster a transparent, fair, and efficient securities market while safeguarding investor interests. Regulators are accepting public feedback and recommendations on the draft text via email until 5:00 pm on May 31, 2021.

The Securities and Exchange Commission requires all registered Capital Market Operators to complete their registration renewal by April 30, 2021. Operators submitting late renewals between May 1 and May 31 will have their updated names published on the SEC website, in national newspapers, and communicated to relevant exchanges and trade associations. Failure to renew registration by May 31, 2021 will render Capital Market Operators ineligible to operate in the capital market.

The Securities and Exchange Commission of Ghana provides a progress report on the government-backed bailout programme for clients of defunct Fund Management Companies, detailing liquidation orders, claim validations, and payout distributions. As of March 31, 2021, the regulator has validated 100,700 claims totaling GHS 8.314 billion and disbursed over GHS 1.76 billion across multiple full and partial bailout phases. Citing a GHS 5.5 billion parliamentary allocation to cover all validated claims, the SEC assured affected investors that payouts will continue through official channels and explicitly warned against using unauthorized intermediaries.

The Securities and Exchange Commission of Ghana, through its Director-General, is developing regulatory guidelines for green bonds in partnership with the International Finance Corporation to expand sustainable investment products. The framework aims to establish clear definitions, governance standards, and an enabling environment for issuers and investors to channel capital into climate and environmental projects. This initiative directly supports the Commission’s Capital Market Master Plan by diversifying market offerings and positioning Ghana to meet sustainable development goals through a structured green bond market.

The International Finance Corporation (IFC) and Ghana’s Securities and Exchange Commission (SEC) have announced a partnership to develop comprehensive guidelines and a reference framework for issuing green bonds in Ghana. This regulatory framework will enable investors to finance climate-friendly infrastructure, including renewable energy, clean transportation, and sustainable water management, while supporting the nation’s Paris Agreement commitments. The initiative is driven by IFC’s Green Bond Market Development Program and receives financial support from the Swiss, Swedish, and Luxembourg governments to catalyze private sector investment in Africa’s transition to a lower-carbon economy.

The Nigerian Securities and Exchange Commission issued this directive to clarify the regulatory status of Oando Plc following its May 2019 sanctions and the court-ordered suspension of the company's Annual General Meeting. Shareholders and Oando Plc have filed multiple lawsuits that produced conflicting Federal High Court rulings on jurisdiction, with several appeals and stay applications currently pending. The Commission mandates that all parties maintain the status quo until these litigations are conclusively resolved.

The Securities and Exchange Commission has issued a formal disclaimer confirming that several websites and blogs advertising its recruitment drive are fraudulent. The Commission explicitly states it has not advertised any vacancies and is currently not recruiting, thereby invalidating all related online claims. The public is strongly advised to disregard these fake platforms and verify official communications before responding.

The Securities and Exchange Commission (SEC) Nigeria has announced major amendments to its rules and regulations to accommodate sub-brokers using digital platforms. These amendments include new registration requirements, the definition of a 'Sub-broker Serving Multiple Brokers Through a Digital Platform', additional record-keeping requirements for transactions with clients, and new risk management rules for sub-brokers using digital platforms. These changes aim to adapt to the evolving landscape of the capital market and ensure investor protection.

SEC Nigeria, with support from FSD Africa, is seeking a consultant to develop a comprehensive ICT Transformation Strategy to modernize its regulatory infrastructure, systems, and governance. The project requires an in-depth diagnostic assessment, the creation of a clear roadmap for technological implementation, and the development of capacity-building plans to enhance regulatory efficiency and market oversight. Successful candidates must demonstrate substantial expertise in capital markets ICT, adhere to a twenty-seven-week execution timeline, and deliver strategies benchmarked against international best practices.

The SEC Nigeria has amended its rules regarding sub-brokers, establishing comprehensive registration and operational requirements for entities providing services through digital platforms. These updates mandate stricter risk management, including specific technological, security, and anti-money laundering controls for sub-brokers interacting with multiple sponsoring firms. Furthermore, the amendments expand the record-keeping obligations for all sub-brokers to include digital trade execution proofs and all client communications conducted via dedicated channels.

The Securities and Exchange Commission issued this memorandum circular to establish rules enabling shareholders holding at least ten percent of a publicly-listed company's stock to call special stockholders' meetings. The document mandates that qualifying shareholders must hold their shares for one year, submit a written request forty-five days in advance, and ensure the agenda addresses legitimate corporate interests distinct from director removal. The Board of Directors is required to validate the request within twenty days or face liability, while the Commission retains authority to impose sanctions for violations or abuse of these rights.

The Securities and Exchange Commission approved amendments to Securities Regulation Code Rules 9 and 10 to refine exemptions for specific securities and transactions. Rule 9 updates exempt securities by clarifying conditions for government-guaranteed instruments, bank-issued evidence of indebtedness, and multilateral financial entity offerings while allowing the Commission to mandate periodic disclosures. Rule 10 expands the list of qualified buyers eligible for exempt transactions to include various institutional investors, funds, and foreign entities meeting specific financial sophistication criteria.

The Securities and Exchange Commission extended the deadline for publicly-listed companies to submit their 2020 Annual Reports from April 15, 2021, to May 17, 2021, citing challenges caused by the reimposition of Enhanced Community Quarantine. This administrative order applies to all publicly-listed companies, issuers of registered securities, and public companies. The new deadline remains subject to automatic adjustment if the Bureau of Internal Revenue moves its own filing deadline to a date later than May 17, 2021.

The Securities and Exchange Commission has mandated that only foreign securities listed on Nigerian exchanges may be offered to the investing public. Capital Market Operators collaborating with unregistered online trading platforms are formally directed to desist from facilitating direct access to foreign-listed securities. Investors are further instructed to verify advertised products through official SEC channels before executing trades via conventional or digital mediums.

The Securities and Exchange Commission issued this circular to mandate Anti-Money Laundering and Combating the Financing of Terrorism compliance for all registered financing and lending companies. It requires these institutions to register with the Anti-Money Laundering Council, submit a risk-based Money Laundering and Terrorist Financing Prevention Program, and adhere to specific supervision standards within two months. Failure to comply with these amended guidelines subjects the entities to penalties and sanctions enforced by the Commission's Anti-Money Laundering Division.

The Securities and Exchange Commission has issued the Warehousing and Collateral Management Rules to establish a regulatory framework for commodity warehouses, collateral managers, and electronic warehouse receipts. These regulations define the rights, obligations, and operational standards for participants in commodities exchanges. Capital Market Operators and the general public are directed to comply with these provisions, which are publicly accessible on the Commission’s official website.

The Securities and Exchange Commission (SEC) is seeking an injunction and stay of execution regarding a court judgment delivered on February 23, 2021, citing a lack of service of court processes and ongoing appeals in related matters. The SEC contends that the original lawsuit filed by Engineer Patrick Ajudua was pursued in bad faith and challenges the court's jurisdiction over regulatory directives concerning Oando Plc. The commission argues that granting the stay of execution is necessary to preserve the status quo and prevent irreparable damage to the integrity of the Nigerian capital market.

The Securities and Exchange Commission (SEC) has approved and publicly announced the voluntary cessation of fund management operations by licensed entity Parkstone Capital Limited. Consequently, Parkstone Capital Ltd is no longer authorized to conduct any capital market or fund management activities within the securities industry. The regulator reaffirmed its commitment to strict enforcement of capital market rules to safeguard investor interests and market integrity, issuing this notice pursuant to the Securities Industry Act 2016.

This document introduces a new regulatory framework for warehousing and collateral management, mandating the registration of Collateral Management Companies (CMCs) and specifying strict requirements for warehouse certification, electronic warehouse receipt issuance, and record maintenance. It reinstates Rule 19, which mandates that all Capital Market Operators file for annual registration renewal by January 31st, accompanied by specific compliance evidence including fidelity bond proof and current minimum capital requirements. Additionally, the document updates the quarterly return forms (SEC Form QR6) for Unit Trust Schemes to enhance reporting on asset allocation, management fees, and investor holdings.

The Securities and Exchange Commission (SEC) of Nigeria has introduced a new rule and amendments to its rules and regulations, focusing on warehousing and collateral management. This includes defining key terms such as "Assayer," "Collateral Management Company," and "Electronic Warehouse Receipt." The new regulations outline the registration process and requirements for collateral management companies, emphasizing minimum capital, fidelity insurance, and record maintenance. These changes aim to standardize electronic warehouse receipts and improve commodities trading in Nigeria.

The Securities and Exchange Commission (SEC) has reintroduced a mandatory yearly registration renewal for all Capital Market Operators (CMOs). CMOs must complete the electronic renewal process via eportal.sec.gov.ng by April 30, 2021. This initiative establishes a reliable data bank, strengthens regulatory supervision, and mitigates unethical practices to protect investor confidence.

The Securities and Exchange Commission of Ghana has extended its moratorium on issuing new fund management licences for an additional six months. This extension, effective March 11, 2021, builds upon the previous suspension announced in October 2019 and is issued under sections 3(i)(m) and 208 of the Securities Industry Act 2016. The regulator maintains this pause to ensure rigorous enforcement of capital market rules and protect investor interests, directing stakeholders to its official website or toll-free lines for further details.

The Securities and Exchange Commission mandates that all registered corporations submit their 2021 Annual Financial Statements, General Information Sheets, and other covered reports exclusively through the Online Submission Tool. The circular establishes a mandatory enrollment process for the OST, defines specific digital format requirements for document submissions, and outlines a coding-based filing schedule for stock corporations based on their SEC registration numbers. It also provides temporary alternative submission channels, such as OST kiosks and over-the-counter filing, to assist filers encountering technical difficulties during the initial implementation period.

The Nigerian Securities and Exchange Commission has issued a Framework requiring public companies to establish robust internal controls over financial reporting under Sections 60–63 of the Investments and Securities Act 2007. The guidelines mandate chief executive and financial officers to personally certify financial statements, direct boards to annually assess control effectiveness, and require external auditors to issue independent attestation reports. Effective immediately with compliance reporting starting for the December 2021 financial year-end, the Framework standardizes evaluation procedures to ensure consistent corporate governance and audit outcomes.

The Securities and Exchange Commission clarifies that it was never served with court processes regarding a purported FCT High Court judgment obtained by an OandoPlc shareholder. The regulator will therefore take all necessary steps to verify the alleged ruling and formally set it aside. This official statement directly addresses recent media reports concerning the shareholder's legal action against the Commission.

The Securities and Exchange Commission of Ghana warns that Wiseling Online Investment Company is an unlicensed and unregulated entity prohibited from conducting capital market activities in the country. Investors are directed to avoid all financial products offered by the firm and exercise extreme caution regarding unregulated investment schemes. Market participants must independently verify the licensing status of any capital market operator by contacting the SEC via its official hotline numbers prior to committing funds.

This document outlines the mandatory requirements for public companies to establish, maintain, and report on internal controls over financial reporting as stipulated by the Investments and Securities Act 2007. It mandates that CEOs and CFOs certify annual reports, while the board of directors remains responsible for ensuring the integrity of financial controls. Companies must perform a risk-based evaluation of their internal control systems, identify material weaknesses, and include an attestation report from their external auditors in their annual filings.

WHO issued this notice. It announces the 2021 First Capital Market Committee (CMC) Webinar Meeting on April 15, 2021, and a press webinar on April 16, 2021. Attendance is by invitation only, with participants expected to be seated by 9:45 am.

The Securities and Exchange Commission issued this circular to clarify the submission timeline for the Sworn Certification of compliance with unfair debt collection prohibitions for newly registered financing and lending companies. Entities incorporated between September 2019 and February 2021 must file within thirty days of this circular's effectivity, while those incorporated thereafter must submit within thirty days of receiving their Certificate of Authority to Operate. Failure to comply subjects these companies to penalties prescribed under Section 5 of the original Memorandum Circular No. 18, Series of 2019.

The Nigerian Securities and Exchange Commission establishes that all virtual crypto assets are classified as securities unless proven otherwise by the issuer, mandating registration for assets deemed to be securities. All participants in blockchain and digital asset services, including issuers and service providers, are required to register with the Commission and comply with regulatory guidelines. The Commission further categorizes specific digital assets—including crypto assets, utility tokens, and security tokens—and outlines their respective regulatory requirements for trading, issuance, and investment management.

The Securities and Exchange Commission of the Philippines issued these guidelines to prevent the misuse of corporations for illicit activities by mandating transparency of beneficial ownership. The rules prohibit the issuance of bearer shares, require the recording of share transfers within thirty days, and compel nominee directors, trustees, and shareholders to disclose their principals to the Commission. Additionally, corporations must maintain accurate and timely beneficial ownership records, with violations subject to administrative sanctions and criminal liability.

The Securities and Exchange Commission (SEC) has announced a temporary closure of its offices from January 27 to 29, 2021, to conduct a facility disinfection exercise. During this three-day period, all in-person services will be suspended while the premises undergo sanitization. Stakeholders requiring assistance or information are instructed to direct their inquiries to info@sec.gov.gh or the commission's official social media handles.

The Securities and Exchange Commission (SEC) has released new rules and amendments regarding the regulation of fund management products, nominee companies, collective investment schemes, and crowdfunding. These updates include guidelines for fund/portfolio managers, nominee company operations, and registration requirements. The SEC aims to protect investors and ensure market integrity by setting clear standards and obligations for these financial entities, as well as providing payment details to make the process more seamless.

The Securities and Exchange Commission has issued new rules and amendments establishing a comprehensive regulatory framework for fund management products, nominee companies, and collective investment schemes. The regulations mandate prior Commission approval for fund operations, require nominee companies to be owned by financial institutions with a minimum N30 billion net worth, and introduce structured shelf registration processes for collective investment schemes. Furthermore, the framework specifies annual supervisory and regulatory fee calculations based on asset values, alongside detailed administrative charges for document amendments and strict compliance reporting obligations.

The Securities and Exchange Commission (SEC) has issued a public warning declaring that CHY Century Heng Yue Group Limited and Sairui E-Commerce Ghana Limited are unlicensed entities prohibited from conducting capital market activities or investment trading. The regulator advises the public to avoid investing with these unregulated firms and to verify the licensing status of any capital market operator through official SEC contact channels. This directive, issued pursuant to the Securities Industry Act 2016, reinforces mandatory investor protection measures and market surveillance protocols to prevent unauthorized trading schemes.

The Securities and Exchange Commission issued this circular to grant regulatory relief to financing and lending companies affected by the COVID-19 pandemic pursuant to Republic Act No. 11494. The measures allow eligible entities to avail of relaxations regarding maintaining net worth, required investments, and the commencement of operations, subject to case-by-case evaluation. Companies must submit a board resolution and a letter-notification detailing their debt relief measures to borrowers to secure these benefits for a period of one year.

The Securities and Exchange Commission issued Memorandum Circular No. 36, Series of 2020, to simplify corporate governance reporting for public companies and registered issuers during the COVID-19 pandemic. This directive requires affected entities to submit a signed and notarized Compliance Officer’s Certification (CG Form-2020) in lieu of the Annual Corporate Governance Report, certifying substantial adoption of the Code of Corporate Governance. The form must be filed by January 29, 2021, covering the 2020 fiscal year, while publicly listed companies remain exempt and must continue submitting Integrated Annual Corporate Governance Reports.

The Securities and Exchange Commission (SEC) mandates all capital market operators to adopt and implement minimum standardized Know Your Client (KYC) forms for client onboarding and record management. Operators must integrate these forms into their institutional KYC policies by June 2021, apply them to all new clients starting January 2021, and update existing client records by December 2021. The directive requires policies to address customer acceptancy, identification procedures, transaction monitoring, and risk management, with non-compliance subject to enforcement actions under the Securities Industry Act 2016.

The Parliament of Ghana enacted the Securities Industry (Amendment) Act, 2021 to empower the Securities Commission with expanded investigative and penalty authorities under its principal 2016 legislation. The amendment clarifies the Commission’s mandate to conduct investigations while assisting domestic or foreign regulators and establishes a formal court procedure for processing assistance requests from overseas securities authorities. It further grants the Commission discretionary power to impose administrative penalties ranging from fifty to twenty thousand penalty units for regulatory breaches and introduces a voluntary compensation settlement mechanism subject to Attorney-General approval.

The Securities and Exchange Commission granted financing companies, lending companies, and accredited microfinance NGOs relief to stagger the booking of credit loss provisions for five years to mitigate the impact of the COVID-19 pandemic. Entities opting for this relief must prepare audited financial statements using a modified industry-specific framework and include specific disclosures detailing the quantitative and qualitative impacts on their financial position. External auditors are required to reflect this modified basis of accounting in their audit opinions and include an Emphasis of Matter paragraph to highlight the deviation from standard Philippine Financial Reporting Standards.

The Securities and Exchange Commission of Ghana announces adjusted operating hours for the Christmas and New Year holiday period. The regulator will remain fully closed on December 25, December 28, 2020, and January 1, 2021. On December 31, 2020, the SEC will operate on a reduced schedule, closing at 12:00 noon.

The Securities and Exchange Commission secured interim orders from the Investments and Securities Tribunal to restrain Chaka Technologies Limited and its promoters from advertising or offering shares, stock, and other securities. The tribunal determined that the fintech platform conducts investment activities outside its regulatory purview without the requisite registration mandated by the Investment and Securities Act 2007. This enforcement action aims to protect investors from unscrupulous actors while ensuring emerging market innovations comply with existing legal frameworks.

The Nigerian Securities and Exchange Commission has identified Famzhi Interbiz Limited as conducting unregistered fund management operations in violation of the Investments and Securities Act 2007. The company unlawfully solicited public funds for unapproved products while promising guaranteed returns, prompting its referral to law enforcement for criminal investigation and prosecution. Investors are advised to verify the firm’s registration status through the Commission’s official portal before subscribing, as all dealings with unregistered entities remain at their own risk.

The Federal Ministry of Health, the Nigeria Centre for Disease Control, and the Commission warn of a potential second COVID-19 wave and mandate capital market stakeholders to maintain safety protocols, ensure operational continuity, and protect investors. The regulatory framework requires issuers, trading platforms, and operators to monitor systemic risks while receiving targeted guidance and operational flexibility during the interim period. Furthermore, all application filings must now be submitted electronically through designated email addresses until further notice.

The Securities and Exchange Commission issued Memorandum Circular No. 34 series of 2020 to grant the real estate industry a three-year deferral until December 31, 2023, for the implementation of specific accounting pronouncements. This relief extends previous deferrals regarding PIC Q&A No. 2018-12 and the IFRIC Agenda Decision on Over Time Transfer of Constructed Goods under PAS 23, addressing unresolved issues on significant financing components, land exclusion in percentage of completion calculations, and borrowing costs. Companies availing of this relief must disclose the modified basis of preparation in their financial statements and ensure auditors include an Emphasis of Matter paragraph highlighting the deviation from standard Philippine Financial Reporting Standards.

The Government of Ghana, overseen by the Securities and Exchange Commission, has implemented a partial cash bailout of Gh₵50,000 for investors of defunct fund management companies awaiting court liquidation orders. Eligible clients must complete an online claim acceptance, upload identification documents for KYC verification, and visit a designated GCB Bank branch to collect the funds. This interim relief operates alongside ongoing judicial processes, with investors holding claims above the partial threshold or in firms with secured liquidation orders eligible for a subsequent full bailout structured around tiered share allocations.

The Securities and Exchange Commission issued these amendments to update the Implementing Rules and Regulations of the Investment Company Act, aligning them with global standards to protect investors and facilitate international competition. The rules introduce new definitions for collective investment schemes, establish an Independent Oversight Entity to monitor fund managers, and mandate independent net asset value calculations to enhance transparency. Additionally, the amendments revise capital requirements, prohibit constant net asset value money market funds, and clarify procedures for license withdrawal, redemption suspensions, and asset liquidation.

The Securities and Exchange Commission mandates registered brokers/dealers

The Securities and Exchange Commission (SEC) of Ghana has initiated the partial cash bailout process, offering up to GHS 50,000 to clients of revoked Fund Management Companies. Affected investors must follow a streamlined three-step procedure involving claim acceptance via SMS, document submission for Know Your Customer verification, and in-person bank account activation at GCB Bank to receive the funds. While this payout covers the majority of individual and pensioner claims, validated amounts exceeding GHS 50,000 will be settled only after the conclusion of ongoing court liquidation proceedings.

The Securities and Exchange Commission issued this circular to allow Bangko Sentral ng Pilipinas-supervised financial institutions to prepare audited financial statements using Philippine Financial Reporting Standards modified by specific COVID-19 regulatory reliefs. BSFIs must disclose the specific reliefs availed of and provide qualitative and quantitative impact disclosures in the notes to financial statements to ensure transparency. External auditors are required to reflect this modified compliance framework in their audit opinions and include an Emphasis of Matter paragraph regarding the basis of accounting used.

The Securities and Exchange Commission of Ghana, acting on government authorization, has approved a partial bailout providing up to GHS 50,000 to customers of 27 revoked fund management companies while liquidation proceedings continue. This intervention covers 92,460 validated claims, primarily from individual investors and pensioners, with payouts processed through the Amalgamated Fund Ghana Limited managed by GCB Capital and claims validated by PwC. Eligible clients must accept an online assignment agreement, complete digital onboarding with GCB Capital, and submit redemption forms to receive funds directly into their GCB Bank accounts within specified business day timeframes.

The Securities and Exchange Commission of Ghana issued these guidelines to regulate all licensed nominees operating securities accounts on behalf of clients. The document mandates strict licensing criteria, including minimum capital and local director residency, while requiring nominees to implement robust know-your-client procedures, segregate client assets, and protect beneficial owners from insolvency risks. Furthermore, it establishes comprehensive operational standards for record-keeping, voting rights, data privacy, quarterly reporting, and outlines enforcement measures and penalties for non-compliance.

The Ghana Securities and Exchange Commission has issued draft guidelines for note trustees to establish regulatory standards for the role. Market participants must submit feedback, including suggestions, questions, and recommendations, by November 26, 2020. All responses must be directed to issuers@sec.gov.gh to facilitate the finalization of the framework.

The Nigerian Securities and Exchange Commission issued a pre-notice affecting 157 Capital Market Operators whose registrations face cancellation or withdrawal due to unfiled statutory returns, eroded capital, or policy changes. Affected operators must submit written presentations justifying the retention of their licenses by 30 November 2020. Required submissions include hard copies delivered to the Commission’s head office and soft copies emailed to designated regulatory addresses.

The Securities and Exchange Commission of the Philippines issued this memorandum circular to implement regulatory relief mandated by Republic Act No. 11494 for business entities during the community quarantine. The directive suspends the imposition of fines and monetary penalties for non-filing, late filing, and failure to comply with compulsory notification and reportorial requirements, specifically covering violations incurred between September 14, 2020, and December 19, 2020. This exemption applies to General Information Sheets, Audited Financial Statements, and other reportorial requirements for both local and foreign corporations, excluding specific matters regarding securities deposits and changes of resident agent.

The Securities and Exchange Commission granted a thirty-day grace period to public companies, capital market operators, and other regulated entities for submitting quarterly financial statements. This extension addresses operational disruptions that prevented these entities from convening meetings to consider reports originally due by October 30, 2020. The revised submission deadline is now set for November 30, 2020.

The Securities and Exchange Commission of Ghana has launched the “Time with the Commission” engagement series to strengthen market oversight and introduce new regulatory guidelines for securities market operators. The initiative mandates updated licensing procedures, a corporate governance code, and a minimum capital requirement that existing operators must meet by December 31, 2021, while new entrants must comply immediately. Subsequent sessions will target the investing public to detail further investor protection measures and provide updates on market developments.

The Securities and Exchange Commission of Ghana issued this warning to alert investors that PBAY Limited is an unregistered and unauthorized entity purporting to facilitate payments for locked-up funds from revoked market operators. The Commission mandates that all affected investors submit claims exclusively to officially designated persons through statutory notices, explicitly warning against paying facilitation fees or contracting third-party advisors to expedite legitimate claims. Government bailout disbursements will proceed strictly through transparent court-validated liquidation orders across two phases, with official updates available via the dedicated bailout call center and government website.

The Securities and Exchange Commission of the Philippines mandates that all registered foreign corporations disclose their beneficial owners in their General Information Sheet. Resident agents and country heads must exercise due diligence to obtain and update this information, submitting changes via a Notification Update Form within thirty days of occurrence. Failure to comply results in penalties for both the corporation and its responsible officers under existing anti-money laundering and corporation code regulations.

The Securities and Exchange Commission of Ghana directs all fund managers to submit monthly interconnectedness reports detailing their client base to support financial stability monitoring and potential investor protection fund creation. The initial report must be submitted in Excel format by 6 November 2020, with subsequent filings due by the 15th of each following month. This directive is issued under the Securities Industry Act 2016 to fulfill the Financial Stability Advisory Council’s mandate for sector-wide risk assessment.

The Securities and Exchange Commission issued these guidelines to clarify and enforce the submission and monitoring of Money Laundering and Terrorist Financing Prevention Programs by all covered institutions. The circular mandates that newly registered entities submit their MTPPs within ten days of receiving their license via a sworn certification, while existing institutions must submit revised programs within two months of the circular's effective date. Additionally, financing and lending companies meeting specific capital or foreign equity thresholds are required to submit their MTPPs within sixty days, with non-compliance subject to prescribed penalties.

The Securities and Exchange Commission mandates that all corporations, partnerships, associations, and individuals under its jurisdiction submit valid official and alternate e-mail addresses and cellphone numbers for regulatory transactions. These contact details must be designated to authorized persons and included in General Information Sheets or Notification Update Forms to facilitate electronic filing and serve as valid notice for administrative due process. Failure to comply with these requirements by the specified deadlines subjects the entity to a ten thousand peso administrative penalty.

The Commission discontinues its prior approval process for Collective Investment Schemes, requiring audited annual accounts to be published within three months of the reporting period. Fund managers, trustees, and auditors remain liable for any misstatements or misrepresentations discovered in these accounts. Non-compliance will attract appropriate sanctions, including mandatory account restatement in the succeeding financial year.

The Nigerian Securities and Exchange Commission has implemented new registration requirements for capital market operators under the Investments and Securities Act 2007. Managing Directors or Chief Executive Officers must now submit detailed company contribution briefs when presenting sponsored individuals for interview, while transferring candidates face mandatory fresh interviews instead of automatic exemptions. Effective January 2021, pre-registration examinations administered by the Nigerian Capital Market Institute will incorporate essay questions to rigorously assess candidate knowledge and skill.

The Securities and Exchange Commission of Nigeria and FSD Africa are seeking a Technical Resident Advisor to guide the development and implementation of a two-year ICT transformation strategy. Qualified individuals must demonstrate at least 10 years of ICT experience in capital markets, proven expertise in similar assignments, and availability for on-site placement in Nigeria. Interested candidates must submit their CV, understanding of the assignment, risk assessment, and expected monthly rate to bids@fsdafrica.org by 12 noon (EAT) on 4 November 2020.

The Securities and Exchange Commission issued these guidelines to operationalize the conversion between Ordinary Stock Corporations and One Person Corporations under the Revised Corporation Code of the Philippines. The document details the specific documentary requirements, procedural steps, and fee structures for both voluntary conversion from an Ordinary Stock Corporation to a One Person Corporation and mandatory conversion when a One Person Corporation acquires additional shareholders. It further establishes that converted entities retain their original registration numbers, assume all outstanding liabilities, and must adhere to strict filing timelines and legal provisions governing corporate governance.

The Securities and Exchange Commission of Nigeria, alongside capital market stakeholders, will commemorate World Investor Week from 26 to 31 October 2020 to promote investor education and financial literacy. The Commission will host radio and television interviews, social media campaigns, a financial literacy bell-ringing ceremony across all exchanges, and a webinar on mobilising savings. These initiatives support the ongoing integration of capital market studies into Nigerian educational institutions, strengthening investor protection and financial wellbeing amid the COVID-19 pandemic.

The Securities and Exchange Commission of Ghana has issued new minimum capital requirements for all market operators under Section 209 of the Securities Industry Act 2016. Existing operators must achieve full compliance by 31 December 2021, while new entrants are required to meet the thresholds immediately upon licensing. These capital thresholds, developed through extensive industry consultation, accompany additional regulatory frameworks including conduct of business and corporate governance guidelines to strengthen market integrity and efficiency.

The Securities and Exchange Commission of Ghana issued the 2020 Licensing Guidelines to establish comprehensive licensing requirements for market operators, investment advisers, and representatives. The framework mandates strict adherence to the fit and proper principle, specifies minimum paid-up and liquid capital thresholds, and outlines detailed application procedures for corporate entities and individual licensees. Licensees must maintain robust internal control and risk management systems, submit timely statutory notifications regarding personnel and capital changes, and comply with prescribed fee structures and penalty provisions.

Public companies must adopt SEC Form 01 as a mandatory checklist to assess and report their compliance with the SEC Corporate Governance Guideline, complementing existing FRC/CG/001 requirements. Each line item and indicator requires completion using an 'X' with mandatory substantiating commentary for every response. The form requires detailed general information, specific board and governance declarations, and additional financial disclosures, all certified by key company officers and the board leadership.

The Securities and Exchange Commission of Ghana issued these 2020 guidelines to establish comprehensive conduct standards for licensed market operators and collective investment schemes. The framework mandates robust corporate governance, requiring boards to maintain independent oversight, implement systematic risk management and internal controls, and ensure all directors meet verified qualification and integrity thresholds. Furthermore, it enforces stringent client protection measures by codifying fiduciary duties, securing client money and assets, standardizing order execution and complaint handling, and strictly managing conflicts of interest across all intermediary activities.

The Securities and Exchange Commission (SEC) has issued a Corporate Governance Code and three operational guidelines to implement its statutory mandate under the Securities Industry Act 2016. The new framework establishes licensing requirements for market operators, outlines procedures for regulatory sandbox participation, and codifies conduct of business standards. These measures collectively aim to safeguard investor interests, preserve market integrity, and promote the orderly development of an efficient securities market.

The Securities and Exchange Commission of Ghana issued this 2020 framework to establish comprehensive corporate governance standards for all companies listed on the Ghana Stock Exchange. The Code mandates balanced board composition with a majority of independent non-executive directors, clearly defines committee duties, and requires robust risk management, internal controls, and transparent related-party transaction procedures. It further enforces rigorous director appointment and evaluation processes, mandatory annual reporting, and active shareholder engagement to ensure long-term accountability and investor protection.

This mandatory reporting template requires public companies in Nigeria to assess and disclose their compliance with the Securities and Exchange Commission (SEC) Corporate Governance Guidelines alongside their annual reports. Companies must complete every line item, indicating compliance levels as Yes, No, or Partial, and provide a substantiating comment for every entry. The final submission necessitates formal certification from key executives and board leadership, with any material misrepresentations considered fraudulent.

The Securities and Exchange Commission issued guidelines requiring all covered persons to implement a risk-based approach to Anti-Money Laundering and Combating the Financing of Terrorism. These entities must conduct comprehensive institutional risk assessments and develop internal risk management frameworks to identify and mitigate money laundering and terrorist financing vulnerabilities. The Commission also adopted an AML/CFT Risk Rating System to evaluate compliance effectiveness and determine the appropriate level of supervisory attention and enforcement actions.

The Securities and Exchange Commission (SEC) has announced several amendments to its rules and regulations. These amendments cover legal practitioners, removal from listing, additional requirements for Sukuk Programmes, and Schedule I (Registration Fees, Minimum Capital Requirements, Securities and others). Additionally, these include a new "Part E" for annual regulatory charges for Securities Exchanges and FMIs. These changes aim to improve regulatory compliance and oversight within the Nigerian financial market.

The Nigerian Securities and Exchange Commission (SEC) presumes virtual crypto assets to be securities, requiring issuers and sponsors to prove otherwise through initial assessment filings or direct registration. The framework encompasses digital asset token offerings, initial coin offerings, and blockchain-based instruments, mandating that existing providers comply within three months of implementation. All digital asset service providers must register with the Commission, while foreign issuers secure recognition through reciprocal agreements or International Organization of Securities Commissions membership.

The Securities and Exchange Commission has amended regulations concerning legal practitioners' advisory compliance, procedures for delisting securities, and financial disclosure requirements for Sukuk programmes. A new regulatory framework mandates that registered securities exchanges, depositories, and clearing houses pay an annual fee to the Commission equal to 2.5% of their aggregate annual fees. These changes, effective September 10, 2020, also authorize the Commission to determine applicable annual fees for other financial market infrastructures.

The Securities and Exchange Commission promulgates guidelines establishing the procedure for filing, investigating, and resolving complaints regarding violations of the statutory right to inspect and reproduce corporate records. The document details the specific requirements for verified complaints, the grounds for dismissal, the summons and answer process, and the issuance of final orders and administrative sanctions. It further mandates confidentiality obligations for inspecting parties and excludes such disputes from alternative dispute resolution mechanisms while outlining the Commission's role in criminal prosecution.

The Securities and Exchange Commission (SEC) issued this update to clarify the government bailout framework for investors affected by the November 2019 license revocations of 53 fund management companies. The Commission emphasizes that bailout disbursements are strictly contingent upon completing claim validation and securing court-ordered liquidations, as Ghanaian securities law does not permit the SEC to appoint receivers and requires reliance on an Official Liquidator for asset distribution. Furthermore, the SEC refutes misleading allegations by Blackshield Capital Management Limited regarding regulatory directives and data access, while reaffirming that the phased bailout will comprehensively cover all validated investor claims.

The Securities and Exchange Commission (SEC) of Ghana issued an update on its enforcement action revoking fifty-three Fund Management Company licenses due to unreturned client funds and regulatory breaches. The regulator has validated claims totaling GHS 10.83 billion across forty firms and obtained court liquidation orders for twenty-two companies, appointing the Registrar General as official liquidator. The government will execute a phased bailout package for affected investors starting in September, while four firms continue to challenge the license revocations through ongoing judicial proceedings.

The Securities and Exchange Commission extends the deadline for foreign corporations to post additional and substitute securities deposits until October 29, 2020, aligning with the extended submission period for audited financial statements. The Commission further adjusts compliance timelines for the Revised Corporation Code's minimum deposit requirements, setting August 1, 2021, as the commencement date for pre-2019 corporations while mandating immediate adherence for those licensed on or after February 23, 2019. Additionally, penalty fees for applications regarding the change of resident agent are waived if payments are made on or before September 30, 2020.

The Securities and Exchange Commission of Ghana has approved the Ghana Investment and Securities Institute Ltd (GISI) to assume management of the former Ghana Stock Exchange securities training programmes. The revised GISI-CISI Qualifications, developed in partnership with the UK’s Chartered Institute of Securities & Investment, will now serve as the mandatory licensing framework for capital market operators. Student registration for the joint programme commences in August 2020, with full details published on the SEC and GISI websites for immediate industry compliance.

The Securities and Exchange Commission issued these guidelines to implement Section 11 of the Revised Corporation Code, establishing that all corporations incorporated under the new code have perpetual existence unless their articles specify otherwise. Existing corporations with prior certificates of incorporation are deemed to have perpetual terms automatically, but they must file a notice to retain specific terms within two years of the code's effectivity or face automatic conversion to perpetual status. The circular further details the voting requirements and procedures for amending articles of incorporation to extend, shorten, or change the nature of a corporation's corporate term.

The Securities and Exchange Commission promulgated rules establishing the Corporate Debt Vehicle (CDV), a closed-end investment company designed to invest in corporate debts of large and medium-sized enterprises. The regulations define eligibility criteria for qualified buyers, mandate specific disclosure requirements in simplified prospectuses, and impose investment limitations such as caps on single-issuer exposure. These measures aim to provide a new investment avenue for the mutual fund industry while ensuring investor protection and regulatory compliance amid economic challenges.

The Securities and Exchange Commission promulgated rules mandating that independent directors constitute at least one-third of the board of directors for exchanges and other organized markets in the Philippines. The regulations further require the inclusion of at least four sectoral representatives for issuers, investors, and other market participants, each possessing at least three years of relevant experience. These governance standards aim to enhance corporate governance and protect minority investors in alignment with international best practices and the Revised Corporation Code.

The Securities and Exchange Commission issued this circular to introduce simplified onboarding procedures for low-risk individual investor accounts to promote financial inclusion. It defines low-risk accounts as those with aggregate deposits or investments not exceeding 50,000 pesos and permits reduced customer due diligence requirements, including a limited set of identification documents and a 15-day window for identity verification. Regulated financial intermediaries must maintain systems to review account status, escalate to enhanced due diligence if risk increases, and ensure compliance with suitability and payment obligations.

Management has scheduled the 2020 First Capital Market Committee webinar for Thursday, 20 August 2020, with a press interface following on Friday, 21 August 2020. Attendance is strictly by invitation, requiring all participants to join the sessions by 9:45 am. The notification formally confirms these dates and attendance protocols for the inaugural committee meeting.

Rev. Daniel Ogbarmey Tetteh, Director-General of the Securities and Exchange Commission of Ghana, addressed the GIMPA Law Conference 2020 regarding the banking and financial crisis and subsequent reforms. The Commission revoked the licenses of 53 fund management companies due to severe structural, conduct, governance, and regulatory failures, affecting over 77,000 investors and GHC8.08 billion in assets. To restore market confidence and prevent future crises, the regulator is implementing new licensing guidelines, conduct codes, and investor education initiatives while accelerating digital transformation and risk-based supervision.

The Securities and Exchange Commission extends the deadline for public companies and registered issuers to submit their Manual on Corporate Governance to September 30, 2020, due to the COVID-19 pandemic. The Commission mandates that the Chairman of the Board and the Compliance Officer must sign the document, declaring any submission with incomplete or incorrect signatories as not filed. Non-compliance or late submission incurs a basic penalty of Php 10,000 and a monthly penalty of Php 1,000, while publicly listed companies remain governed by existing codes of corporate governance.

The Securities and Exchange Commission mandates that Capital Market Operators open, maintain, and operate designated Trust Accounts to securely hold client investment funds separate from proprietary accounts. Managing banks and custodians must ensure all receipts and disbursements are clearly attributed to individual clients, promptly report misuse to the regulator, and supply requested data upon request. These accounts are legally protected from the operator’s bankruptcy or liquidation proceedings, with strict non-compliance triggering specific regulatory sanctions.

The African Centre on Law and Ethics and the GIMPA Business School jointly organized the 2020 GIMPA Law Conference in partnership with the Bank of Ghana and the Securities and Exchange Commission. Originally postponed due to the COVID-19 outbreak, the event was reimagined as a virtual conference held on August 6 and 7, 2020, via Zoom. Interested participants were directed to register through the official conference website or a provided Zoom webinar link.

The Commission has issued a formal warning regarding the unregistered and unregulated operations of iBSmartify Nigeria, which promotes the iBledger blockchain and InksNation. The notice explicitly states that neither the company's promoters nor its financial products hold official regulatory approval. Consequently, members of the public are advised to engage with iBSmartify Nigeria and similar entities at their own risk.

The Securities and Exchange Commission of Ghana mandates Anti-Money Laundering Reporting Officers of capital market operators to submit semi-annual compliance returns. Recipients must download and electronically file the June 2020 Risk Management, Data Capture, and AML-CFT Onsite Supervision forms to the Audit and Risk Management Department by July 30, 2020. This submission cycle will recur every six months, with deadlines on July 31 and January 31, and non-compliance may trigger enforcement actions under the Securities Industry Act, 2016.

The Securities and Exchange Commission of Nigeria has introduced comprehensive new regulatory frameworks for derivatives trading and Central Counterparty (CCP) operations, establishing clear registration, risk management, and operational requirements. Significant amendments were made to the existing rules for Collective Investment Schemes, including enhanced definitions, stricter related-party transaction controls, and updated fee structures for registrations and authorizations. Additionally, the document updates fidelity bond obligations for corporate entities and mandates new corporate governance transparency requirements for public companies on their official websites.

The Securities and Exchange Commission requires all prospectuses issued to the Nigerian public to prominently display its official email address and telephone numbers. Effective June 18, 2020, issuers and financial advisers must incorporate this contact information into the introductory section of their offer documents. This mandate enables investors to directly verify prospectus clearance and security registration, thereby enhancing market transparency and investor protection.

The Securities and Exchange Commission clarifies that Acting Director General Ms. Mary Uduk has not resigned nor handed over her duties, as she awaits the arrival of newly cleared DG Mr. Lamido Yuguda. The Commission explicitly confirms that no send-forth party is being organized for Ms. Uduk, directly contradicting recent media reports. Capital market stakeholders and the general public are therefore advised to disregard the false publication regarding her departure.

The Securities and Exchange Commission issued this notice to update the status of appeals against the November 2019 revocation of 53 fund management company licences. The Administrative Hearings Committee restored the licence of Monarch Capital Ltd, commuted the revocations of Integrity Fund Mgt Ltd and Legacy Fund Management Ltd to six-month suspensions, and sustained the revocations for five other companies. The notice further identifies three companies whose cases are currently pending in court and provides contact details for investor queries.

The Securities and Exchange Commission reminds auditors of capital market operators of their statutory obligation to report prescribed matters within seven days of becoming aware of them. Auditors must lodge a written report with the Commission and send copies to the relevant market operator and, for broker-dealers, the Exchange. Failure to comply with this directive subjects the auditor to enforcement actions under section 209(4) of the Securities Industry Act, 2016.

The Securities and Exchange Commission of Ghana issued these guidelines to enable issuers and capital market operators to hold electronic or virtual annual general meetings without physical locations, circumventing pandemic-era gathering limits. The regulations require technology platforms to provide audio-visual capabilities, real-time voting, secure authentication, and accessibility features like sign language interpretation. Additionally, the document outlines pre-meeting notice standards, the mandatory appointment of a shareholder rights manager to monitor web-based engagement, and provisions for recording proceedings and conducting hybrid meetings.

The Securities and Exchange Commission issued this circular to update the status of fund manager appointments for 18 Collective Investment Schemes following the revocation of previous managers' licenses. The SEC confirmed that 13 schemes have successfully appointed new managers, while four remaining schemes have failed to do so by the regulatory deadline. Additionally, the SEC directed the liquidation of the EM Balanced Unit Trust and stated it will engage with the directors and trustees of the non-compliant funds to determine further actions for investor protection.

The Securities and Exchange Commission (SEC) has reopened its Abuja head office with limited hours (10 am-1 pm, Mon/Wed/Fri) and requires stakeholders to use e-channels, book appointments for physical visits, wear masks, and maintain social distancing.

The Securities and Exchange Commission issued this memorandum to establish filing procedures for Audited Financial Statements and General Information Sheets following the Community Quarantine while protecting staff from Covid-19 exposure. The directive mandates that corporations submit reports via the SEC Express Nationwide Submission system using couriers or the Philippine Postal Corporation, with specific number coding schedules determining submission dates based on SEC registration numbers. It also outlines electronic filing options prior to hard copy submission, defines asset and liability thresholds for mandatory audit requirements, and sets penalties for late filings starting August 10, 2020.

The Securities and Exchange Commission extends filing deadlines for annual reports, audited financial statements, and quarterly reports for companies with fiscal years ending between January and April 2020 due to COVID-19 disruptions. The extension grants a 60-day period for companies with fiscal years ending on January 31, February 29, or March 31, and a 45-day period for those ending on April 30, applying automatically without the need for a request. Publicly-listed companies and issuers of registered securities must file SEC Form 17-LC five days before the regular deadline and continue to disclose material information regarding the pandemic's impact immediately.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 16, series of 2020, to streamline the registration of new domestic corporations by simplifying authentication requirements. The guidelines permit Articles of Incorporation to be authenticated via a signed Certificate of Authentication by all incorporators, thereby eliminating the mandatory need for notarization or consularization for domestic filings. The circular also establishes specific authentication procedures for documents executed abroad, mandates the use of SEC Form F-100 for foreign investments, and imposes strict fines and penalties for fraud, misrepresentation, or willful certification of false information.

The Securities and Exchange Commission issued this Memorandum Circular to promote good corporate governance and protect minority investors by granting shareholders holding at least five percent of outstanding capital stock the right to include items on the agenda for regular or special stockholders’ meetings. Items added after the filing of the Definitive Information Statement must be listed under "Other Matters," thereby relieving the publicly-listed company of the requirement to amend its DIS. Officers or agents who unjustly refuse this right face liability under Section 158 of the Revised Corporation Code, with board members potentially liable if the refusal was pursuant to a board resolution, unless the shareholder acted in bad faith.

The Securities and Exchange Commission promulgates comprehensive rules governing investment companies, fund managers, and related entities regarding the use of financial derivatives. The circular establishes strict eligibility criteria for derivatives, imposes aggregate and single-counterparty exposure limits, and mandates robust risk-management processes to protect shareholders. These regulations align Philippine capital market practices with global standards to facilitate international cross-border transactions while ensuring adequate regulatory compliance.

The Securities and Exchange Commission extends the deadline for publicly-listed companies to submit their Sustainability Report until 30 June 2020 to align with the extended Annual Report filing period. Companies filing their Annual Report without the attached Sustainability Report will not be penalized for incompleteness, provided they submit the report via an Amended Annual Report by the new deadline. This extension applies automatically without request and exempts filers from penalties for incomplete Annual Reports.

The Nigerian Capital Market Community, led by the Securities and Exchange Commission, has launched a market-wide committee to coordinate pandemic response efforts. The initiative requires stakeholders to rapidly contribute toward a one billion Naira fundraising target, which will finance palliatives for the impoverished and medical equipment for designated hospitals. This coordinated financial mobilization aims to mitigate pandemic-related economic and medical hardships while reinforcing public compliance with government health directives.

The Securities and Exchange Commission (SEC) has issued a formal disclaimer addressing circulating social media messages that falsely claim the agency conducted a recruitment exercise employing 811 individuals, predominantly from Anambra State. The agency clarifies that the individual featured in the viral video is not its Acting Director General and confirms that no recruitment exercise has taken place since her assumption of office. The SEC therefore advises the public to disregard these circulated messages and video as inaccurate.

The Securities and Exchange Commission of Ghana mandates that all regulatory payments, including licensing fees, renewals, and operator levies, be transferred directly to its designated Ecobank Ghana Limited account effective April 8, 2020. Market operators must submit payment confirmations to category-specific SEC email addresses, such as funds@sec.gov.gh for asset managers or brokerdealers@sec.gov.gh for trading firms, while copying relevant internal departments. Issued under the Securities Industry Act 2016 (Act 929), this directive digitizes and streamlines financial operations to enhance market transparency and investor protection.

The Securities and Exchange Commission issued this memorandum circular to mandate shareholder approval for the sale of corporate assets amounting to at least 51% of total assets. The rule requires a two-thirds vote of outstanding capital stock for such transactions, including aggregate sales within a one-year period that breach the threshold. Compliance is determined using the latest audited or quarterly financial statements, with violations subject to sanctions under the Revised Corporation Code of the Philippines.

This form requires individual and corporate investors to provide detailed personal, professional, and financial identification data for regulatory and transaction processing purposes. It includes specific sections for next-of-kin details, business ownership structures, and capital market operator information. By signing the document, the investor grants authorization for their data to be shared among various securities entities and mandates that all investment proceeds and returns be paid into the disclosed bank account.

The Commission issued this circular to direct public companies and debt issuers to maintain continuous material disclosures regarding the COVID-19 pandemic’s impact on business operations, financial trends, and continuity plans. Entities planning annual general meetings must ensure strict compliance with the Companies and Allied Matters Act, Investments and Securities Act, and current health guidelines. Debt issuers are further required to engage trustees for ongoing disclosure management, with trustees obligated to submit regular updates directly to the Commission.

The Securities and Exchange Commission of Ghana issued Notice No. SEC/PN/003/03/2020 to enforce movement restrictions under the Imposition of Restrictions Act, 2020. Market operators in unaffected areas must maintain standard working hours, while those in restricted zones must operate with minimal staff and utilize electronic means for client communications and transactions. The notice also mandates continued adherence to prior COVID-19 guidelines and specifies email addresses for regulatory reporting by various license holders.

The Securities and Exchange Commission issued this notice to grant a dispensation on the deadline for submitting audited annual financial statements due to the COVID-19 pandemic. Issuers and Market Operators are required to submit their 2019 audited statements within three months of their financial year-end, while Collective Investment Schemes have four months. Entities unable to meet these deadlines may apply for an extension by submitting requests electronically to specified Commission email addresses.

The Securities and Exchange Commission issued these guidelines to ease the burden on branch offices of foreign corporations during the Enhanced Community Quarantine. The directive grants a thirty-day extension from the lifting of the quarantine for filing initial securities deposits, submitting additional deposits, and applying for substitution of matured securities. These measures temporarily suspend the standard deadlines imposed by SEC Memorandum Circular No. 17, Series of 2019.

The Securities and Exchange Commission has clarified Rule 602(4) to exempt light refreshments from the prohibition on distributing gifts at Annual and Extra-Ordinary General Meetings. This directive requires public companies to distinguish standard refreshments from formal gifts when distributing items to shareholders, observers, and other attendees. The clarification provides operational certainty for meeting organizers while preserving the original regulatory intent to prevent excessive gift distributions.

The Securities and Exchange Commission has issued a public warning regarding the proliferation of unlicensed market operators and fraudulent investment schemes operating under specific corporate identities. Citing Section 38(1) of the Investments and Securities Act (ISA) 2007, the regulator mandates that only registered entities may conduct capital market activities, rendering the listed operations unlawful. Investors are advised to avoid funding these identified schemes and bear full financial risk for any capital deployed into unlicensed entities.

Following the World Health Organization’s issuance of COVID-19 directives, Nigeria’s Securities and Exchange Commission requires capital market stakeholders to maintain operational continuity and adhere to safety protocols. The regulator implements interim adjustments, including mandatory electronic filing of applications, while providing enhanced guidance to issuers and trading platforms. Stakeholders must also expect sustained monitoring of systemic risks and continuous investor protection enforcement throughout the pandemic response.

The Commission requires capital market operators to pay an additional N1,000,000 processing fee for all post-approval amendments to transaction documents. Changes implemented without prior Commission clearance will incur regulatory sanctions according to established rules. Market stakeholders must ensure strict compliance with this updated directive.

The Securities and Exchange Commission (SEC) issued this circular requiring licensed market operators to enforce public health directives, provide protective equipment, and implement social distancing across all business settings. Operators must deploy disaster recovery plans, enable remote work and electronic payments, schedule annual general meetings according to public gathering limits, and file all statutory returns online via designated departmental email addresses. Investors are urged to adhere to contract-stipulated redemption requests and utilize suspended complaint hearings, toll-free numbers, or online channels for redress while statutory filings transition to a fully digital process.

The Securities and Exchange Commission issued this circular to facilitate the electronic filing of General Information Sheets, Audited Financial Statements, and other forms during the Enhanced Community Quarantine. The guidelines permit PDF submissions via email with recognized electronic signatures and waive notarization requirements, provided senders declare authenticity and commit to submitting physical copies post-emergency. This measure ensures continued regulatory compliance while adhering to the Electronic Commerce Act of 2000 during the public health crisis.

The Capital Market Committee has released its official 2020 meeting calendar to notify capital market stakeholders of the scheduled committee sessions. The document specifies the exact dates and times for each meeting, providing a clear timeline for regulatory oversight and market planning. Stakeholders must reference the tabulated schedule to coordinate their submissions, audits, and compliance activities with these fixed meeting periods.

The Securities and Exchange Commission of the Philippines issued this memorandum to ease compliance burdens on corporations during the COVID-19 outbreak and Enhanced Community Quarantine. It mandates that General Information Sheets for held elections be submitted within thirty days via mail, courier, or email, while requiring notices for postponed elections to specify new dates within sixty days. The guidelines also outline specific reporting requirements for non-holdings and allow for the extension of coverage periods based on evolving health developments.

The Securities and Exchange Commission adopted specific Philippine Financial Reporting Standards and Philippine Interpretations Committee Questions and Answers as part of its financial reporting rules. The adopted standards include PFRS 17 and various amendments to PAS 1, PAS 8, PFRS 3, and PAS 19, with effective dates ranging from January 1, 2019, to January 1, 2021. Additionally, the Commission approved thirteen PIC Q&As addressing issues such as voluntary accounting policy changes, impairment tests, and fair value measurements, which are effective upon Financial Reporting Standards Council approval.

The Securities and Exchange Commission issued immediate guidelines to mitigate COVID-19 transmission risks by suspending all in-person filings and public kiosk services at its offices. The memorandum mandates that all document requests and report submissions be processed exclusively through the SEC Express online portal, a dedicated call center, or registered mail via couriers and postal services. These remote procedures establish nationwide courier delivery options, specify mailing-based filing dates, and require an affidavit of service for ordinary mail submissions until further notice.

The Securities and Exchange Commission, alongside the Implementation Committee on the Commodities Trading Ecosystem Roadmap, announced an inaugural conference to advance Nigeria’s commodities trading ecosystem. Held March 16–17, 2020, at Abuja’s Transcorp Hilton Hotel, the event establishes a centralized platform for regulatory alignment and economic diversification. Stakeholders are required to utilize the designated SEC email addresses and official conference website for registration, policy feedback, and ongoing market updates.

The SEC requires brokers to capture and validate full client KYC information, including bank details and BVN, and prohibits trades on accounts lacking this data. CSCS and Registrars must also ensure accurate data transmission and record-keeping.

The 2020 budget and Finance Act aim to foster capital market growth through private sector engagement, infrastructure investment, and modernized tax regulations. Key recommendations emphasize the necessity of realistic budgeting, improved contract sanctity, and the removal of tax disincentives to enhance investor competitiveness. Furthermore, the document calls for complementary legislation and capacity building to effectively harness the capital market as a tool for sustainable economic development.

The Securities and Exchange Commission of Ghana invites sealed tenders for the supply and delivery of four-wheel-drive official vehicles under National Competitive Tendering procedures. Eligible suppliers may obtain tender documents from the Commission's Accra office between March 10 and March 23, 2020, upon payment of a non-refundable fee. Submissions must be delivered by 10:00 AM on March 23, 2020, and must include a tender security equal to two percent of the tender price.

The Philippine Securities and Exchange Commission extended filing deadlines for 2019 Annual Reports, Audited Financial Statements, and 2020 Quarterly Reports to companies whose financial statement preparation or audits were disrupted by COVID-19 travel restrictions and business suspensions. Eligible filers must submit a written request five days before the original deadline accompanied by sworn certifications from their president, treasurer, and external auditor confirming the pandemic's operational impact, with the new deadline set for June 30, 2020, or sixty days after travel bans are lifted, whichever occurs later. While granted extensions must maintain continuous material disclosures and submit an indicative date for their Annual Stockholders' Meeting, companies unaffected by the outbreak remain required to file within the original regulatory schedules.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 6, Series of 2020, to formally authorize and regulate the remote attendance, participation, and voting of directors, trustees, stockholders, and members in corporate meetings via teleconferencing, videoconferencing, and other electronic means. The guidelines require corporations to adopt internal procedures and amend their bylaws to facilitate virtual participation, ensuring that remote attendees count toward quorum and can cast votes through secure electronic channels. The circular further mandates strict administrative protocols, including advance notice periods, identity verification, continuous audio-visual recording of proceedings, and proper documentation to guarantee transparency and compliance with the Revised Corporation Code.

The Securities and Exchange Commission issued Memorandum Circular No. 03, Series of 2020, to enforce rules on regular stockholder or member meetings under the Revised Corporation Code of the Philippines. The circular mandates that written notice be sent to all stockholders of record at least twenty-one days prior to the meeting, with specific provisions for postponements requiring two weeks' notice and detailed information on remote voting rights. Violations of these provisions may result in sanctions under Section 158 of the Revised Corporation Code, and the rules take effect upon publication in two newspapers of general circulation.

The Securities and Exchange Commission issued Memorandum Circular No. 04 series of 2020 to defer the implementation of the IFRS Interpretations Committee Agenda Decision regarding the over time transfer of constructed goods. This directive specifically applies to the real estate industry and addresses the accounting treatment of borrowing costs under Philippine Accounting Standard 23. The deferment allows real estate entities additional time to comply with the new interpretation before its mandatory adoption.

The Securities and Exchange Commission of Ghana has issued a request for expressions of interest to select a consulting firm to serve as its dedicated advertising and creative agency. The selected agency will develop comprehensive branding strategies, multimedia communication materials, and financial inclusion campaigns to enhance the regulator’s public visibility and promote capital market investment across targeted demographics and regions. Eligible firms must submit company profiles, creative proposals, and mandatory regulatory certificates by March 9, 2020, for a one-year contract with a renewal option, with evaluation based on relevant advertising experience, key personnel, and sector-specific expertise.

The Securities and Exchange Commission (SEC) issued this notice to update investors regarding the claims process for 53 Fund Management Companies with revoked licences. The SEC confirmed that the initial claim submission period has concluded and that acknowledgments are still being processed for pending submissions. Two future payment phases are outlined, with the first relying on government-allocated funds and the second dependent on proceeds from court-appointed liquidation of the affected companies' assets.

The Securities and Exchange Commission convenes its 4th Budget Seminar to evaluate the Nigerian capital market's alignment with the Federal Government's 2020 budget and Finance Act. The event gathers industry experts and stakeholders in Lagos to identify how capital market mechanisms can actively support fiscal implementation while generating economic returns. Participants will examine targeted policy areas to ensure the market both funds national development and captures corresponding growth opportunities.

The SEC is organizing training for Capital Market Operators and Compliance Officers.

The Securities and Exchange Commission has issued guidelines requiring broker-dealers to compute and file their net liquid capital positions monthly under SEC Rules 57 and 58. Each return must be submitted within five days of month-end to the Commission and Nigerian Stock Exchange, accurately reflecting all assets and liabilities while subjecting omissions or misstatements to verification exercises and sanctions. Broker-dealers suspended for capital shortfalls must undergo compliance verification before trading reinstatement, and timely filing failures will trigger appropriate regulatory penalties.

The Commission formally announces that the penalties and bans previously imposed on Adekunle Alli have expired following related adjudicative panel decisions involving BGL Group, Rivers State Ministry of Finance, and Afolabi Gabriel Oluwaseyi. This expiration lifts the regulatory restrictions originally established under APC/1/2015 and APC/1/2016, thereby restoring the individual's full compliance standing. Market participants are accordingly notified that Adekunle Alli is no longer subject to the specified prohibitions and may resume unrestricted operations.

The Securities and Exchange Commission of the Philippines issued this memorandum to establish the filing schedule and requirements for the 2020 Annual Financial Statements and General Information Sheets. It mandates that corporations with fiscal years ending December 31, 2019, submit their Audited Financial Statements according to a number-coding schedule based on their SEC registration numbers, while specifying exemptions for listed entities and those under Commission on Audit. The circular also dictates that General Information Sheets must be filed within 30 days of annual meetings or license anniversaries and outlines submission options including the SEC Express Nationwide Submission service.

The Securities and Exchange Commission issued this circular to enforce the appointment of new fund managers for 18 Collective Investment Schemes after revoking their previous management licenses. Six mutual funds have already secured new managers and submitted required particulars, while twelve remaining unit trusts and mutual funds missed the January 2020 compliance deadline. The regulator will now consult the trustees and directors of these unappointed schemes to determine further protective measures for investors, with dedicated contact channels established for stakeholder inquiries.

The Securities and Exchange Commission promulgated the Revised Implementing Rules and Regulations for the Real Estate Investment Trust Act of 2009 to establish a comprehensive legal framework for REITs in the Philippines. These rules define key terms, mandate the creation of a REIT Plan for public offerings, and require annual dividend distributions of at least ninety percent of distributable income to shareholders. The regulations further enforce foreign ownership limitations for land-owning REITs and set forth strict corporate governance and disclosure standards to protect investors.

The Securities and Exchange Commission of Ghana issued this circular to update the status of new fund manager appointments for 18 Collective Investment Schemes following the revocation of previous managers' licenses. Six Mutual Funds have successfully appointed new managers, including Linx Capital Limited for CDH Balanced Fund Limited, while twelve funds, including All Time Bond Fund Limited and EM Balanced Unit Trust, have failed to meet the January 2020 deadline. The SEC will engage with the trustees and directors of the non-compliant funds to determine further actions in the interest of investors under the Securities Industry Act 2016.

The Securities and Exchange Commission mandates fixed annual market operator levies ranging from GHS 2,000 to GHS 20,000 for fund managers and market operators during the 2020 financial year. The guidelines impose a 0.15 percent transaction levy on share trades and a 0.01 percent bond levy apportioned across the Ghana Fixed Income Market, Central Securities Depository, and the SEC. Market operators must remit these annual and transactional charges by the end of the first quarter or within ten working days post-transaction, with non-compliance subject to SEC enforcement powers.

The Securities and Exchange Commission (SEC) of Ghana issued these guidelines to regulate accountants reporting for public companies, mandating Institute membership, valid professional indemnity insurance, and annual SEC registration. The framework defines reporting scope, including the review of audited financial statements and prospective information, while enforcing strict independence from external auditors and compliance with international ethics codes. The SEC retains authority to suspend or cancel registrations for non-compliance, fraud, or inefficient performance, and may impose disciplinary actions or market bans on accountants who knowingly fail to report discrepancies.

The Securities and Exchange Commission of Ghana mandates that auditors of public companies and SEC licensees obtain annual registration, maintain professional indemnity insurance, and secure written SEC approval for each audit engagement. These guidelines require auditors to remain independent, comply with IFAC ethics codes, and report fraud or money laundering matters to the Commission within seven days of discovery. Non-compliant auditors face suspension, registration cancellation, or sanctions under the Securities Industry Act 2016.

This document introduces new regulatory frameworks for derivatives trading and central counterparty (CCP) operations, including comprehensive requirements for registration, risk management, and clearing processes. It establishes major amendments to collective investment schemes, such as tighter constraints on related-party transactions and clearer definitions for fund classifications. Finally, it mandates specific website disclosures for public companies regarding corporate governance and updates insurance policies for dealing members of securities exchanges.

The Securities and Exchange Commission of the Philippines issued these guidelines to establish a regulatory framework protecting non-profit organizations from money laundering and terrorist financing abuse. The document mandates risk-based supervision, requiring NPOs at risk to implement good governance systems, internal audits, and enhanced due diligence for politically exposed persons. Additionally, all registered non-stock corporations must submit a Mandatory Disclosure Form to enable sector classification and monitoring, with non-compliance serving as grounds for revocation of their Certificate of Incorporation.

The Commission has introduced comprehensive new rules regulating derivatives trading, including registration, clearing, settlement, and surveillance requirements, as well as establishing detailed operational frameworks for Central Counterparties. Significant amendments have been made to the rules governing Collective Investment Schemes, focusing on related-party transactions, conflict of interest management, and modernized disclosure standards. Furthermore, these regulations mandate specific website-based corporate governance disclosures for public companies and revise fidelity bond and insurance policies for dealing members to enhance investor protection.

The Securities and Exchange Commission (SEC) Nigeria has reviewed and approved new rules and amendments to existing regulations in accordance with the Investments & Securities Act (ISA) 2007. These changes include new rules on derivatives trading, central counter parties (CCP), and registration of fixed income securities. Major amendments address collective investment schemes, while sundry amendments cover fidelity bonds and minimum disclosure requirements for public companies on their websites. These updates aim to enhance market integrity, investor protection, and the smooth operation of trading activities within the Nigerian financial market.

The Securities and Exchange Commission extends the deadline for appointing new fund managers to 10th January 2020 for 18 collective investment schemes whose managers had their licenses revoked. This extension responds to requests from affected boards and trustees, following the successful appointment of new managers for two specific funds. Directors and trustees of the remaining affected schemes are directed to ensure compliance with this new deadline.

The Securities and Exchange Commission (SEC) has extended the deadline for investors to submit claims against 53 revoked Fund Management Companies from December 18, 2019, to January 15, 2020. Investors are required to visit designated Commercial Bank of Ghana branches with valid identification and evidence of investment to complete the necessary forms. The SEC continues to acknowledge receipt of submissions and will issue further communications regarding the validation and payment timelines.

The Securities and Exchange Commission of the Philippines issued this memorandum circular to adopt the Code of Corporate Governance for Public Companies and Registered Issuers, superseding previous governance circulars. The Code mandates a "comply or explain" approach, requiring companies to disclose their adherence to principles and recommendations regarding board competence, diversity, and fiduciary duties. Additionally, covered entities are required to submit a new Manual on Corporate Governance within six months and provide specific compliance certifications for the year 2019.

The Securities and Exchange Commission of Ghana has revoked the licenses of 53 Fund Management Companies and established a claims exercise for affected investors. The submission period for these investment claims is scheduled to run from November 18, 2019, to December 18, 2019. Investors are required to submit completed forms and evidence of claims at designated Commercial Bank of Ghana branches during specified working hours, with non-resident investors needing a notarized Power of Attorney.

The Securities and Exchange Commission issued these guidelines to establish the procedures for the revival of expired corporations under Section 11 of the Revised Corporation Code of the Philippines. The document details eligibility criteria, required board and stockholder votes, specific documentary requirements, and the step-by-step filing and publication process for petitions. It further mandates that financial intermediaries obtain agency recommendations and grants revived corporations a two-year compliance period with the Revised Corporation Code.

The Securities and Exchange Commission revoked the licences of 53 Fund Management Companies on 8 November 2019, affecting 18 Collective Investment Schemes including 13 mutual funds and 5 unit trusts. The regulator clarified that this revocation does not terminate the affected funds, and their Boards of Directors or Trustees must appoint new fund managers to ensure continued operation in the best interest of investors. Investors are advised to await notification from their respective Boards or Trustees regarding new appointments and may contact the SEC agent for clarification via email or phone.

The Securities and Exchange Commission of the Philippines adopted specific Philippine Interpretations Committee Questions and Answers as part of its financial reporting rules and regulations. This memorandum circular integrates five pronouncements addressing fair value hierarchy for government securities, service charges under PFRS 15, cryptographic assets, and revenue recognition for sugar millers. These adopted standards become effective upon their respective approval by the Financial Reporting Standards Council or as specified within the individual Q&As.

The Securities and Exchange Commission of Ghana directs investors of 53 revoked fund management companies to submit proof of investment at designated Consolidated Bank Ghana branches starting November 18, 2019. Investors must present valid identification and supporting documents such as certificates or statements to authorized SEC agents located in specific areas within these branches. The submitted claims will undergo verification, with subsequent updates communicated to investors via SMS.

The Securities and Exchange Commission issued this circular to mandate that investment companies appoint an Independent Oversight Entity to monitor fund managers and engage independent parties to calculate net asset values. It establishes strict professional qualifications for key officers making investment decisions and imposes specific timelines and reporting requirements for the liquidation of assets and winding up of investment companies. The document outlines detailed penalties for non-compliance by oversight entities, fund managers, and investment companies to ensure adequate protection for shareholders and unitholders.

The Securities and Exchange Commission, in coordination with the Bangko Sentral ng Pilipinas, Insurance Commission, and Philippine Deposit Insurance Corporation, issued guidelines establishing a centralized one-stop-shop framework for the accreditation and selection of external auditors. This memorandum circular classifies covered financial institutions into three groups and mandates that auditors meet specific experience, training, and track record qualifications to serve entities within their designated category. The framework standardizes the five-year accreditation validity, renewal procedures, and suspension protocols to streamline regulatory compliance and promote transparency in the Philippine financial sector.

The Securities and Exchange Commission of Ghana has appointed an Agent to validate investment claims for investors affected by the license revocation of 53 Fund Management Companies. Effective November 18, 2019, investors must submit evidence of their investments at designated Consolidated Bank of Ghana branches to facilitate the administration of a government payout. The notice provides specific branch mappings for each affected company and outlines the validation process for claim submission.

The Securities and Exchange Commission of Ghana revoked the licences of fund managers to protect investors and market integrity after regulatory breaches went unresolved. The Registrar-General will act as Official Liquidator to wind up the firms, realize assets, and validate investor claims for payment. Additionally, responsible officers and shareholders face a five-year ban from the capital market, while a stricter licensing and supervision regime is implemented to prevent future occurrences.

The Securities and Exchange Commission of Ghana has revoked the licences of 53 fund management companies due to severe regulatory breaches, including the failure to return client funds and mismanagement of assets. The regulator has notified the Registrar of Companies to initiate winding-up proceedings and secured the premises of affected firms for further investigation under the Securities Industry Act. Affected investors are urged to gather documentation for claim validation, with details on the process to be provided by November 11, 2019, while the government commits to providing capped relief to those impacted.

The Securities and Exchange Commission (SEC) of Nigeria has issued new rules and amendments to existing regulations under the Investments and Securities Act of 2007. These changes encompass professional conduct for asset managers, fixed and equity primary issuance fees, and sundry amendments concerning brokers, sub-brokers, issuing houses, and capital market operators. The key focus includes enhancing ethical standards, ensuring fair investment practices, and providing clear operational guidelines for market participants. The new rules also address the trading of unlisted securities, registration requirements for capital market operators, and the obligations of custodians in collective investment schemes.

The Securities and Exchange Commission (SEC) Nigeria has released new rules and amendments to existing regulations aimed at enhancing market efficiency and investor protection. Key highlights include the introduction of Direct Cash Settlement (DCS) to ensure proceeds from securities trades are paid directly into clients' accounts, and regulations for Electronic Offerings (e-Offerings) to facilitate online access to prospectuses and subscription forms. The amendments also cover annual and quarterly reporting requirements, sub-broker reinstatement, and specific rules regarding transmission of shares and handling of complaints, with penalties for non-compliance to ensure adherence and accountability within the capital market.

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.

The Securities and Exchange Commission of Ghana mandates Fund Managers to submit quarterly Funds Under Management reports using a newly prescribed format, alongside placement reports for Collective Investment Schemes. The initial Third Quarter 2019 filings are due by October 21, 2019, with late submissions subject to penalties under Regulation 35 of LI 1728. Subsequent reports will be consolidated with standard quarterly returns per Regulation 33(3), streamlining compliance for capital market operators.

The West African Securities Regulators Association (WASRA) invites capital market operators and corporate entities to attend the inaugural West Africa Capital Markets Conference in Abidjan from October 28 to 30, 2019. The event aims to facilitate discussions on infrastructure financing and regional market integration under the theme of achieving sustainable economic growth through sound regulation. WASRA also solicits financial sponsorship from interested parties to support the conference and provides contact details for attendance confirmation and partnership inquiries.

Rev. Daniel Ogbarmey Tetteh, Director-General of the Securities and Exchange Commission, addressed the second induction ceremony of the Institute of Chartered Accountants, Ghana, emphasizing the symbiotic regulatory relationship between the SEC and the ICA. He highlighted the legal mandate under the Securities Industry Act, 2016, requiring accounts to follow ICA standards and announced upcoming guidelines that will restrict securities industry audits to only SEC-registered auditors. The speech urged new Chartered Accountants to explore capital market financing, adhere to public financial management laws, and uphold integrity to combat fraud and enhance market transparency.

The Securities and Exchange Commission (SEC) announces the expiration of penalties and bans previously imposed on individuals involved in cases APC/1/2015 and APC/1/2016 concerning BGL Group and BGL Securities Ltd.

The Securities and Exchange Commission of Ghana has imposed a six-month moratorium on issuing new Fund Management Licences effective October 1, 2019. While new applications are suspended, the regulator will continue processing renewal applications for existing licensees and new market products. This pause allows the SEC to conduct a thorough review of the licensing regime, resolve industry challenges, and overhaul its activities to ensure a more efficient and resilient capital market.

The Securities and Exchange Commission of Ghana issued a public notice warning that Cardinal Asset Master Trust is an unlicensed product advertised by Blackshield Capital Management. The regulator stated that the firm failed to submit an updated application for the product and violated the Securities Industry Act by promoting it without approval. Additionally, the SEC clarified that the company's name change from Gold Coast Fund Management Limited did not require its approval and reaffirmed its ongoing efforts to resolve investor liquidity issues.

The Securities and Exchange Commission has introduced new regulatory frameworks for Direct Cash Settlement, Electronic Offerings, and the Transmission of Shares to enhance capital market transparency and efficiency. Key amendments include stricter filing requirements for annual and quarterly reports, mandatory disclosure of impending filing failures, and the prohibition of gifts at shareholder meetings. Additionally, the Commission has significantly increased registration and re-filing fees for securities offerings while establishing clear penalty structures for non-compliance with these updated standards.

The Securities and Exchange Commission of the Philippines mandates that all registered Financing and Lending Companies disclose their corporate name, SEC registration number, and Certificate of Authority in all advertisements and online lending platforms. These entities are required to register their online lending platforms as business names and submit affidavits of compliance reporting existing and prospective platforms within specified timeframes. Non-compliance with these disclosure, registration, and reporting obligations subjects the companies to specific monetary penalties, suspension of activities, or revocation of their certificates of authority.

Rev. Daniel Ogbarmey Tetteh, Director-General of the Securities and Exchange Commission, delivered a speech analyzing the historical evolution and current regulatory architecture of Ghana's four financial sectors. He highlighted the systemic risks arising from sector inter-connectivity, evidenced by the recent banking crisis, and debated the merits of adopting a unified Twin Peak regulatory model versus maintaining separate agencies. The SEC emphasized ongoing reforms including risk-based supervision, enhanced capital requirements, and increased regulatory cooperation to strengthen market integrity and support long-term economic development.

The International Organization of Securities Commissions (IOSCO) will host its third annual World Investor Week from 30 September to 6 October 2019 to advance global investor education and protection. The campaign focuses on contemporary digital challenges, including online investing, digital assets, and Initial Coin Offerings, alongside fundamental investing principles. Participating authorities across 90 jurisdictions will execute various local activities, and interested parties can access specific program details at www.worldinvestorweek.org.

The Commission has reduced the initial exemption fee for Capital Market Professionals from N100,000 to N50,000. This adjustment applies to experienced practitioners with at least fifteen years of post-qualification experience and a maximum two-year career interruption who previously qualified for exemption from the Pre-Registration workshop. Affected individuals must continue attending the mandatory Executive course to retain their exempted status under the revised fee structure.

The Securities and Exchange Commission directs shareholders of the defunct Afribank Plc to claim unclaimed dividends currently held in trust. Investors must contact Carnation Registrars to process their funds for payment. The Commission has further ordered Carnation Registrars and Meristem Trustees to address all genuine beneficiary claims without delay.

The FinTech Roadmap Committee proposes a collaborative regulatory framework to overcome significant barriers such as unclear licensing, lack of data access, and an underdeveloped funding structure within the Nigerian capital market. Key recommendations include establishing a centralized regulatory committee, implementing a sandbox environment for testing innovations, and creating a 'FinTech Office' to facilitate investor relations and regulatory compliance. By aligning with global standards for consumer protection and digitizing market processes through RegTech, the Commission aims to foster financial inclusion, attract local investment, and position Nigeria as a leading African FinTech hub.

The Securities and Exchange Commission (SEC) of Nigeria has released new rules and amendments to existing regulations concerning specialized funds/schemes, capital market holding companies, and other aspects of capital market operations. These changes aim to enhance investor protection, promote market efficiency, and ensure regulatory compliance within the Nigerian capital market. The amended rules address issues such as risk diversification in specialized funds, the structure and governance of capital market holding companies, and reporting requirements for market operators. These updates will be of particular interest to fund managers, institutional investors, and other stakeholders in the Nigerian financial industry.

The Securities and Exchange Commission of the Philippines issued this circular to prohibit Financing and Lending Companies from engaging in unfair debt collection practices, including harassment, violence, and privacy violations. The regulation mandates strict confidentiality of borrower data, requires companies to maintain customer service units for complaint resolution, and holds companies ultimately responsible for the actions of their outsourced third-party service providers. Violations are subject to escalating fines and potential suspension or revocation of operating certificates, with penalties calculated on a per-loan transaction basis.

The Securities and Exchange Commission of Ghana addressed investor anxiety regarding liquidity challenges preventing access to matured investments from certain Asset Management Companies and Fund Managers. The regulator instructed these licensed entities to implement mechanisms to honor client obligations as they fall due and established a process for dissatisfied customers to lodge written complaints. To ensure market stability and protect investor funds, the Commission is enforcing stricter capital requirements, corporate governance guidelines, and licensing standards while discouraging panic withdrawals.

The document establishes new regulatory frameworks for specialized funds, exchange-traded funds (ETFs), commodity brokers, and capital market holding companies (CMHCs) while implementing significant procedural amendments across existing commission rules. Key updates include the imposition of penalties for the diversion of issue proceeds, revised net liquid capital requirements for broker-dealers, and updated definitions for retail and high-net-worth investors. Furthermore, the commission introduces new registration requirements, such as a N500,000 fee and N1 billion minimum capital requirement for nominees, alongside mandatory compliance oversight by sponsoring firms.

Management has scheduled the Second Capital Market Committee meeting for 22 August 2019 at Eko Hotels & Suites in Lagos. Invited participants must present identity cards and take their seats by 9:45 am, while a dedicated press interface will occur the following day at the SEC Lagos Zonal Office. Access to both events remains strictly by invitation, requiring prior confirmation and adherence to the specified venue protocols.

The Securities and Exchange Commission issued Revised Guidelines mandating that branch offices of foreign corporations licensed in the Philippines deposit securities to ensure they can settle local obligations. The rules specify a P500,000 initial deposit, require additional deposits based on gross income thresholds or market value decreases, and define acceptable security types and deduction procedures. The circular also outlines procedures for substitution, partial release, and return of deposits, while establishing fines and penalties for non-compliance.

The Philippine Securities and Exchange Commission issued these guidelines to implement Section 10 of the Revised Corporation Code regarding the formation of domestic corporations. The rules mandate that incorporators must number between two and fifteen, with specific qualifications requiring stock subscribers to hold at least one share and natural persons to be of legal age. The circular further details procedural requirements for partnerships, domestic corporations, and foreign entities acting as incorporators, including necessary authorizations, signatory designations, and Taxpayer Identification Number disclosures.

The Securities and Exchange Commission continues verifying claims from 4,160 unpaid investors in the Dantata Success and Profitable Company investment scheme. Unpaid investors must attend in person at the Kano venue between July 15 and 30, 2019, presenting original payment receipts or bank tellers, valid identification, and bank account details. This mandatory verification follows the Federal High Court’s ex parte order and the appointment of joint administrators under sections 13 and 173 of the Investment and Securities Act.

The Securities and Exchange Commission issued Memorandum Circular No. 15, Series of 2019, amending the General Information Sheet to mandate the disclosure of beneficial ownership information for stock and non-stock corporations. The revised forms require filers to identify natural persons who ultimately own or control the entity through specific categories such as direct ownership, nominee arrangements, or executive control. Corporations must submit the completed GIS within thirty calendar days of their annual meeting and file amended reports within seven days of any relevant changes to maintain compliance with regulatory standards.

The Securities and Exchange Commission of Ghana issued a public notice to refute false claims made in videos by Kevin Taylor regarding its relationship with Menzgold. The regulator explicitly stated that Menzgold was never licensed by the SEC and denied any involvement in introducing Horizon Royal to the company or alleging registration irregularities. The SEC urged the public to disregard the videos and reaffirmed its commitment to regulating the securities market in accordance with the Securities Industry Act, 2016.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 14 s.2019 to establish regulatory frameworks for equity-based and lending-based crowdfunding via online platforms. The rules exempt certain securities from registration for issuers raising up to PHP 50 million annually, subject to strict investment limits for retail investors and mandatory compliance by registered intermediaries. These regulations aim to foster capital formation for MSMEs while ensuring investor protection, market integrity, and transparency through rigorous intermediary and issuer requirements.

The Securities and Exchange Commission mandates that all Capital Market Operators must maintain Managing Directors and Compliance Officers at all times under Rule 14 and amended Part C regulations. This directive addresses the recent trend of operators conducting business without these required roles, which currently violates existing SEC rules. Operators must achieve immediate compliance or face statutory penalties for non-compliance.

The Securities and Exchange Commission issued this circular to update guidelines for registering corporate and partnership names, mandating specific suffixes like Corporation, Inc., OPC, or Foundation based on entity type. The rules enforce strict distinguishability from existing names, prohibit the use of special symbols as differentiators, and restrict the use of protected terms, geographical locations, and personal names without proper consent. Additionally, the document establishes a five-year moratorium on reusing names of dissolved corporations and requires an affidavit undertaking immediate name change if prior rights are infringed.

The Securities and Exchange Commission of Ghana issued a public notice stating that Golden Empire Legacy Limited and Loom are not licensed to conduct capital market activities. The regulator warns the general public to exercise caution regarding unlicensed investment products and advises verifying the licensing status of any firm offering such services. This enforcement action underscores the Commission's commitment to maintaining an efficient, fair, and transparent securities market.

The Securities & Exchange Commission has suspended Oando Plc’s scheduled Annual General Meeting until further notice following a Federal High Court ex-parte order. This directive preserves the status quo while ongoing litigation between Jubril Adewale Tinubu and the regulator proceeds. The Commission will subsequently update the public on the court proceedings and the meeting's resumption.

The Commission commenced a Cross-Reference Checklist Review for bond and fixed income applications. This regulatory mandate requires standardized cross-referencing procedures across all qualifying submissions. The updated framework took effect on June 1, 2019, and applies to the general public.

The Chartered Institute for Securities & Investment (CISI) and the Ghana Investment and Securities Institute (GISI) have established a partnership to enhance professional standards in Ghana's capital markets through joint qualifications and ethics frameworks. Under this agreement, GISI formally adopts CISI examinations while adding local regulatory exams, allowing practitioners to achieve CISI Associate membership and access Computer Based Testing in Accra. This collaboration aims to develop competent human capital for key job designations, including Securities Traders and Fund Managers, by leveraging CISI's global expertise alongside Ghanaian best practices.

The Nigerian Securities and Exchange Commission issued this statement to defend its regulatory authority and due process regarding the forensic investigation and subsequent penalties imposed on Oando Plc. The Commission confirms that Oando Plc received fair hearings and sufficient opportunities to rebut findings, but deemed its responses unsatisfactory, prompting the directive for board member removal and the appointment of an interim management team. These actions, grounded in the Investments and Securities Act of 2007, align with the regulator’s mandate to protect investors, preserve stakeholder value, and uphold transparency in Nigeria’s capital market.

The Securities and Exchange Commission adopted the Revised Conceptual Framework to update its financial reporting rules. The revision introduces new measurement chapters, guidance on financial performance reporting, and clarified definitions for liabilities, stewardship, and prudence. These amendments apply retrospectively to annual periods beginning on or after January 1, 2020, with earlier application permitted.

The Securities and Exchange Commission has directed Cardinalstone Registrars and STL Trustees to process unclaimed dividends held in trust for shareholders of the defunct Skye Bank Plc. Affected investors must contact Cardinalstone Registrars to submit genuine claims and receive their outstanding payments. The regulators mandated that all verified beneficiary requests be addressed immediately to ensure the timely distribution of withheld funds.

The Securities and Exchange Commission has rescheduled its special training program, originally set for May 28–29, 2019, to accommodate interested sponsored individuals and other capital market practitioners. The updated schedule ensures these regulated participants can attend the mandatory capacity-building sessions without conflict. Market operators are advised to verify the revised dates and update their compliance calendars accordingly.

The Nigerian Securities and Exchange Commission has concluded its investigation into Oando Plc, identifying serious infractions including false disclosures, market abuses, and governance lapses. To rectify these violations, the regulator has ordered the resignation of affected board members, mandated an extraordinary general meeting by July 1, 2019 to appoint new directors, and imposed monetary penalties alongside refunds of improperly disbursed remuneration. Additionally, the Group Chief Executive Officer and Deputy Group Chief Executive Officer face a five-year directorship ban, while potential criminal matters are referred to prosecuting authorities and relevant regulatory bodies.

The Securities and Exchange Commission of the Philippines amended Rule 7.9 of the Implementing Rules and Regulations of the Investment Company Act to regulate investments by feeder, fund-of-funds, or co-managed funds into target funds administered by the same manager or related parties. The amendment mandates that no cross-holding of securities occur between the investing and target funds, requires the waiver of all initial charges on the target fund, and stipulates that management fees must be charged only once at either the feeder or target fund level. This circular took effect upon its publication in two newspapers of general circulation, specifically the Philippine Star and Manila Times on June 4, 2019.

The Securities and Exchange Commission has prohibited brokers, issuing houses, bookrunners, and receiving agents from sharing brokerage fees or commissions with unregistered private banking officers, asset managers, PFAs, and institutional investors as investment incentives. Only duly registered capital market operators are now eligible to receive these fees, and they must cease offering commission percentages as investment incentives. Violating operators face strict regulatory sanctions, while the public is encouraged to report suspected cases through the Commission’s whistleblowing mechanism.

The Securities and Exchange Commission and the Nigerian Stock Exchange have launched a streamlined listing process, effective June 1, 2019, to reduce regulatory burdens and improve time-to-market for issuers. Key changes include the implementation of joint site visits and the requirement that specific offer documents, such as Vending Agreements and Trust Deeds, be submitted exclusively to the SEC. This collaborative initiative aims to enhance the competitiveness of the Nigerian capital market by eliminating process duplication and simplifying the overall listing experience.

The Securities and Exchange Commission mandates special training for capital market operators, specifically targeting interested sponsored individuals and other practitioners. This directive requires all affected market participants to complete the designated program to maintain regulatory compliance and operational eligibility. The scheduled sessions will cover updated market standards, ensuring practitioners meet current competency requirements.

The Securities and Exchange Commission sealed Dantata Success and Profitable Company’s premises for unlawfully soliciting public funds with promises of high returns. The regulator approved the commencement of investor payments, which will be supervised by a Commission-appointed Administrator effective May 31, 2019. The Commission further mandates that the public verify a company’s registration status and investment products before entering into any subscription transaction.

The Securities and Exchange Commission of Ghana issued a formal statement to refute social media rumors claiming the imminent closure of certain capital market operators. The regulator advised the public to disregard all unverified communications and rely exclusively on official channels such as Twitter, Facebook, and YouTube for accurate information. The SEC clarified that the firms mentioned in the rumors are subject to unresolved regulatory issues and confirmed that any further actions will be communicated through established official notices.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 10 s.2019 to mandate compliance with rules governing material related party transactions for all publicly-listed companies. The regulation defines materiality as transactions amounting to ten percent or more of a company's total assets and requires boards to adopt policies ensuring arm's length terms, independent fairness evaluations, and strict disclosure protocols. Non-compliance triggers escalating administrative penalties, including fines and potential license revocation, while abusive transactions may result in director disqualification.

The Securities and Exchange Commission of the Philippines issued these guidelines to regulate the issuance of ASEAN Sustainability Bonds, which finance a combination of Green and Social Projects. Issuers must comply with both the ASEAN Green Bond Standards and the ASEAN Social Bond Standards, ensuring proceeds are not used for ineligible activities such as fossil fuels or harmful social industries. The document establishes definitions, scope, and reporting requirements while reserving the Commission's right to restrict the use of the ASEAN Sustainability Bond label to protect investors.

The Securities and Exchange Commission of the Philippines issued these guidelines to regulate the issuance of ASEAN Social Bonds, requiring that proceeds be exclusively allocated to eligible social projects that provide clear social benefits. Issuers must establish robust frameworks for project selection, manage proceeds through dedicated tracking mechanisms, and provide continuous annual reporting on allocation and impact to ensure transparency. The document further mandates the voluntary engagement of external reviewers to verify compliance with the ASEAN Social Bond Standards and requires public disclosure of all review reports throughout the bond's tenure.

The Securities and Exchange Commission has revoked the fund management licences of five specific companies under Section 122 of the Securities Industry Act 2016. The affected entities, including Georgetown Capital Partners Ltd and Equity Capital Ltd, are no longer authorized to conduct fund management activities. Investors are warned against engaging in transactions with these firms to avoid unnecessary risk and are directed to contact the Commission for further clarification.

The Securities and Exchange Commission issued these guidelines to regulate the registration process for One Person Corporations. The document specifies mandatory requirements including Articles of Incorporation, nominee consents, and specific filing fees based on capital stock and stockholder nationality. Applicants must follow a sequential procedure involving manual name reservation at the SEC Head Office, submission of notarized documents, and payment of fees to receive the Certificate of Registration.

The Securities and Exchange Commission issued this notice regarding Gold Coast Fund Management Limited's liquidity crisis and the numerous investor complaints currently under adjudication. The regulator has directed the firm to cease accepting new funds until all matured investments are settled or mutually agreed terms are reached. While reviewing proposals for a sustainable solution, the Commission warns that regulatory sanctions will be applied if the company is found culpable of breaching the Securities Industry Act, 2016.

The Securities and Exchange Commission will conduct a Registration Interview Meeting for capital market operators seeking to enter or expand within the Nigerian financial sector. The session requires companies pursuing fresh registration, existing firms adding functions or sponsored individuals, and additional personnel to attend. Scheduled for April 16 through 18, 2019, the interviews will be held at the SEC Zonal Office in Victoria Island, Lagos.

The Securities and Exchange Commission issued Memorandum Circular No. 6 Series of 2019 to grant a one-year deferral of PIC Q&A 2019-03 to Philippine sugar millers regarding revenue recognition for milling and output sharing arrangements. This relief addresses implementation difficulties faced by the industry, allowing them to postpone the retrospective application of the standard effective January 1, 2019. Millers opting for this deferral must disclose their accounting policies and the qualitative impact of the delay, while those choosing to comply fully with the Q&A are permitted to do so without penalty.

The Securities and Exchange Commission of Ghana published a notice to enhance market transparency by color-coding asset management firms with regulatory issues or pending complaints on its website. The document instructs investors to verify firm status, avoid panic withdrawals, and utilize a formal complaint process that requires a 30-day resolution period with the fund manager before SEC intervention. Additionally, the regulator is implementing stricter licensing standards, higher capital requirements, and enhanced enforcement measures to ensure the safety and integrity of the asset management sector.

The Securities and Exchange Commission (SEC) of Ghana issued these guidelines to regulate Real Estate Investment Trusts, Warehouse Receipts, and Commodity Exchanges under the Securities Industry Act 2016. The document establishes the statutory framework for the orderly growth and development of efficient, fair, and transparent securities markets. It mandates the SEC to protect investors and ensure market integrity while overseeing the operational standards of these specific financial instruments and exchanges.

The Securities and Exchange Commission of Ghana issued this public warning to inform investors that cryptocurrencies and their trading platforms are unregulated and unrecognized as legal tender in the country. The regulator clarified that these activities are not sanctioned by the SEC, meaning investors assume all risks and receive no protection under Ghanaian securities laws. The public is advised to report any entities offering such services to the Commission via its toll-free number or website.

The Securities and Exchange Commission of Ghana issued this notice to correct widespread social media misinformation regarding the safety of investment firms listed on its website. The regulator clarified that the classification system merely indicates the status of licensees with pending complaints or regulatory issues, rather than designating them as unsafe for investment. Investors are advised to disregard such speculation and contact the SEC directly for accurate information on specific licensee statuses.

The Securities and Exchange Commission has extended the deadline for discontinuing dividend warrant issuance to December 31, 2019. This extension allows stakeholders to resolve outstanding implementation issues while maintaining the critical e-dividend initiative. The regulator further urges all unregistered shareholders to complete their enrollment on the e-DMMS platform before the new deadline.

The Securities and Exchange Commission of Ghana issued this notice to address social media rumors regarding the collapse of licensed asset management firms and to prevent investor panic. The regulator outlined strengthened supervision, enforcement, and new governance guidelines designed to ensure firms are properly capitalized and governed. Investors are directed to the SEC website and contact lines to verify licensee compliance status and access accurate information.

The Philippine Securities and Exchange Commission issued these guidelines to implement the ACMF Pass, allowing licensed capital market professionals from ASEAN signatory countries to provide investment advice and issue research reports in the Philippines. The document defines eligibility criteria, restricts authorized activities to general advice on specific securities, and mandates that professionals be attached to a local licensed firm for supervision. It further outlines the application and renewal processes, the supervisory responsibilities of attached firms, and the enforcement mechanisms for regulatory compliance.

The Commission clarifies that the recent Visionscape Bond repayment default involves a privately placed instrument exempt from its prior review and approval. Issued by Municipality Waste Management Contractors Limited under a N50 billion Medium Term Note Programme, the bond was offered exclusively to qualified investors and lacks Green Bond certification. This public notice confirms the regulator’s commitment to investor protection and market transparency while delineating its limited jurisdiction over private placements.

The Nigerian Securities and Exchange Commission sealed the business premises and froze the bank accounts of Dantata Success & Profitable Company (DSPC) for operating as an unregistered and unauthorized fund manager in the capital market. The company collected substantial investor funds through Kano radio broadcasts under a structured investment scheme, directly contravening Sections 38(1) and 67(1) of the Investments and Securities Act. The Commission publicly warns investors to verify the registration status of DSPC and its representatives before subscribing to investment schemes, directing them to an official online registry for verified operators.

The Securities and Exchange Commission has introduced flexible timing for filing consent letters, permitting submission either at the transaction's initial stage or with executed offer documents in a single complete batch. The regulatory body also streamlined the execution of advertisement materials and specimen documents by waiving them entirely for book-building transactions without a retail tranche and limiting execution to issuing houses for other offerings. For sub-national issuers, consent letters and offer document execution are now restricted to the Governor, Commissioner for Finance, Accountant-General, and Attorney-General, eliminating the previously burdensome requirement for full State Cabinet participation.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 4 Series of 2019 to mandate sustainability reporting for publicly-listed companies. The guidelines require PLCs to submit a sustainability report alongside their Annual Report using a 'comply or explain' approach for the first three years of implementation. This framework aims to help companies assess and manage non-financial performance across economic, environmental, and social aspects while aligning with global standards and national sustainability targets.

The Securities and Exchange Commission deferred the application of Philippine Interpretations Committee guidance on Common Usage Service Area charges and real estate sales cancellations for three years to alleviate implementation burdens on the real estate industry. Real estate companies must adopt these pronouncements retrospectively by January 1, 2021, while those utilizing the deferral are required to disclose their accounting policies and the qualitative impact of the delayed adoption in their financial statement notes. This relief is incorporated into the Philippine Financial Reporting Standards, though companies retain the option to comply with the original guidance immediately.

President Muhammadu Buhari signed the Federal Competition and Consumer Protection Act into law on February 5, 2019. The legislation establishes the Federal Competition and Consumer Protection Commission alongside a dedicated tribunal while repealing sections 118 through 128 of the Investments and Securities Act, 2007. These structural and regulatory shifts directly govern all mergers, acquisitions, and business combination transactions.

Management has scheduled the first 2019 Capital Market Committee meeting for March 21 at Eko Hotels & Suites in Victoria Island, Lagos. The notice mandates that a press interface occur the following day at the SEC Lagos Zonal Office, with both events restricted to invited guests. All attendees must present identification and be seated by 9:45 am to ensure timely commencement of proceedings.

The Securities and Exchange Commission of the Philippines amended Rule 5.8.2 of the Investment Company Act Implementing Rules and Regulations to define the duties of independent accountants and auditors. The revised rule mandates adherence to specific auditing and ethical standards and requires auditors to report non-compliance by investment companies, fund managers, and distributors to the Commission without fear of confidentiality breach. These amendments took effect fifteen days after publication in February 2019 and apply to audit engagements beginning in 2018.

The Securities and Exchange Commission has approved the voluntary cessation of business for six licensed fund management operators, including HFC Capital Partners Limited and Attai Capital Limited. The regulator mandates that these companies are no longer authorized to conduct fund management activities and warns the public against engaging in transactions with them to avoid financial risk. This notice serves to inform investors and market participants of the changes while reaffirming the Commission's commitment to maintaining an efficient and transparent securities market.

The Nigeria Capital Market Institute directs participants to pay workshop and training fees by selecting "WORKSHOP/TRAINING FEES" under the service name and entering course titles under Description. This 2019 payment guide standardizes the transaction process for all registered courses and programs. The notice further supplies the institute's Abuja office address, phone number, and email for resolving fee-related inquiries.

The Securities and Exchange Commission requires all registered Capital Market Operators to submit updated Fidelity Bonds covering the January 1 to December 31, 2019 period. Submissions must be forwarded to designated SEC email addresses by January 31, 2019. Non-compliant operators will face penalties as stipulated under the Investments and Securities Act, 2007.

The regulator has announced the scheduled implementation of a mandatory Refresher Course for Capital Market Operators. This directive requires licensed personnel to complete designated training modules within the specified timeframe to maintain their operational credentials and compliance status. The updated framework outlines key submission deadlines, assessment criteria, and procedural updates for all affected market participants.

The Securities and Exchange Commission issued this memorandum circular to establish the filing schedule and requirements for the 2019 submission of Audited Financial Statements and General Information Sheets. It mandates that corporations with fiscal years ending December 31, 2018, file their Audited Financial Statements based on a number coding system tied to their SEC registration numbers, while specifying distinct deadlines for listed companies and those audited by the Commission on Audit. The document further requires all corporations to file their General Information Sheets within 30 days of their respective annual meetings and outlines acceptable submission methods including direct filing and courier services.

The Securities and Exchange Commission mandates fixed annual market operator levies ranging from GHS 2,000 to GHS 20,000 for fund managers and other market operators throughout the 2019 financial year. The guidelines establish a 0.15 percent transaction levy on share purchases and sales, alongside a 0.01 percent bond trade commission apportioned among market participants, and impose a 0.003 percent depository levy on securities face value. Market operators must settle annual levies by the end of the first quarter, while transaction and depository fees are due within ten to fifteen working days post-transaction, with non-compliance subject to regulatory sanctions under the Securities Industry Act.

The Securities and Exchange Commission in Nigeria issued this policy to regulate the automatic and voluntary collection, processing, and secure storage of personal data from website visitors and service users. It requires explicit user consent for data processing, mandates technical safeguards like SSL/TLS encryption and firewalls, and restricts third-party disclosures unless legally required or contractually bound. Upon a data breach, the Commission must notify affected individuals via email or site alerts within seven business days and honor legally enforceable redress claims submitted with at least fourteen days written notice under the Nigerian Data Protection Regulation 2019.

The Securities and Exchange Commission issued these 2019 guidelines to establish a comprehensive regulatory framework for commodity exchanges and exchange actors in Ghana. The document mandates licensing, fit-and-proper assessments, and strict reporting and audit obligations for all licensed exchanges and their representatives. It further empowers the Commission to enforce market integrity through directives, emergency trading suspensions, margin controls, and disciplinary actions against market abuse.

The Securities and Exchange Commission issued these Guidelines to regulate the licensing, establishment, and operation of Real Estate Investment Trusts (REITs) within the securities industry. They mandate that REITs must be public companies primarily investing in income-generating real estate, derive at least 75% of revenue from property-related sources, hold 75% of assets in real estate, distribute 80% of distributable profits, and list on an exchange within three years. The guidelines also detail eligibility, licensing, functions, and obligations for REIT managers, custodians, and property valuers, alongside requirements for public offers, audit, and periodic reporting to ensure investor protection.

The Minister responsible for Finance, on the recommendation of the Securities and Exchange Commission, issued these 2019 regulations to amend the principal Securities and Exchange Commission Regulations of 2003. The amendments specifically revoke regulations three through nineteen, schedules one through three, and designated subregulations across multiple articles. Enacted under section 215 of the Securities Industry Act, these changes streamline existing compliance requirements and officially entered into force on November 21, 2019.

The Securities and Exchange Commission of Ghana mandates licensing for warehouses, operators, and inspectors issuing negotiable warehouse receipts traded on commodities exchanges. The guidelines require licensed entities to maintain adequate insurance and bonds, keep goods separately or under regulated commingling rules, and fulfill strict delivery obligations while prohibiting rebates. It establishes clear liabilities for late or mis-delivery, outlines mandatory inspection protocols, and grants the Commission authority to suspend, revoke, or penalize non-compliant operators.

The Securities and Exchange Commission issued this directive to all capital market operators operating as Fund Managers, reminding them that the moratorium for Directive SEC/FM/DIRECTIVE/06/18 expires on December 31, 2018. Full enforcement of the directive regarding guaranteed returns commences on January 1, 2019, requiring strict compliance from affected market operators. The Commission warns that failure to observe these provisions will result in enforcement actions under Sections 122, 123, and 209(4) of the Securities Industry Act, 2016.

The Securities and Exchange Commission invites Chief Executive Officers and Chief Financial Officers of companies listed on Ghana's capital markets to attend its annual executive meeting. The gathering will review corporate listing obligations and facilitate strategic discussions aimed at advancing the national capital market. Scheduled for 5:00 pm on December 13, 2018, at the Alisa Hotel in North Ridge, the event will serve as a dedicated forum for regulatory engagement and industry collaboration.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 17, Series of 2018, requiring all registered domestic corporations to disclose beneficial ownership information in their General Information Sheets. This mandate implements the Anti-Money Laundering Act by defining beneficial owners as natural persons with ultimate effective control and specifying required data points such as names, addresses, and tax identification numbers. Corporations must initially comply with these disclosure requirements by January 1, 2019, and submit updates within seven days of any changes to ensure accurate records for preventing money laundering and terrorist financing.

The Securities and Exchange Commission has introduced the Interpretive Guidance Note (IGN) to clarify compliance obligations for capital market stakeholders. The guidance provides actionable frameworks for adhering to the Investment Securities Act and existing SEC Rules, addressing key regulatory requirements. Market participants must align their operational practices with the IGN to ensure consistent compliance and streamline oversight under the Commission’s purview.

The Securities and Exchange Commission of the Philippines issued the 2018 AML/CFT Guidelines to mandate that all covered institutions amend their Money Laundering and Terrorist Financing Prevention Programs to align with updated regulatory standards. Institutions are required to submit these revised programs within six months of the guidelines' effectivity, with non-compliance subject to a daily penalty of five hundred pesos. The document further defines the scope of regulated entities, provides detailed definitions of key terms such as beneficial owners and politically exposed persons, and establishes the legal basis for enforcement under Philippine anti-money laundering laws.

The Securities and Exchange Commission of Ghana is organizing a two-day Capital Market Conference and Exhibition to mark its 20th anniversary. The event, themed "Ghana Beyond Aid: The role of the capital market," aims to discuss the sector's contribution to national development. Participation is free, and further details are available at http://www.secconference.com.gh.

The Securities and Exchange Commission issued this guidance to resolve investor enquiries regarding shares acquired through multiple public offer subscriptions. The document outlines the identification process for these shares and establishes procedures for claiming accrued dividends. Published as a consolidated set of frequently asked questions, the guidance provides clear operational instructions to facilitate dividend claims for the general investing public.

The Securities and Exchange Commission issued this circular to provide relief to the real estate industry by deferring the application of PIC Q&A No. 2018-12 for three years. The deferral allows companies to include land at historical acquisition cost in percentage of completion calculations, include uninstalled materials based on work accomplishment, and ignore significant financing components. This relief applies to real estate transactions until January 1, 2021, when full adoption of the guidance becomes mandatory, with specific disclosure requirements for entities opting for the deferral.

Rev. Daniel Ogbarmey Tetteh, Director-General of the Securities and Exchange Commission, addressed the 2018 Capital Market Week by outlining regulatory reforms and the critical role of corporate governance in transforming Ghana's capital market. The Commission announced the processing of the Ghana Securities Industry Association's application for Self-Regulatory Organization status and detailed upcoming guidelines covering licensing, private funds, and anti-money laundering compliance. Additionally, the speech highlighted initiatives to strengthen enforcement, enhance investor education, and establish the Ghana Investment and Securities Institute to deepen industry capacity and support the vision of an International Financial Services Centre.

The Securities & Exchange Commission has issued a directive requiring Capital Market Operators registered between 2008 and 2014 to collect their original Certificates of Registration. Eligible operators may retrieve these documents at the Commission’s Abuja Headquarters or its Lagos Zonal Office in Victoria Island. Operators seeking further details or assistance should contact the designated office at 094621149.

The Securities and Exchange Commission (SEC) has introduced a new rule on green bonds and sundry amendments to its rules and regulations. The new rule on green bonds outlines the criteria for projects that qualify for green bond financing, as well as the requirements for issuers of green bonds. Further amendments include the use of Bank Verification Numbers (BVN) for client identification and providing guidelines for investment advisory services, including risk assessment and disclosure requirements. Additionally, there are amendments to rules concerning nominee accounts, investment advisers, and exemptions to registration.

The Securities and Exchange Commission (SEC) issued this public notice to clarify that online retail forex trading remains unregulated and subject to potential abuse. Participants must engage in this leveraged investment activity at their own risk until the regulator establishes a formal oversight framework. The advisory explicitly warns investors that current market practices lack regulatory safeguards.

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.

The Capital Market Committee (CMC) Management has scheduled the third 2018 meeting for November 14 at the Federal Palace Hotel in Lagos, with a press interface on November 15 at the SEC Zonal Office. Attendance is strictly by invitation, requiring participants to present valid identification cards and be seated by 9:45 am. The notification formally establishes the event schedule, venues, and mandatory admission protocols for all invited attendees.

The Securities and Exchange Commission of Ghana requires Chief Executive Officers of all Market Operators to report on pending civil, criminal, and statutory tribunal cases as part of their quarterly reporting obligations. The directive mandates that reports include the case title and suit number, the specific court or tribunal, a case summary, its current procedural stage, and the final judgment or ruling. Non-compliance with these reporting requirements will trigger enforcement actions under Section 209(4) of the Securities Industry Act, 2016.

The Securities and Exchange Commission of Nigeria invites qualified ICT companies to submit technical and financial bids for the supply of laptop computers. Interested parties must obtain tender documents for a non-refundable fee of N10,000 and deliver two separate sealed envelopes to the Tenders Board in Abuja by 12:00 noon on 27 November 2018. Late submissions will be returned unopened, and the technical bids will be publicly opened at the SEC Head Office immediately following the deadline.

This document introduces a new regulatory framework for Green Bonds, specifying qualification criteria, utilization of proceeds, and mandatory annual reporting requirements for issuers. It further amends the Rules and Regulations to incorporate Bank Verification Numbers as valid client identification, establishes comprehensive guidelines for investment advisory services, and updates rules regarding nominee accounts. Furthermore, the Commission mandates new registration exemptions for specific professionals and establishes strict qualification and certification standards for investment adviser representatives.

The SEC requires all registered Capital Market Operators to join a relevant Self-Regulatory Organization or Trade Association by December 31, 2018, or face sanctions.

The Securities and Exchange Commission of Ghana mandates capital market operators to undergo training on cyber threats and counter measures. This requirement addresses the risks posed by technology adoption, specifically targeting system exploitation and insider recruitment by cyber attackers. The initiative aims to ensure proper risk management and prevent unauthorized access that facilitates fraud within the capital market.

The Securities and Exchange Commission of Ghana invites sealed tenders for the supply and delivery of three 4WD official vehicles under National Competitive Tendering procedures. Eligible suppliers may obtain tender documents between September 27 and October 11, 2018, by paying a non-refundable fee of GH₵500. Tenders must be submitted with a 2% security deposit by 10:00 AM on October 11, 2018, and will be opened at the Commission's Accra office.

The Securities and Exchange Commission of Ghana warns the public against unlicensed entities offering financial investment schemes with unreasonably high guaranteed returns. The regulator identifies these schemes as likely Pyramid or Ponzi scams that lack proper risk disclosure and underlying investments, posing a severe risk of total capital loss. Investors are advised to avoid such entities and report suspicious activities to the SEC via toll-free numbers or its official website.

The Federal High Court of Lagos has ordered Quantum Securities Limited to publish a public notice in The Nation Newspaper to summon clients and creditors who invested in Financial Assets Deposit (FAD) and Case Deposit Accounts (CDA) to a meeting. Attendees are required to present relevant documentation to authenticate their claims at the company's head office located at 9 Hughes Avenue, Yaba, Lagos. The court stipulated that any decision reached by a two-thirds majority of the participating creditors shall be legally binding upon all clients and creditors.

The Securities and Exchange Commission issued these guidelines to regulate the issuance of ASEAN Green Bonds in the Philippines, aligning local requirements with the ASEAN Capital Markets Forum standards. Issuers must ensure proceeds exclusively finance eligible green projects, maintain transparent project evaluation processes, and manage funds through tracked mechanisms. The document mandates annual reporting on use of proceeds and encourages external reviews to verify compliance and enhance investor confidence.

The Securities and Exchange Commission adopted recently approved accounting standards and interpretations as part of its financial reporting rules. The circular mandates compliance with specific amendments to PFRS 9 and PAS 28, along with new guidance on materiality judgments and real estate industry implementation issues. It also incorporates various PIC Q&As addressing topics such as capitalization of lease costs, elimination of profits in joint ventures, and accounting for collector's items.

The Securities and Exchange Commission is organizing a comprehensive training programme for Capital Market Operators and Compliance Officers. This initiative mandates structured professional development to ensure industry participants adhere to current regulatory frameworks and operational standards. Successful completion of the curriculum will be required for license renewal and ongoing market participation.

The Securities and Exchange Commission of the Philippines promulgated these rules to govern the administration of Philippine Peso-denominated government securities benchmarks. The regulations establish a licensing framework for administrators, mandating strict governance, conflict of interest controls, and quality standards for benchmark methodology. Compliance requires continuous reporting, audit trails, and adherence to IOSCO principles to ensure transparency and market integrity.

The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 10 series of 2018 to establish the criteria for unit investment trust funds and other managed funds to qualify as Qualified Buyers. The rules specify that funds managed by Bangko Sentral ng Pilipinas-authorized entities are deemed qualified buyers, subject to specific conditions regarding discretionary arrangements, beneficial owner sophistication, and ongoing compliance. Additionally, the circular mandates strict recordkeeping, reporting, and inspection procedures for these funds, while outlining sanctions for non-compliance with the prescribed requirements.

The Securities and Exchange Commission (SEC) has issued a request for proposals to engage a consultancy firm for the computerisation of its operations. The selected consultant is required to assess existing IT infrastructure, define an IT strategy and architecture framework, and specify requirements for new regulatory and surveillance systems. Additionally, the firm must develop a detailed implementation roadmap and cost model to enable the SEC to build a world-class IT environment.

The Securities and Exchange Commission has issued new regulatory guidelines to address liquidity shortfalls and concentrated risk in the fund management sector following a surge in investor complaints. The reforms impose strict caps on investments with related parties and single institutions, mandate board subcommittee approval for related-party transactions, and prohibit fund managers from issuing fixed deposits to the public. Firms must submit baseline compliance data by June 2018, unwind prohibited fixed-term contracts by December 2018, and adhere to enhanced governance, client segmentation, and disclosure standards for collective investment schemes.

The National Assembly Committee on Capital Market, the Securities & Exchange Commission, and other stakeholders have postponed the 2nd Capital Market Stakeholders’ Forum from July 17, 2018 to July 23, 2018. The venue and time of the event remain unchanged following this administrative adjustment. All relevant parties are notified to attend the rescheduled proceedings on Monday, July 23, 2018.

The Securities and Exchange Commission of the Philippines amended its consolidated guidelines to prevent the formation of bogus organizations misrepresenting themselves as affiliates of international governmental bodies. The amendment introduces a new provision prohibiting the use of names such as INTERPOL, IMF, or ILO in corporate or partnership registrations unless explicitly authorized by the Commission. This memorandum circular took effect immediately upon issuance on July 18, 2018.

The Securities and Exchange Commission issued the Draft Securities Industry (REITs) Regulations 2017 to establish a comprehensive regulatory framework for Real Estate Investment Trusts under the Securities Industry Act 2016. The regulations mandate licensing for REITs, managers, custodians, and representatives, while imposing strict eligibility, fit and proper, and financial resource requirements on these entities. Furthermore, the document outlines detailed operational obligations including asset custody, director duties, public offer prospectus approvals, and continuing disclosure standards to protect shareholders and ensure market integrity.

The Securities & Exchange Commission invites stakeholders to a sensitization forum to discuss the Draft Regulations on Warehouse Receipts and Commodity Exchanges. The event is organized in conjunction with the Ministry of Finance, the Ghana Commodity Exchange, the World Bank, and the International Financial Corporation. The one-day programme will take place on July 12, 2018, at the Alisa Hotel starting at 8:30 am.

The Securities and Exchange Commission has issued a circular categorically rejecting recent media reports claiming MTN Nigeria Limited’s initial public offering was approved after a six-week delay. The regulator clarifies that MTN Nigeria remains a private company and has not yet submitted any formal IPO application to the Commission. The SEC further warns capital market operators against disseminating false or misleading information and pledges to process any future MTN filing with standard diligence.

The Ghana Securities and Exchange Commission requires all fund managers to discontinue new fixed term and guaranteed return investments, submit position data by 30 June 2018, and unwind existing commitments within a six-month window ending 31 December 2018. The directive also mandates the review of draft Investment Guidelines and clarifies permitted client mandates for retail, high net worth, and institutional investors. These measures aim to mitigate emerging industry risks while safeguarding investor interests through enhanced transparency and operational efficiency.

The Securities and Exchange Commission of Ghana invites sealed tenders for the supply and delivery of one 4WD 4.5L official vehicle under National Competitive Tendering procedures. Interested suppliers may obtain tender documents for a fee of GH₵500 between May 23 and June 12, 2018, at the Commission's Accra office. Tenders must be submitted by 10:00 AM on June 12, 2018, accompanied by a 2% tender security, and will be opened immediately thereafter.

The Securities and Exchange Commission issued a public notice identifying ten licensed fund managers currently under investigation for alleged violations of the Securities Industry Act, 2016. The listed entities include MEC-Ellis Investment Ghana Ltd, Weston Capital Ltd, and Brooks Asset Management Ltd, among others, who face pending complaints from the investing public. The Commission warns the general public that engaging in transactions with these companies exposes individuals to avoidable risk while investigations remain ongoing.

The Securities and Exchange Commission of the Philippines amended Rule 38.2.7 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code to modify independence criteria for auditors. The revised rule explicitly requires that auditors have not engaged in transactions with the covered company, its related companies, or substantial shareholders within the last two years, excluding only arms-length and immaterial transactions. This amendment took effect fifteen days after its publication in a newspaper of general circulation in the Philippines.

The Securities and Exchange Commission of the Philippines issued this memorandum circular to implement initiatives aimed at improving the country's ranking in the Ease of Doing Business Report. The directive mandates that all publicly-listed companies must obtain shareholders' approval for any changes to their external auditor. Additionally, it requires that the audit committee of these companies be composed entirely of board members.

The Securities and Exchange Commission of Ghana has released new guidelines pertaining to Private Funds. These regulations are now available for public access under the designated Guidelines section. The document establishes the regulatory framework for private fund operations within the jurisdiction.

The Securities and Exchange Commission issued these draft guidelines pursuant to section 15 of the Securities Industry Act, 2016. The document establishes regulatory requirements regarding financial resources and corporate governance codes for listed companies. Stakeholders are invited to submit suggestions, questions, or recommendations via email by 5:00 pm on Thursday, 3rd May, 2018.

The Nigerian Securities and Exchange Commission directed the Nigeria Stock Exchange to lift Oando Nigeria Plc's technical suspension, enabling market-driven price determination. This directive follows the complete withdrawal of shareholder litigations that had extended the suspension since a forensic audit was initiated in October 2017. The Commission will continue overseeing the ongoing Deloitte audit and issuing stakeholder updates to safeguard investor interests in the capital market.

The Securities and Exchange Commission of the Philippines issued this circular to formally adopt specific pronouncements into its financial reporting rules and regulations. The document mandates the application of Philippine Financial Reporting Standard 16 on Leases for annual periods beginning on or after January 1, 2019, while requiring earlier application of amendments to PAS 7 and PAS 12 for periods starting on or after January 1, 2017. These standards were previously approved by the Philippine Financial Reporting Standards Council and published in the Official Gazette.

The Securities and Exchange Commission adopted the Philippine Financial Reporting Standards for Small Entities, revising SRC Rule 68 to mandate specific financial reporting frameworks based on entity size. The circular classifies entities into large, medium-sized, small, and micro categories with distinct asset and liability thresholds, requiring small entities to use PFRS for Small Entities while allowing micro entities to choose between that standard or the income tax basis. Exemptions permitting the use of full PFRS are granted for subsidiaries of larger reporting groups, entities planning public offerings, or those with foreign operations, with the standard becoming effective for annual periods beginning on or after January 1, 2019.

The Securities and Exchange Commission of Ghana invites existing and prospective suppliers to apply for pre-qualification to update its supplier register for goods, works, and services for the year 2018. Applicants must submit specific mandatory documents, including business registration and tax clearance certificates, and select from designated categories such as IT equipment, stationery, or maintenance services. Pre-qualification forms are available for a fee of Gh₵100 between March 20 and April 6, 2018, with all applications due by April 6, 2018.

The Securities and Exchange Commission issued these guidelines to establish the mandatory market levy framework for the 2018 financial year. The document mandates fixed annual fees for market operators ranging from GHS 3,000 to GHS 20,000, a 0.15% transaction levy on share trades, and a 0.003% depository levy on securities face value. Compliance requires operators to remit annual levies by the end of the first quarter, while transaction and depository levies must be paid within seven days following the month of the relevant trade, with non-payment subject to statutory sanctions.

The Securities and Exchange Commission issued this notice to clarify that it has not received any takeover application from Unibank regarding ADB Limited. The regulator emphasized that such transactions require prior approval from the Bank of Ghana under Act 930 before SEC review. Consequently, the SEC confirmed that no takeover of ADB by Unibank or any other entity has occurred.

The Securities and Exchange Commission issued this memorandum circular to implement certification requirements for salesmen of brokers and issuers of proprietary and non-proprietary shares. It establishes a one-year transitory period ending February 28, 2019, during which existing licensed salesmen must pass the new modularized examination or face license revocation. New salesmen may register under a provisional license that is automatically cancelled if they fail to pass the exam within the same one-year deadline.

The International Organisation of Securities Commissions (IOSCO) Board has directed global securities regulators to intensify scrutiny and develop appropriate regulatory frameworks for virtual currencies, including cryptocurrencies and bitcoins. Emphasizing the need to avoid conferring undue legitimacy while addressing significant investor risks, the Board mandated a deep analysis of these products to determine the precise perimeter and depth of regulation required. Regulators are further instructed to launch intensive public awareness initiatives and accelerate investor education to ensure market transparency, efficiency, and adequate protection amid the rapid incursion of digital assets.

The Securities and Exchange Commission issued this notice to warn that Mutual Aid Ghana, Susu Cash Ghana, Earnit Ghana, Afrigram, and Payday Ghana are advertising unlicensed investment products. The regulator explicitly states that these products are not licensed and advises the public to verify licensing status before engaging in any investment activities. Investors are cautioned that they assume all risks associated with these entities as the SEC cannot vouch for them and is currently investigating the matter.

The Securities and Exchange Commission mandates that only licensed entities may publish financial service advertisements and prohibits all ads from being unclear, false, or misleading. Market operators are required to ensure their promotional materials comply with specific regulatory standards set out in the Securities Industry Act 2016 and related regulations. Non-compliant advertisements must be corrected within seven days of the notice, or the Commission will enforce legal sanctions.

The Securities and Exchange Commission of Ghana invites broker dealers, investment advisors, and fund managers to a workshop on February 13, 2018, to discuss comments on draft Anti-Money Laundering and Countering the Financing of Terrorism guidelines. This meeting aims to incorporate stakeholder feedback into the final documents as mandated by Section 138 of the Securities Industry Act, 2016. The Commission emphasizes that all Chief Marketing Officers should send representatives to ensure compliance with these legislative requirements.

The Securities and Exchange Commission of the Philippines issued this memorandum to establish the filing schedule and requirements for Audited Financial Statements and General Information Sheets for the 2018 reporting period. The circular mandates that corporations with fiscal years ending December 31, 2017, submit their Audited Financial Statements according to a number-coding schedule based on their SEC registration number, while specifying distinct deadlines for listed companies, broker-dealers, and those audited by the Commission on Audit. Additionally, it requires the filing of General Information Sheets within 30 days of annual meetings and outlines authorized submission channels, including SEC Express Online Submission and courier services, to ensure orderly processing.

The Securities and Exchange Commission issued this memorandum circular to mandate that all publicly-listed companies in the Philippines comply with a prescribed website template. New applicants must adhere to this requirement before their Registration Statement becomes effective, while existing listed companies are granted a six-month grace period from their listing date. Non-compliance with these directives subjects the companies to penalties under SEC Memorandum Circular No. 18, Series of 2014.

The Ghana Securities and Exchange Commission issued this guideline to mandate specific financial transparency and governance disclosures for all public companies. The directive requires compliance across twenty-three key areas, including board oversight of financial communications, internal control systems, auditor appointment and interaction processes, related-party transaction approvals, environmental policies, ethics codes, risk management frameworks, board composition, remuneration structures, and CEO-board checks and balances. All annual reports covering financial periods ending after 2016 must incorporate these disclosures alongside existing Companies Act and International Financial Reporting Standards requirements.

The Securities and Exchange Commission of the Philippines issued this circular to formally adopt revised auditing standards and amendments to existing accounting standards into its rules and regulations. The document mandates compliance with specific Philippine Standards on Auditing, including PSAs 800, 805, and 810, which became effective for audit periods ending on or after December 15, 2016. Additionally, it requires entities to apply amendments to PAS 40, PFRS 1, PFRS 12, PAS 28, and IFRIC-22 for annual periods beginning on or after January 1, 2017 or 2018.

The Securities and Exchange Commission of Ghana issues these guidelines to establish comprehensive licensing, operational, and governance standards for private funds, including hedge, private equity, and venture capital vehicles. The framework mandates that funds appoint licensed managers and independent custodians while maintaining a minimum fund size of ten million Ghana Cedis and ensuring at least one independent director on the board. It further enforces strict fit-and-proper criteria, mandatory custody and valuation policies, annual audits, and public offer restrictions to safeguard qualified investors and ensure regulatory compliance.

The Securities and Exchange Commission has reiterated its decision to conduct a forensic exercise into Oando Plc's activities, as outlined in a December 5, 2017 letter. This directive reinforces the regulator's zero-tolerance stance regarding infractions within the Nigerian capital market. The ongoing investigation will formally evaluate corporate operations to ensure strict adherence to securities regulations.

The Securities and Exchange Commission invites the Chief Executive Officers and Chief Financial Officers of companies listed on the Ghana Stock Exchange, Ghana Alternative Market, and Ghana Fixed Income Market to attend its annual executive meeting. Scheduled for December 14, 2017, at the Coconut Grove Regency Hotel, the gathering will focus on reviewing listing obligations and exchanging ideas on capital market development. Attendance is required for listed company executives to ensure compliance with regulatory expectations and foster strategic dialogue with the national securities regulator.

The Securities and Exchange Commission (SEC) of Nigeria has released new rules and amendments to existing regulations, focusing on revenue bonds and corporate governance. These changes aim to mitigate investment risks in revenue bonds by outlining credit enhancements and specifying disclosure requirements for issuers. Additionally, amendments address dividend payment procedures, broker suspensions, and takeover regulations, enhancing transparency and investor protection in the Nigerian capital market.

The Securities and Exchange Commission, in collaboration with the Association of Capital Market Anti-Money Laundering Reporting Officers, is organizing its final training programme for 2017. The event is scheduled for November 29th and 30th at the Holiday Inn, commencing at 8:30 am. This invitation targets Anti-Money Laundering Reporting Officers to attend the specified sessions.

This regulatory update introduces comprehensive rules for revenue bonds, including mandatory disclosure requirements and credit enhancement mechanisms for state and local government issuers. It establishes stringent new timelines and electronic payment mandates for dividends, interest, and return monies to ensure efficiency and protect investors. Furthermore, the document updates merger and takeover regulations by defining triggering thresholds for mandatory bids and specifying the penalties and procedural obligations for entities failing to comply with takeover mandates.

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.

The Securities and Exchange Commission of Ghana issued this notice to inform the public that Menzgold Ghana Limited is not a licensed or regulated entity in the capital market. The regulator warns that the company has neither been authorized to conduct capital market activities nor had its advertisements sanctioned under the Securities Industry Act, 2016. Investors are advised to verify the licensing status of any firm offering capital market products through the SEC website or toll-free lines to ensure their protection.

The International Organization of Securities Commissions (IOSCO) launched the inaugural World Investor Week, a global campaign running from October 2nd to 8th to promote investor education and protection. Securities regulators and stakeholders from over 70 countries are conducting various activities, including workshops, publications, and contests, to raise awareness about smart investing practices. The initiative emphasizes key behaviors such as verifying professional licenses, assessing fees, understanding risk, and avoiding get-rich-quick schemes to foster long-term financial security.

The Securities and Exchange Commission issued this guideline to amend the principal Guideline SEC/GUI/001/01/2017 by deleting paragraph 6. This action suspends the application of the market levy on funds under management for the financial year 2017 effective from July 1, 2017. The suspension does not affect levies collected prior to that date, and other levies including Market Operators, Transaction, and Depository levies remain in full force.

The Securities and Exchange Commission amended its 2017 Guidelines on Market Levies to suspend the levy on funds under management effective July 1, 2017. This regulatory change aims to remove disincentives for asset owners and create a level playing field to boost capital market activity. The suspension does not affect levies collected prior to the effective date, and all other market levies remain in full force.

The Ghana Stock Exchange issued a press release announcing the compulsory delisting of UT Bank Limited from its Official List, effective September 14, 2017. This action was taken by the GSE Council following the revocation of the bank's operating license by the Bank of Ghana on August 14, 2017. The delisting is mandated under Listing Rule 13(4)(a) because the license revocation signifies that UT Bank has ceased to be an operating company.

The Securities and Exchange Commission of Ghana commissioned its newly reconstituted board on September 4, 2017. Dr. Yeboa Amoa serves as Chairman while Mr. Daniel Ogbarmey Tetteh holds the position of Director General. The nine-member board includes representatives from the Bank of Ghana, the Ministry of Finance, and the Registrar General Department alongside nominees from legal and accounting bodies.

The Securities and Exchange Commission has released its second quarter newsletter covering the April through June reporting period. Market participants can access the complete publication by locating the SEC Quarterly Newsletter entry under the Publications menu. The release consolidates the agency's recent regulatory communications, enforcement updates, and administrative notices for the quarter.

The Nigerian Securities and Exchange Commission has approved electronic reporting templates requiring Capital Market Operators to submit various Anti-Money Laundering and Counter-Financing of Terrorism returns via a consolidated grid. Hard copy submissions are no longer accepted, and strict statutory compliance with the newly uploaded templates is mandatory for all designated reports. The updated framework supplements existing Financial, Suspicious, and Currency Transaction Reports under the amended Money Laundering Prohibition Act of 2011.

The Securities and Exchange Commission in Nigeria has released new regulations for the demutualization of securities exchanges. These regulations outline the requirements and procedures for converting member-owned organizations into shareholder-owned companies. The rules cover various aspects including pre-conditions for demutualization, post-demutualization requirements, commission procedures, ownership structure, governance, and shareholding reductions, aiming to ensure transparency and efficiency in the process.

The Securities and Exchange Commission (SEC) of Nigeria has announced new rules and amendments to existing regulations to enhance investor protection, improve market efficiency, and promote financial inclusion. Key changes include stricter rules on the return of unclaimed dividends to paying companies, the acceptance of INEC voter registration cards for client identification, and a tiered Know-Your-Customer (KYC) framework for capital market operators. Additionally, there are revisions to rules governing the National Investor Protection Fund (NIPF) and real estate investment schemes (REIS), as well as infrastructure funds. Capital Market Operators are urged to comply with the new rules and amendments to uphold market integrity and foster investor confidence.

The Securities and Exchange Commission mandates all Capital Market Operators and Public Limited Companies to comply with Executive Order No. 004 of 2017, which establishes the Voluntary Assets and Income Declaration Scheme (VAIDS). Entities in default must utilize the nine-month grace period from July 1, 2017, to March 31, 2018, to regularize their tax status and declare assets and income from Nigerian and foreign sources. Commencing March 31, 2018, these organizations must submit proof of VAIDS compliance or a clean tax record to the Commission, with failure triggering statutory sanctions.

The Commission has introduced new regulatory frameworks for unclaimed dividends, KYC requirements, and fund/portfolio management operations, alongside significant amendments to Real Estate Investment Schemes and Infrastructure Funds rules. These updates mandate stricter compliance for registrars regarding unclaimed dividend returns, establish a three-tiered KYC framework for capital market operators, and redefine operational requirements for infrastructure and real estate investment vehicles. Additionally, the commission has updated various procedural rules, including those related to underwriting, offer prospectus requirements, and updated fee schedules for market services.

These regulations establish the mandatory procedures and requirements for securities exchanges in Nigeria transitioning from member-owned organizations to shareholder-owned companies. The rules impose strict ownership caps, limiting individual stakeholders to 5% and specific stakeholder groups to a maximum of 40% equity, while necessitating Commission approval for all structural changes and leadership appointments. Furthermore, the framework mandates that exchanges must implement independent governance structures, achieve specific shareholding reductions within five years, and formally separate their commercial and regulatory functions.

The Securities and Exchange Commission (SEC) Nigeria mandates all Capital Market Operators, Experts, and Professionals to maintain the required number of Sponsored Individuals and a designated Compliance Officer for each performed function. These entities must regularize their registration status with the Commission by 20 August 2017 to remain compliant with the Investment and Securities Act (ISA) 2007 and SEC Rules. Failure to meet these staffing requirements will constitute a regulatory violation and strip the affected operators of their market operating privileges.

The Nigerian Securities and Exchange Commission has extended the physical dividend warrant discontinuation deadline to December 31, 2017, and will continue underwriting e-Dividend enrollment costs until that date. This measure supports approximately 2.2 million registered investors and aims to curb unclaimed dividends by ensuring all accrued payments are credited directly to bank accounts. Market participants must complete their e-Dividend registration with bankers or registrars before the extended deadline to secure these electronic payment benefits.

The Securities and Exchange Commission initiated an assessment of the capital market's human resource capacity during the first quarter of 2017. The survey aimed to evaluate skill sets, identify skill gaps, and analyze geographical coverage and gender distribution within the industry. Participants were required to submit their completed questionnaires by the deadline of April 3, 2017.

The International Organization of Securities Commissions has approved the Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information to provide securities regulators with new enforcement powers. This updated framework addresses challenges arising from recent developments in global financial markets by strengthening the tools available to combat cross-border financial fraud and misconduct. The Enhanced Memorandum builds upon the original 2002 Multilateral Memorandum to better protect global markets and maintain investor confidence.

The Securities and Exchange Commission (SEC) engaged CPCS Transcom International Limited to provide transaction advisory services for a permanent office complex in Accra under a Public-Private Partnership model. The World Bank funded the consultancy fees through the Ministry of Finance to address the SEC's long-term accommodation needs and anticipated staff growth. Pending activities include bid evaluation, contract negotiations, and the finalization of the PPP management plan.

The Securities and Exchange Commission (SEC) organized its biannual Compliance and Anti-Money Laundering Officers’ Forum on April 25, 2017, in Accra to address mutual concerns and enhance capital market development. Deputy Director-General Mr. Yirenkyi Boafo emphasized that compliance officers must assume a strategic role beyond mere regulatory ticking, as highlighted by recent PwC and EY reports. Under the new Securities Industries Act, 2016 (Act 929), officers are mandated to master the Act, monitor new SEC guidelines, and identify opportunities to advise their management accordingly.

The Securities and Exchange Commission (SEC) Nigeria directs Capital Market Experts and Professionals who failed to respond to its 2016 and 2017 data requests to submit updated firm information via a designated online portal. These firms must maintain a minimum of three sponsored individuals, including a compliance officer, to retain their active registration status. Compliance is mandatory by July 31, 2017, after which the SEC will classify unresponsive firms as inactive and exercise its authority to revoke their registrations.

The Securities and Exchange Commission (SEC) issued Directive SEC/DIR/01/2017 to mandate that all securities exchanges and depositories consult the Commission before implementing changes to market infrastructure. The directive requires these entities to submit a comprehensive package of documents, including proposed changes, impact and stakeholder consultation reports, periodic milestone updates, and a final report detailing success factors, test results, and go-live timelines. Failure to comply triggers enforcement actions under Section 48(2) of the Securities Industry Act, 2016.

The Nigerian Securities and Exchange Commission requires all capital market investors to electronically register their bank accounts for direct dividend payments and secondary market transactions. Unregistered investors must verify their status via the Commission's online database and contact their bank or registrar to complete enrollment during the ongoing free registration period. This mandatory e-Dividend scheme concludes on June 30, 2017, marking the cessation of physical dividend warrants and free registration fees.

The Securities and Exchange Commission of Nigeria sealed the business premises of Yuan Dong (YDEC) on February 23, 2017, to halt its unlicensed investment operations that breach the Investment and Securities Act. Investigations revealed the company falsely claimed nationwide presence, promised fixed daily profits and referral bonuses to unsuspecting investors, and had its promoters arrested for illegal activities. The Commission urges the investing public to verify operator licenses on its official website before committing funds to safeguard against fraudulent schemes.

The Securities and Exchange Commission of Nigeria has identified Tine God Networks Limited as an unregistered illegal operator operating a Ponzi scheme with no tangible business model. The Commission has sealed the company’s premises and directed depositors to submit documentary proof of their investments to its Lagos and Port Harcourt zonal offices. Submissions must be completed on or before May 15, 2017 to facilitate the refund of investors' funds.

The Securities and Exchange Commission (SEC) lifted the suspension of Heritage Capital Markets Ltd, its Directors, and Sponsored Individuals on February 1, 2017. This regulatory action restores the operational status of all affected parties following their prior market restrictions. Management formally executed and filed the order to confirm compliance with applicable securities regulations.

The Securities and Exchange Commission announces the Federal High Court Kaduna's October 27, 2016 conviction of Marian Moses Ventures Ltd and Managing Director Moses Samanja, who received a five-year prison term. The court ordered the Corporate Affairs Commission to wind up the company and deploy its funds to restitute clients, citing unlicensed deposit collection with unrealistic returns. Investors are advised to verify a firm's SEC registration or Central Bank of Nigeria license before subscribing to any investment scheme.

The Securities and Exchange Commission (SEC) has reorganized its capital market oversight by relocating the Inspectorate and Registration Divisions to the Lagos Zonal Office, while maintaining dedicated Abuja units for Northern operators. The Fund Management Division has been merged into the Inspectorate Division to optimize the Risk Based Supervision Model and streamline regulatory supervision. This restructuring, effective January 16, 2017, reduces operational costs for Capital Market Operators and strengthens compliance with capital market rules.

These guidelines establish standardized procedures for securities clearing and settlement across Nigerian exchanges to enhance market efficiency, investor protection, and systemic risk mitigation. The framework mandates the use of the Delivery Versus Payment (DVP) mechanism and defines the specific roles, responsibilities, and timelines for market participants, including registrars, custodians, and dealing member firms. Furthermore, the document mandates electronic payment for all dividend and interest distributions, prohibiting any additional charges to investors for these services.

The Securities and Exchange Commission mandates Fund Managers and Market Operators to pay standardized market, transaction, and depository levies for the 2017 financial year. The guidelines establish fixed annual fees by entity type, set transaction rates at 0.15% for shares and 0.01% for bonds, and require quarterly payments on Funds Under Management calculated at 0.09% of Net Asset Value after specified deductions. Overdue payments incur interest based on the prevailing 182-day Treasury bill rate, with non-compliance subject to regulatory sanctions under the Securities Industry Act.

The Commission has summoned the directors and sponsored individuals of TransGlobe Investment & Finance Company Ltd to address five unresolved complaints exceeding N300 million. Following failed preliminary correspondence via the Managing Director, the regulatory body requires a formal consultation to resolve these outstanding financial grievances. This meeting will facilitate direct deliberation between the company's leadership and Commission officers to implement corrective measures for all pending issues.

The Securities and Exchange Commission indefinitely suspends Heritage Capital Markets Ltd, along with its Directors and Sponsored Individuals, due to the unauthorized sale of an investor's shares and non-compliance with regulatory directives. This indefinite suspension remains in force until the matter against the Operator is fully resolved. The order effectively halts the suspended entity's operations to protect investors while compliance issues are addressed.

The SEC Nigeria requires all Capital Market Operators to update their current registration status by December 23rd, 2016, via a provided online form.

The Securities and Exchange Commission of Nigeria has issued a public alert regarding the unregistered online platform MMM Federal Republic of Nigeria, which promises 30% monthly returns through a mutual aid model. The Commission determined that the scheme operates as a Ponzi structure, funding payouts directly from new investors' contributions rather than tangible business operations. The public is advised to distance themselves from the platform and subscribe at their own risk.

The Securities and Exchange Commission has declared that Mrs. Oge C. Ottiwu is conducting unregistered capital market activities in Anambra State, violating Section 38(1) of the Investments and Securities Act. The regulatory body mandates that all capital market professionals must obtain prior registration before engaging in securities business. Consequently, the public is warned that any transactions with Mrs. Ottiwu are undertaken at their own risk due to her unregistered status.

The Securities and Exchange Commission (SEC) directs all Nigerian capital market operators to register with their respective trade groups or associations by 31 October 2016. This mandatory membership strengthens self-regulatory organizations and shifts investor complaint resolution from the regulator to industry bodies, thereby reducing administrative burdens. The SEC will enforce compliance through targeted sanctions against operators that fail to join their designated trade bodies.

The Central Bank of Nigeria has issued directives removing fixed interest rates on credit cards and discontinuing actual address verification for customers possessing a Bank Verification Number (BVN). Banks are now required to embed BVN biometric data into payment cards to enable offline authentication on ATMs and point-of-sale terminals while implementing new modalities for BVN watch-listing. Additionally, savings account holders with a BVN are permitted to deposit cheques with a maximum daily value of two million naira.

The Securities Commission clarifies that the December 31, 2016 recapitalization deadline for non-capitalized Capital Market Operators (CMOs) remains unchanged, while the registration cancellation process will commence after that date. Non-capitalized CMOs currently remain suspended but may be readmitted during the grace period upon demonstrating compliance. Management requires affected operators to submit proof of compliance before the cancellation process fully takes effect.

The Securities and Exchange Commission mandates investment advisers managing funds to submit quarterly placement records using a standardized reporting format. The initial submission for the first quarter of 2016 must be received by April 30, 2016, with all subsequent filings consolidated alongside regular quarterly returns. Non-compliance triggers financial penalties under Regulation 35 of the Securities and Exchange Commission Regulations, 2003.

The Securities and Exchange Commission, Ghana establishes standardized internal procedures for issuing Codes, Directives, Guidelines, and Circulars under Section 209 of the Securities Industry Act 2016. The framework mandates structured drafting, stakeholder consultation, and final board approval while granting the Commission discretion to bypass standard processes for investor protection or impracticability. It further outlines streamlined protocols for varying, revising, amending, or revoking existing regulatory instruments and mandates official publication on the Commission’s website.

This form enables CSCS investors to update their bank account details to facilitate direct settlement of financial transactions. Investors must provide personal or corporate identification, CSCS account and clearing house numbers, and specific bank details including their Bank Verification Number (BVN). Corporate applicants are additionally required to have two authorized signatories, affix passport photographs, and append the company seal.

The Securities and Exchange Commission has approved compensation for 580 investors through the National Investor Protection Fund following Mega Asset Managers Limited’s fraudulent conversion of client funds. The Fund’s Board authorized the payout after its Verification Committee completed a rigorous assessment of the claims. Affected investors must visit the Commission’s Lagos and Onitsha zonal offices with valid identification, account details, and a Bank Verification Number before 23 December 2015 to claim their approved compensation.

The Securities and Exchange Commission has revoked the registration of inactive Capital Market Operators, as empowered by the Investment and Securities Act 2007.

The Securities and Exchange Commission mandates that all Capital Market Operators maintain valid Fidelity Bond or Professional Indemnity policies in strict compliance with amended Rule 27. Operators must ensure annual coverage runs from January 1 to December 31, extend any bonds expiring before December 31, 2016 to that date, and align insurance levels with their updated minimum paid-up capital. Non-compliant bonds are rejected without a grace period, and operating without valid coverage constitutes a sanctionable violation of the Investment and Securities Act 29 of 2007.

The Securities and Exchange Commission (SEC) Lagos Zonal Office Registration Committee is processing registrations for additional sponsored individuals, new Capital Market function holders, and fresh applicants. The scheduled meeting will occur on November 9 and 10, 2015, at the Lagos Zonal Office, with formal letters of invitation distributed to all qualifying candidates. Prospective applicants may direct inquiries to designated officials Sunday Garba, Isyaka Abdul Agoro, or Zainab Abdullahi using the listed contact numbers.

The Capital Market Committee has scheduled its third quarter 2015 meeting for November 25, 2015, at the Intercontinental Hotel in Lagos. The notice mandates strict attendance from the chief executive officers of all registered capital market firms, major exchange groups, and key regulatory observer organizations. Additionally, chairmen of the Senate and House committees on capital markets are formally invited to participate in the proceedings.

The Securities and Exchange Commission has directed ninety-four inactive Capital Market Operators to submit written presentations explaining why their registration certificates should not be cancelled. These operators face cancellation due to consistent failures in filing statutory returns and potential non-compliance with new minimum capital requirements by the September 30, 2015 deadline. Affected entities must deliver hard copies to the Commission’s head office and electronic submissions to designated email addresses by December 4, 2015.

The Securities & Exchange Commission has postponed the October 27, 2015 launch of its Corporate Governance Scorecard for all public companies. A revised implementation date will be communicated in due course following this administrative delay. Affected entities should await official updates regarding the revised timeline.

The Securities and Exchange Commission has dissociated itself from the 'BGL 50 Index' sponsored by BGL Plc in ThisDay Newspapers. The notice confirms that the suspension of BGL Plc, its subsidiaries, and sponsored individuals from all capital market activities remains in effect. Investors are therefore advised to exercise caution regarding any investments or transactions linked to this specific index publication.

The Securities and Exchange Commission (SEC) has activated the e-Dividend Mandate Management System (e-DMMS) portal to enable Nigerian shareholders to efficiently enroll for dividend payments. Investors complete a mandate form at either a bank branch or registrar office, where officials validate the Bank Verification Number and account details before uploading the document to the central system. This initiative, supported by the Central Bank of Nigeria and NIBSS, aims to significantly reduce unclaimed dividends and streamline equity market operations.

The Commission mandates immediate adoption of the E-Dividend Mandate Management System (E-DMMS) Portal by all Registrars and Banks to digitize investor dividend processing. Registrars must validate, mark-check, and upload scanned mandate forms to the portal within 72 hours of bank transmission, while banks retain rejection rights for signature discrepancies. This mandatory digital transition will soon discontinue paper mandate verification at bank branches, requiring strict compliance with NIBSS integration protocols and validation standards.

The document outlines the rules governing the trading of unlisted securities. It specifies that such securities must be traded through a system approved by the Commission and under its prescribed terms. Trading outside of a registered securities exchange platform is prohibited and carries a penalty. These rules are intended to regulate and facilitate over-the-counter trading of unlisted securities.

Rating agencies must implement rigorous, objective methodologies and maintain independence by disclosing significant revenue concentrations, reviewing former analyst work, and prohibiting ratings of parent issuers. Agencies are required to enhance transparency by providing investors with standardized historical data, clear loss and cash-flow analyses, and distinct identifiers for structured finance products. Compliance mandates include the public disclosure of codes of conduct and analytical models on the agency's primary digital platform.

These rules establish a rigorous regulatory framework for securitization, governing the formation and operation of Special Purpose Vehicles (SPVs) and the requirements for asset-backed securities. Applicants must adhere to strict documentation standards, including comprehensive sale, servicing, and liquidity facility agreements, while ensuring the true sale of assets to the SPV is legally isolated. The Securities and Exchange Commission maintains oversight authority, with powers to demand disclosure, inspect operations, and appoint interim representatives or cancel registrations to protect investor interests.

The Securities and Exchange Commission (SEC) has announced several amendments to its rules and regulations regarding additional disclosure requirements, registration requirements, and procedures for mergers and takeovers. These changes aim to enhance investor protection and ensure market transparency. Key updates include revised rules for shelf prospectuses, incorporation by reference, and required statements in prospectuses, as well as modifications to merger and takeover procedures to provide clearer guidelines and protect shareholder interests.

Trustees must adhere to all regulatory frameworks and constituent documents while exercising a duty of loyalty and prudent judgment to act in the best interests of beneficiaries. This code mandates rigorous oversight of service providers, the prevention of co-mingling funds, accurate financial reporting, and the active avoidance of conflicts of interest. Furthermore, trustees are responsible for maintaining asset security, enforcing risk diversification, and providing transparent, timely communications to both the Commission and stakeholders.

All transactions involving securities of unlisted public companies must be conducted exclusively through a Commission-approved platform facilitated by a registered securities exchange. These regulations mandate that all market participants, including companies, directors, and brokers, must utilize these formal systems for buying, selling, or transferring such securities. Violations of these requirements incur a minimum penalty of N100,000 for the first instance plus a daily default fine of N5,000.

The Securities and Exchange Commission (SEC) has amended its Rules and Regulations to enhance disclosure requirements for offer documents and streamline procedures for mergers. Key changes include extending shelf prospectus validity to three years, permitting incorporation by reference under specific conditions, mandating detailed capital structure and auditor information, and requiring the filing of additional documents within three working days after signing offer documents or holding a Completion Board Meeting. Additionally, the amendments introduce new penalties for non-compliance in mergers and acquisitions, redefine terms like "Affected Transactions," and detail comprehensive requirements for merger notification and scheme documents, including specific appendices.

The Securities and Exchange Commission (SEC) of Nigeria has outlined rules and regulations regarding securitization in the country. These rules cover various aspects including definitions of terms, registration requirements, special purpose vehicles (SPVs), restrictions, disclosure requirements, eligible assets, transfer of assets, withdrawal/cancellation of registration, appointment of an interim representative, failure to continue business, the servicer, reports, extent of authority, and standard of conduct. The guidelines aim to provide a framework for the issuance of asset-backed securities (ABS) and ensure transparency and investor protection within the Nigerian financial market.

The Ghana Securities and Exchange Commission mandates that licensed Fund Managers cease accepting fixed deposits and guaranteeing returns on client investments. All guaranteed-return investments must be disinvested and properly allocated according to permissible activities by September 2014. Non-compliant Fund Managers face applicable sanctions under the Securities Law.

The Securities and Exchange Commission of Ghana mandates that applications for mutual fund licenses, including renewals, must be submitted directly by the company’s directors rather than appointed fund managers. This directive, effective immediately under Section 36A(1) of the Securities Industry (Amendment) Act, 2000, corrects prior practice where fund managers filed applications on behalf of the companies. Licensed operators are required to comply with this procedural requirement for all new and renewed mutual fund scheme licenses.

The Securities and Exchange Commission of Ghana has issued final guidelines establishing comprehensive operational standards for securities registrars. The regulations mandate accurate daily register maintenance, robust data security and disaster recovery protocols, strict dividend processing timelines, and systematic complaint resolution. Furthermore, the guidelines detail mandatory quarterly reconciliations, standardized agreement termination procedures aligned with IOSCO migration standards, and explicit sanctions for non-compliance.

The Securities and Exchange Commission of Ghana requires all capital market operators to join the Ghana Securities Industry Association (GSIA) and maintain good standing as a condition for license renewal. Operators must submit GSIA confirmation letters with renewal applications and complete a designated form upon collecting their licenses to verify membership dues payment. This mandate strengthens GSIA’s status as a recognized self-regulatory organization, ensuring active industry participation and informed policy development.

The Commission requires previously registered Sponsored Individuals who departed their sponsoring companies before May 12, 2014, to formally transfer their registration. Eligible applicants must submit a completed application bearing the circular's title to address implementation gaps in Rule 19(4). All submissions must be received by the Commission no later than April 29, 2019 to remain valid.

The Securities and Exchange Commission issued Circular SEC/CIR/001/2014 to define the permissible activities for licensed investment advisers and fund managers. The guidance explicitly authorizes core operations including portfolio management across capital and money market instruments, corporate advisory services such as mergers and securities issuance, and the commercial publication of financial research. Licensed entities must obtain prior clarification from the Commission before undertaking any business activities not explicitly listed in this circular.

This document establishes comprehensive regulatory frameworks for the operation of Infrastructure Funds, including specific definitions, eligibility criteria for fund managers, and strict investment restrictions such as minimum thresholds for infrastructure-related assets. It additionally defines the approval requirements and operational duties for foreign collective investment schemes soliciting investments from Nigeria, requiring them to appoint local representatives and comply with ongoing reporting obligations. Finally, it implements various regulatory updates affecting capital market operations, including amendments to corporate governance codes, registration fees for sponsored individuals, take-over bid rules, and the procedures for the transfer of capital market functions.

The Securities and Exchange Commission of Ghana mandates licensed collective investment scheme managers to formally disclose foreign investment intentions, utilize licensed local brokers for transactions, and appoint regulated sub-custodians or sub-trustees to safeguard overseas assets. These guidelines require updated scheme documentation, real-time valuation systems, and weekly balance reconciliations to ensure transparent fund management. Eligible foreign investments are strictly limited to approved markets, including IOSCO member states and jurisdictions with active SEC Ghana memoranda of understanding.

Issued by the Minister for Finance on the Securities and Exchange Commission’s recommendation, these regulations establish the licensing framework and operational standards for unit trusts and mutual funds. The rules mandate minimum capital thresholds of ¢1 billion for managers and ¢5 billion for trustees or custodians, alongside guaranteed minimum initial subscriptions and standardized scheme particulars that shield investors from misleading disclosures. They further govern pricing, valuation, and redemption procedures while empowering the Commission to suspend dealings or mandate managerial removal when capital falls below statutory limits or adverse market conditions arise.

The Securities and Exchange Commission of Ghana prohibits directors and executive officers of licensed stockbrokers from concurrently serving on the boards of listed or unlisted public companies to prevent conflicts of interest and market manipulation. Public companies are barred from accepting such appointments, while currently serving officers must resign by July 15, 2002, and formally notify the Commission. Violations by licensed operators, their officers, or public companies will trigger regulatory sanctions under the amended PNDCL 333.

This document outlines the comprehensive rules and regulations governing the capital market in Nigeria, established by the Securities and Exchange Commission under the Investments and Securities Act of 2007. It defines the registration, compliance, and operational requirements for various market operators, including brokers, dealers, issuing houses, registrars, and trustees, while providing a structured framework for public offers, mergers, takeovers, and collective investment schemes. Additionally, it sets forth critical administrative procedures, codes of conduct, and anti-money laundering/combating the financing of terrorism (AML/CFT) guidelines to ensure market integrity, investor protection, and standard compliance across the sector.

The Securities and Exchange Commission of Ghana has issued binding guidelines directing fund managers to invest in qualified commercial paper that meets strict financial and structural criteria, including a minimum GH¢500,000 net worth and 15-to-270-day maturities. The regulations cap fund exposure at 20 percent of discretionary assets, limit single-issuer holdings to 10 percent of net asset value, and restrict participation in any single issue to 60 percent. Compliance requires rigorous record-keeping, prompt default reporting to Credit Referencing Bureaus, and allows for 90-day rollovers or case-specific clearance, with immediate effect and enforceable sanctions.

The Securities Exchange Commission requires issuers conducting initial public offerings or additional listings to appoint an independent, unaffiliated registrar. This appointed entity must manage certificate issuance, maintain the shareholder register, distribute dividends, and fulfill all standard registrar duties. The mandate remains in effect for as long as the issuer stays listed on the stock exchange, ensuring ongoing protection of public investors' interests.

The Securities Commission issued this Market Guidance Note requiring issuers to appoint independent Lead Managers and Receiving Banks for Initial Public Offers and other public invitations. Affiliated issuers must secure an additional independent Lead Manager, while affiliated banks are barred from serving as the escrow account's receiving bank. These mandatory appointments safeguard investor interests and take immediate effect across all qualifying securities offerings.

The Securities Commission has issued a circular requiring the public disclosure of sanctions against defaulting Market Operators and Licensees. These enforcement actions will be published on the SEC Website and disseminated through media channels to ensure transparency. This mandatory publication safeguards market integrity, fosters investor confidence, and supports the orderly growth of the capital market.

The Securities Commission directs broker-dealers and investment advisers to implement robust IT safeguards, including onsite and offsite physical security for software and hardware alongside documented disaster recovery programs. Licensees must utilize these stipulated back-up methods to ensure accurate data processing and timely submission of periodic compliance reports, as computer breakdowns no longer justify late filings. These mandatory arrangements enable broker-dealers to execute prompt transaction settlements on behalf of investors in accordance with the SEC Compliance Manual.

The Securities and Exchange Commission of Ghana directs licensed market operators to immediately notify the regulator when an employee is dismissed or separated due to allegations of market malpractices, including fund misappropriation and fraud. This mandatory reporting requirement ensures that individuals with questionable character are promptly identified and prevented from continuing to operate within the capital market. Market operators must comply with this directive effective July 11, 2012 to maintain orderly and fair securities dealings.

This Securities and Exchange Commission document establishes a mandatory Code of Corporate Governance for public companies in Nigeria to improve transparency, accountability, and board performance. The framework mandates structural requirements including board composition, segregation of roles between Chairman and CEO, and the establishment of dedicated audit and risk management committees. Companies must also implement rigorous disclosure practices, performance evaluations, and whistle-blowing mechanisms to ensure adherence to these minimum standards of corporate behavior.

The Freedom of Information Act, 2011, establishes a legal framework in Nigeria granting the public the right to access records and information held by public institutions, regardless of the applicant's specific interest. It mandates that public institutions maintain, organize, and proactively disclose information regarding their operations, while setting clear timelines and procedures for responding to information requests. The Act also defines specific exemptions to protect personal privacy, national security, and legal privileges, while providing judicial oversight and criminal penalties for the willful destruction or alteration of records.

The Securities and Exchange Commission of Ghana mandates Investment Advisers and Broker-Dealers to licence their representatives, establishing clear definitions for each role and requiring ordinary Ghanaian residency. Licensed representatives must notify the Commission of any cessation or changes to their particulars within fourteen days, incurring a daily GH¢50 penalty and potential licence suspension for defaults exceeding thirty days. These directives, effective April 1, 2010, standardize the regulatory framework to ensure consistent oversight and operational accountability across licensed securities firms.

The document is the full text of The Investments and Securities Act of 2007 from Nigeria. It repeals the Investments and Securities Act 1999, establishes the Securities and Exchange Commission (SEC) as the regulatory authority for the Nigerian capital market, and provides for the regulation of the market. The Act covers a broad range of topics including the establishment and management of the SEC, functions and powers of the commission, registration and regulation of securities exchanges and capital market operators, trading in securities, mergers, take-overs and acquisitions and collective investment schemes. Investors, shareholders and members of the Security and Exchange Commission are addressed, who should find these provisions valuable.

This Act repeals the Investments and Securities Act of 1999 to establish the Securities and Exchange Commission as the apex regulatory authority for the Nigerian capital market, aimed at enhancing investor protection and market efficiency. It introduces comprehensive regulatory frameworks for market infrastructures, including securities exchanges, capital market operators, and collective investment schemes, while specifically tightening rules on mergers, acquisitions, and take-overs. Furthermore, the legislation institutes rigorous corporate governance standards, including mandatory internal control reporting for public companies and the establishment of an investor protection fund to mitigate risks.

This Code establishes mandatory operational and ethical standards for registered Shareholders' Associations to ensure transparency and corporate governance compliance. Associations must maintain audited financial records, file regulatory returns, and restrict leadership tenures to a maximum of two three-year terms to prevent entrenchment. Shareholders are strictly prohibited from attending general meetings of companies in which they do not hold shares and must prioritize the efficacy of internal control systems within their investee companies.

The Securities and Exchange Commission of Ghana issued this Code to regulate takeover and merger procedures for all public companies, establishing mandatory offer requirements when acquirers obtain effective control of thirty percent or more of voting shares. The framework mandates structured announcements, independent adviser assessments, and strict timelines to ensure fair and equal treatment of all target shareholders during the offer period. It grants the Commission explicit powers to enforce compliance, grant exemptions, suspend trading, and collect fees while superseding prior Ghana Stock Exchange rules on corporate acquisitions.

The Securities & Exchange Commission of Ghana issued this Compliance Manual to establish comprehensive regulatory obligations and operational standards for licensed broker-dealers, investment advisers, and their representatives. It mandates specific capitalization thresholds, client custody protocols, trading procedures, and internal control frameworks to safeguard assets and manage financial risk. Furthermore, the document requires designated compliance officers to implement supervisory systems, maintain accurate accounting records, and adhere to strict disclosure and conduct standards to ensure market integrity.

The Securities and Exchange Commission has issued guidelines streamlining Initial Public Offers and Rights Issues by mandating strict adherence to disclosed fund usage, capping total flotation costs at five percent of proceeds, and requiring independent reporting accountants. Issuers must secure shareholder approval before redirecting raised funds, fully disclose all associated fees to avoid mandatory refunds of undisclosed disbursements, and submit prospectuses for regulatory review. Effective July 2006, the Commission introduces a tiered processing fee structure charging twenty million cedis for initial prospectus submissions and ten million cedis for re-submissions containing material omissions or discrepancies.

The Securities and Exchange Commission of Ghana mandates listed companies, registrars, and market operators to actively trace shareholders, publish unclaimed dividend details in annual reports and media, and maintain updated registers. Dividends not claimed within a twelve-to-fifteen-month dormancy period must be transferred to a newly established special fund, where shareholders can later claim the principal plus accrued interest. The SEC will oversee a national register to track these funds, implement an investor education campaign, and grant listed companies a three-year grace period to settle historical arrears.

The Bank of Ghana issued notices implementing the Foreign Exchange Act 2006 (Act 723) to liberalize foreign investment rules by lifting the ten percent and seventy-four percent caps on non-resident holdings in Ghana Stock Exchange securities. The Act mandates prior regulatory approval for non-residents acquiring ten percent stakes in listed banking stocks and for foreign companies issuing local securities, while guaranteeing full foreign exchange remittability for capital, dividends, and interest. Complementary tax regulations establish a twenty-five percent corporate income rate with a three-year rebate, an eight percent withholding tax on dividends and interest, abolished stamp duties, and capital gains exemptions to facilitate market transactions.

The Securities and Exchange Commission requires all broker-dealers and investment advisers with capital below one billion cedis to raise their minimum capital to ¢1.0 billion by 1 October 2005, while new license applicants must meet this threshold before approval. Effective 1 October 2004, these entities must also maintain liquid funds equal to twenty percent of their aggregate indebtedness and inject fresh capital within three days if the balance drops below the minimum. During the twelve-month build-up period, regulated firms must submit quarterly progress reports and notify the Commission whenever liquidity adjustments are made.

The Securities & Exchange Commission mandates that all licensed Broker-Dealers and Investment Advisers appoint a designated Compliance Officer to submit quarterly written reports on regulatory compliance. Effective from the third quarter of 2004, these reports must be filed within fifteen days following each reporting period and are subject to a five million cedi penalty or license restrictions for non-compliance. This directive reinforces existing guidelines under Regulation 25 and the Commission’s Compliance Manual to ensure consistent oversight of industry standards.

The Securities and Exchange Commission has issued these regulations to establish comprehensive licensing, capital, and fee requirements for stock exchanges, dealers, investment advisers, and related securities entities. The rules mandate specific academic or professional qualifications for directors and chief executive officers, enforce strict liquidity monitoring and client deposit protections, and require robust internal compliance controls alongside detailed financial reporting. Furthermore, the regulations standardize public disclosure obligations, impose transaction levies to fund market operations, and outline clear appeal mechanisms and penalties for non-compliance.

The Securities & Exchange Commission directs licensed dealing members, broker-dealers, and investment advisers to limit aggregate acquisitions of public company securities so they do not trigger a mandatory takeover offer. These licensed operators must disclose initial acquisitions of five percent or more, as well as subsequent acquisitions or disposals of two percent or more, to the Commission before the next trading session. The Commission will impose sanctions for violations of these acquisition limits and disclosure timelines, with the directives taking effect on June 1, 2002.