SECURITIES AND EXCHANGE COMMISSION, SEC – RULES AND REGULATIONS

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

1. Rule on the Regulation of Revenue Bonds
2. Asset Manager Code of Professional Conduct
3. Fixed Income Primary Issuance Fees
4. Equity Primary Issuance Fees
5. Rules on Return of Unclaimed Dividends to Paying Companies.
6. Inclusion of Independent National Electoral Commission (INEC) voter’s registration card as a valid means of identification of individual clients in the Capital Market.
7. Three-tiered Know-Your-Customer (KYC) Framework for Capital Market Operators.
8. Fund/Portfolio Management Operations Rules
9. Rules on Return of Unclaimed Dividends to Paying Companies.
10. Inclusion of Independent National Electoral Commission (INEC) voter’s registration card as a valid means of identification of individual clients in the Capital Market.
11. Three-tiered Know-Your-Customer (KYC) Framework for Capital Market Operators.
12. Fund/Portfolio Management Operations Rules
13. Amendment to the National Investor Protection Fund (NIPF) Rules
14. Amendment to Rule 508- Rules on Real Estate Investment Schemes
15. Amendment to Rules on Infrastructure Funds

SUNDRY PROPOSED AMENDMENTS TO SEC/IST RULES

1. Proposed amendment to Part C15 – Securities Clearing and Settlement Company
2. Proposed Amendment to the Rule 40(5) on type of Public Company that may file earnings forecast
3. Proposed amendment to Rule 41(4)- Rules Relating to Publication of Interim Financial Statement (Re-Exposure)
4. 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

1. Dividend/Return Money Warrants
2. Code of Conduct for Capital Market Operators and their Employees
3. Amendment to Rule 234 (Inter-dealer Broker)
4. Amendments to the Rules on Mergers and Takeover
5. Rule 56 (1) – Functions of Brokers
6. Rule 67 – SUB-BROKER; Registration Requirements
7. Rule 67 (2) Individual Sub-Broker (Deleted)
8. Rule 84 – Functions of Issuing House
9. Rule 88 (1) Registration Requirements
10. Rule 89 (1) – Underwriters: Eligibility
11. Rule 89 (2)
12. Rule 92 – Functions of Fund/Portfolio Managers;
13. Rule 178 (1) – Capital Market Experts Or Professionals;
14. Registration Requirements
15. Rule 179 – Reporting Accountants
16. Rule 181 – Estate Surveyors
17. Rule on Trading in Unlisted Securities – Inclusion of Debt Securities, Operators with Relevant Trade Groups/Associations, Operators with Relevant Trade Groups/Associations
18. Rule 35(7) – Change of Status of registrant
19. Rule 314 – Cost of Issue
20. Rule 420 – Rule on Global Depository Receipts
21. Rule 456(1)(F)- Obligations of The Custodian of a Collective Investment Scheme
22. Schedule I of The Commission’s Rules and Regulations – Registration Fees, Minimum Capital Requirements, Securities and Others
23. Schedule Vi- Basis of Computation of Bid and Offer Prices for Collective Investment Schemes
24. Rule 19- Sponsored Individuals/Compliance Officers
25. Rule 22 (4)- Minimum Paid-up Capital-Definition of Core/Non-Core Operators
26. Rule 22 (5)- Minimum Paid-up Capital
27. Rule 42 (1) & (2)- Half-yearly Returns
28. Rule 182 (5)- Registration requirements
29. Rule 279 (2) (d) (viii)- Registrable Securities
30. Rule 279 (2) (p)- Registrable Securities
31. Rule 279 (2) (r)-Registrable Securities
32. Rule 279 (3) (3) (i)- Registrable Securities
33. Rule 279 (8)- Registrable Securities
34. Rule 288 (3)- Contents of a Prospectus
35. Rule 300- Pre-offer waiting period (Fixed Price Offers)
36. Rule 305- Proceeds of Issue
37. Rule 312 (6) (i)- Undersubscription
38. Rule 314- Cost of Issue
39. Rule 315 (4)- Underwriting of Public Issues
40. Rule 315 (4) (d)- Underwriting of Public Issues
41. Rule 315 (7)- Underwriting of Public Issues
42. Rule 316 (1)- Amount to be Underwritten
43. Rule 323 (22)- Conditions for Approval of Offer
44. Rule 340 (2) (e)- Conditions for Approval of Offer
45. Rule 420 (1)- Depository Receipts by Nigerian Entities
46. Rule 421- Definition of Acquisition (Mergers)
47. Rule 566- Conditions to be satisfied by the Issuer
48. Rule 567 (f)- Registration Requirement for Corporate Bonds
49. Schedule 1 Part D (3)- SEC Fees on Market Deals
50. Creation of New Form SEC 2Dfor Fit and Proper Persons (Sponsored Individuals, Directors/Partners) for Registration in the Capital Market.

DELETIONS

1. Rule 312 (4)- Undersubscription
2. 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
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For regulation/standard watch, research or regulatory compliance support services, contact

Tree & Trees JusticeMedia Group
+234 706 710 2098
treentrees@gmail.com