CENTER FOR STANDARDS OF NIGERIA

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RULES OF THE INVESTMENT AND SECURITIES TRIBUNAL
1. Investment and Securities Tribunal (Procedures) Rules 2014
2. Investment and Securities Act, 2007
AMENDMENTS TO THE RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE COMMISSION (SEC) ENFORCED BY THE INVESTMENT AND SECURITIES TRIBUNAL (IST)
SUMMARY OF CHANGES TO THE SEC/IST RULES AS AT 2017
NEW RULES
- Rule on the Regulation of Revenue Bonds
- Asset Manager Code of Professional Conduct
- Fixed Income Primary Issuance Fees
- Equity Primary Issuance Fees
- Rules on Return of Unclaimed Dividends to Paying Companies.
- Inclusion of Independent National Electoral Commission (INEC) voter’s registration card as a valid means of identification of individual clients in the Capital Market.
- Three-tiered Know-Your-Customer (KYC) Framework for Capital Market Operators.
- Fund/Portfolio Management Operations Rules
- Rules on Return of Unclaimed Dividends to Paying Companies.
- Inclusion of Independent National Electoral Commission (INEC) voter’s registration card as a valid means of identification of individual clients in the Capital Market.
- Three-tiered Know-Your-Customer (KYC) Framework for Capital Market Operators.
- Fund/Portfolio Management Operations Rules
- Amendment to the National Investor Protection Fund (NIPF) Rules
- Amendment to Rule 508- Rules on Real Estate Investment Schemes
- Amendment to Rules on Infrastructure Funds
SUNDRY PROPOSED AMENDMENTS TO SEC/IST RULES
- Proposed amendment to Part C15 – Securities Clearing and Settlement Company
- Proposed Amendment to the Rule 40(5) on type of Public Company that may file earnings forecast
- Proposed amendment to Rule 41(4)- Rules Relating to Publication of Interim Financial Statement (Re-Exposure)
- Proposed amendment to Schedule II of the Commission’s Rules and Regulations- Insertion of penalty for diversion/misapplication of Issue Proceeds (Re-Exposure)
SUNDRY AMENDMENTS TO SEC/IST RULES
- Dividend/Return Money Warrants
- Code of Conduct for Capital Market Operators and their Employees
- Amendment to Rule 234 (Inter-dealer Broker)
- Amendments to the Rules on Mergers and Takeover
- Rule 56 (1) – Functions of Brokers
- Rule 67 – SUB-BROKER; Registration Requirements
- Rule 67 (2) Individual Sub-Broker (Deleted)
- Rule 84 – Functions of Issuing House
- Rule 88 (1) Registration Requirements
- Rule 89 (1) – Underwriters: Eligibility
- Rule 89 (2)
- Rule 92 – Functions of Fund/Portfolio Managers;
- Rule 178 (1) – Capital Market Experts Or Professionals;
- Registration Requirements
- Rule 179 – Reporting Accountants
- Rule 181 – Estate Surveyors
- Rule on Trading in Unlisted Securities – Inclusion of Debt Securities, Operators with Relevant Trade Groups/Associations, Operators with Relevant Trade Groups/Associations
- Rule 35(7) – Change of Status of registrant
- Rule 314 – Cost of Issue
- Rule 420 – Rule on Global Depository Receipts
- Rule 456(1)(F)- Obligations of The Custodian of a Collective Investment Scheme
- Schedule I of The Commission’s Rules and Regulations – Registration Fees, Minimum Capital Requirements, Securities and Others
- Schedule Vi- Basis of Computation of Bid and Offer Prices for Collective Investment Schemes
- Rule 19- Sponsored Individuals/Compliance Officers
- Rule 22 (4)- Minimum Paid-up Capital-Definition of Core/Non-Core Operators
- Rule 22 (5)- Minimum Paid-up Capital
- Rule 42 (1) & (2)- Half-yearly Returns
- Rule 182 (5)- Registration requirements
- Rule 279 (2) (d) (viii)- Registrable Securities
- Rule 279 (2) (p)- Registrable Securities
- Rule 279 (2) (r)-Registrable Securities
- Rule 279 (3) (3) (i)- Registrable Securities
- Rule 279 (8)- Registrable Securities
- Rule 288 (3)- Contents of a Prospectus
- Rule 300- Pre-offer waiting period (Fixed Price Offers)
- Rule 305- Proceeds of Issue
- Rule 312 (6) (i)- Undersubscription
- Rule 314- Cost of Issue
- Rule 315 (4)- Underwriting of Public Issues
- Rule 315 (4) (d)- Underwriting of Public Issues
- Rule 315 (7)- Underwriting of Public Issues
- Rule 316 (1)- Amount to be Underwritten
- Rule 323 (22)- Conditions for Approval of Offer
- Rule 340 (2) (e)- Conditions for Approval of Offer
- Rule 420 (1)- Depository Receipts by Nigerian Entities
- Rule 421- Definition of Acquisition (Mergers)
- Rule 566- Conditions to be satisfied by the Issuer
- Rule 567 (f)- Registration Requirement for Corporate Bonds
- Schedule 1 Part D (3)- SEC Fees on Market Deals
- Creation of New Form SEC 2Dfor Fit and Proper Persons (Sponsored Individuals, Directors/Partners) for Registration in the Capital Market.
DELETIONS
- Rule 312 (4)- Undersubscription
- Rule 340 (2) (h) – Conditions for Approval of Offer)
SEC CODES
Code of Corporate Governance for Public Companies, 4 April 2011
LINKS TO AMENDMENTS ON SEC WEBSITE
Sundry Amendments to SEC Rules and Regulations, April 13, 2015
Rules for Demutualization of Securities Exchanges in Nigeria, April 27, 2015
Rules on Securitization_ April 13, 2015
Rules on Trading in Unlisted Securities, April 13, 2015
Rules Relating to the Complaints Management Framework of the Nigerian Capital Market February 12, 2015
Rules on Infrastructure Funds, Foreign Collective Investment Schemes and Sundry Amendments, 12 May 2014
For related regulatory compliance services, general regulation/standard watch, advisory, intelligence or research support services, contact
Tree & Trees JusticeMedia Group
+234 706 710 2098
treentrees@gmail.com
For regulation/standard watch, research or regulatory compliance support services, contact
Tree & Trees JusticeMedia Group
+234 706 710 2098
treentrees@gmail.com