Aggregated News From Investment Management Regulators

Nigeria

Re: Notice To All Capital Market Operators (CMOs) On 2022 Renewal Of Registration

Further to our earlier circular released on 16th December 2021 on the above subject, this is a reminder to all Capital Market Operators and relevant stakeholders that the 2022 Registration Renewal Exercise will end on 31st January 2022, and there will be no extension. The renewal portal can be accessed via eportal.sec.gov.ng Capital Market Operators that fail to renew their licenses will be barred from performing capital market activities in 2022. Signed: Management This news item was originally published by the Securities and Exchange Commission (SEC NG). For more information, please see the Source Link.

Notice To All Capital Market Operators (CMOS) On 2022 Renewal Of Registration

This is to inform all Capital Market Operators (CMOs) and the general public that the annual renewal of Registration of CMOs for the year 2022 will commence from 1st January, 2022. In line with the Commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2022 on or before 31st January, 2022 via the renewal of registration portal –  eportal.sec.gov.ng For enquiries or support in completing the process, please contact any of the persons below listed: Franca Isiguzoro: [email protected] Nakwada Ahmed: [email protected] Zarami Abubakar: [email protected] Okechukwu Callista: [email protected] Signed: Management This news item was originally published by...

Activities Of FinAfrica Investment Limited (Chinmark Group)

The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an Illegal Operator (FINAFRICA INVESTMENT LIMITED). The Company claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and uses the funds in entities under Chimark Group. The Commission hereby notifies the investing public that neither FINAFRICA INVESTMENT LIMITED nor Chimark Group is registered by the SEC and the Investment Scheme promoted by these entities are also not authorized by the SEC. In view of the above, the general public is hereby WARNED that any person dealing...

Circular To All Registered Fund/Portfolio Managers On Annual Regulatory And Supervision Fees

The Commission hereby draws the attention of all registered Fund/Portfolio Managers to the SEC Rule on Annual Supervision Fees for Collective Investment Schemes (CIS) and Regulatory Fees for Discretionary and Non-Discretionary Funds/Portfolios issued on January, 21 2021 and the amendment thereto issued on December 20, 2021, which provides that: A        Annual Supervisory fee for Collective Investments Schemes (CIS) under Management 1.    The annual supervisory fee for CIS shall be: (i)           0.2% of the Net Asset Value (NAV) of CIS under management (ii)          be computed and accrued daily for each CIS. 2     All fund managers shall pay the annual supervisory fee to the Commission not later than 31st January of every year. 3     The...

Activities Of Poyoyo Investment (Pilvest) Nigeria Limited

The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment (PILVEST) Nigeria Limited. The electronic message indicates a proposal to investors to invest in guaranteed investments with the following types of investment plans: Option A which is an investment with a minimum capital of N100,000.00 being invested for a period of One (1) month with a ROI (Returns on Investment) yield of 20%. Option B which involves an investment with a minimum capital of N300,000.00 being invested for a period of three...

Circular On The Commencement Of Regulatory Fee On Fixed Income (Bonds) Secondary Market Transactions

This circular is made pursuant to Section 13(u) of the Investments and Securities Act (ISA), 2007 and Schedule 1, Part D of the SEC Rules (Registration Fees, Minimum Capital Requirements, Securities and others) which empower the Securities and Exchange Commission (SEC) to levy, among others, fees on transactions relating to investments and securities business in Nigeria.  Capital Market Operators (CMOs) and stakeholders generally are hereby notified that: A regulatory fee structure on secondary market transactions on Bonds will take effect from January 1, 2022. Secondary market transactions on Bonds shall include bond transactions executed on a Securities Exchange (Exchange), reported...

Exposure Of New Rule on Special Purpose Acquisition Companies And Sundry Amendments To SEC NG Rules

Download full document Summary of Changes New Rule 1. Proposed New Rule On Special Purpose Acquisition Companies (SPACs) Sundry Amendment 2. Proposed Amendment to Rule 3(6)(b)- Time for Processing All comments and input should be forwarded by e-mail to the Secretariat, Rules Committee of the Commission, at [email protected] or by letter addressed to the Director-General, SEC, not later than two (2) weeks from date of publication. This news item was originally published by the Securities and Exchange Commission (SEC NG). For more information, please see the Source Link.

Guidance On The Implementation Of Sections 60 – 63 Of The Investments And Securities Act, 2007 – Extension Of Compliance Date To December 2023

Further to our circular on the framework for the implementation of Sections 60 to 63 of the Investments and Securities Act, 2007, published on Monday, March 08, 2021 in the Guardian and Business Day newspapers, wherein directors are required to implement relevant internal controls over financial reporting and Auditors are required to review same and issue a statement on its existence, adequacy and effectiveness or otherwise, the Commission hereby approves a two-year extension for the implementation of the Framework and compliance, from December 31, 2021 to December 31, 2023. The Framework which can be found on the Commission’s website through...

Request for Expression of interest (Consulting Services-Firms)

NIGERIA RISK-BASED SUPERVISION FRAMEWORK IMPLEMENTATION PROJECT SECTOR: NIGERIAN CAPITAL MARKET GRANT NO.: G-NG-H00-SUP-001: PROJECT ID NO.: P-NG-HZ0-007 The SECURITIES & EXCHANGE COMMISSION, NIGERIA (SEC) has received financing from the African Development Bank towards the cost of regulatory capacity improvements under the RISK-BASED SUPERVISION FRAMEWORK AND CAPCITY BUILDING PROJECT, and intends to apply part of the agreed amount for this grant to payments under the contract for consultancy services for the improvement of the Risk-Based Supervision Framework for the SEC. SERVICES INCLUDED UNDER THIS PROJECT: This project will involve the development of best practice risk-based supervision inspection manuals and guidelines for the Nigerian...

Update On Renewal Of Registration By Capital Market Operators

The Securities and Exchange Commission (“the Commission”) refers to its previous Circulars and e-mail dated 28th June 2021 on the renewal of registration of Capital Market Operators. Capital Market Operators are hereby informed that the Commission has re-opened its renewal portal (www.eportal.sec.gov.ng) to enable Operators that have not renewed their registration for 2021 to do so. The portal will remain open from 12th August 2021 to 31st August 2021. Please note however that penalties for late registration would continue to accrue from 1st May 2021.  Capital Market Operators who fail to renew their registration within the referenced timeframe would in addition to...

General Procurement Notice – Risk Based Supervision Framework Implementation And Capacity Development Project

The Securities & Exchange Commission, Nigeria  has received a grant from the African Development Bank Group administered/Capital Markets Development Trust Fund to finance the Risk Based Supervision Framework Implementation and Capacity Development Project. The principal objectives of this project are to: Provide technical assistance and capacity building on selected areas of the Commission’s operations, Support implementation of Risk-Based Supervision framework Improve the Securities Markets regulatory environment and broadening of market instruments that will help deepen the Capital Markets in Nigeria Strengthen the Commission’s supervisory tools as well as its capacity to achieve its mandate of investor protection and...

Judgement Of The Federal High Court In Respect Of BARA Finance & Investment Ltd And Its Management/Promoters

The Securities and Exchange Commission (“the Commission”) wishes to draw the attention of the general public to the judgement of the Federal High Court siting in Abuja on the 28th day of June 2021, in respect of BARA FINANCE & INVESTMENT LTD, wherein the company as well as MESSRS EDE AGIDA PETERS and OLOM OJEBONG JACOB were convicted of engaging in illegal capital market activities and operating an unregistered investment scheme, contrary to the provisions of sections 38, 54 and 67 of the Investments and Securities Act 2007. The court sentenced MR. EDE AGIDA PETERS and MR. OLOM OJEBONG...

Regulator Information

Abbreviation: SEC NG
Jurisdiction: Nigeria

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