Aggregated News From Investment Management Regulators

SEC NG

Update on Renewal of Registration for Capital Market Operators

The Securities and Exchange Commission (SEC) wishes to inform all registered Capital Market Operators (CMOs) that in line with the requirements for renewal of registration, all CMOs are required to complete the renewal process on or before April 30, 2021. Consequently, all CMOs are expected to note the following; 1. Late filing for renewal of registration shall only be entertained from May 1, 2021 to May 31, 2021. 2. The names of CMOs which have renewed their registration shall be published on the SEC Website/National Daily Newspapers and communicated to the relevant Securities Exchanges and Trade Associations for their notification. 3. CMOs yet...

Proposed New Rules And Sundry Amendments To The Rules And Regulations Of The Commission

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. New Rules 1.Proposed Rule on Robo-Advisory Services 2. Proposed Rule on Trade Repositories Sundry Amendments 3. Proposed Amendment to Rule 45 (1) (d) & (h)- Registrable Functions 4. Proposed Amendment to Rule 97 (1) – Functions Major Amendment 5. Proposed Amendment to the Rule on Mergers, Take-overs and Acquisitions – (Review for Fairness of Mergers, Take-overs and Acquisitions) Download Full Document This news item was originally published by the Securities and Exchange Commission...

Official Disclaimer on Fake SEC Website and Fictitious Recruitment Exercise

The attention of the Securities and Exchange Commission (“the Commission”) has been drawn to several websites and blogs purportedly affiliated to the Commission which are said to be advertising on-going “recruitment exercise” by the Commission. The Commission wishes to inform the general public that the referenced websites and blogs are fake and that no such recruitment exercise is being carried out. For the avoidance of doubt, the Commission has not advertised any vacancies and is not currently recruiting. The general public is therefore strongly advised to disregard the said websites and blogs and the messages being disseminated therein. Signed Management This news item...

Update On Suspension Of The Annual General Meeting Of OANDO PLC

The attention of the Securities and Exchange Commission (“The Commission”) has been drawn to publications in various media on the judgments against the Commission concerning its regulatory action on Oando Plc and several of its officers for severe breaches of capital market regulations, some of which are under criminal investigations. It is therefore important that the public is provided with the correct status of the subject matter. It may be recalled that in 2017, the Commission received petitions from two shareholders of Oando Plc alleging corporate governance lapses, mismanagement of the company etc. The Commission conducted investigations into the activities...

Call For Proposal – ICT Transformation – Development of ICT Transformation Strategy

Download TOR – SEC Nigeria Digital Transformation This news item was originally published by the Securities and Exchange Commission (SEC NG). For more information, please see the Source Link.

Proliferation of Unregistered Online Investment and Trading Platforms Facilitating Access to Trading in Securities Listed in Foreign Markets

The attention of the Securities and Exchange Commission (the Commission) has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign Companies listed on Securities Exchanges registered in other jurisdictions. These platforms also claim to be operating in partnership with Capital Market operators (CMOs) registered with the Commission. The Commission categorically states that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and...

Exposure Of Proposed Major Amendment To The Rules And Regulations Of The Commission

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. Major Amendment Proposed Amendment to Part C14- Depository and Participants Download full document below: Exposure copy_major ammendment to SEC NG Rules- April 6, 2021 This news item was originally published by the Securities and Exchange Commission (SEC NG). For more information, please see the Source Link.

Notification For 2021 First CMC Webinar Meeting – 15 APRIL 2021

The 2021 First Capital Market Committee (CMC) Webinar Meeting has been scheduled to hold on Thursday, 15th April, 2021. The usual interface with members of the press will also hold through webinar the following day being Friday, 16th April, 2021. Attendance at both events is strictly by invitation. All invited participants are expected to be seated by 9.45am. Thank you. SIGNED MANAGEMENT This news item was originally published by the Securities and Exchange Commission (SEC NG). For more information, please see the Source Link.

Exposure Of A Proposed New Rule On Unclaimed Dividends

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. New Rule Proposed Rule on Unclaimed Dividends (E-Dividend Mandate) Download full document here This news item was originally published by the Securities and Exchange Commission (SEC NG). For more information, please see the Source Link.

Motion for Injuction / Stay of Execution – Engineer Patrick Ajudua Vs SEC & OANDO Plc

The Securities and Exchange Commission (SEC) wishes to inform the general public that it has filed a Motion for Injunction/Stay of Execution of the judgment and Order of the FCT High Court in Suit No: FCT/HC/BW/CV/347/2020, ENGINEER PATRICK AJUDUA Vs SECURITIES and EXCHANGE COMMISSION & OANDO PLC. Consequently, to avoid being in contempt of court, parties and the general public are advised to refrain from performing any act or taking any action relating to the said judgment until final determination of the pending applications. Download Newspaper publication This news item was originally published by the Securities and Exchange Commission (SEC NG)....

Circular On The Renewal Of Registration

The Securities and Exchange Commission (SEC) hereby notifies the general public and Capital Market Operators (CMOs) in particular, of the reintroduction of the periodic renewal of registration by Capital Market Operators. The reintroduction of renewal of registration is premised on the need: to have a reliable data bank of all CMOs registered and active in the Nigerian Capital Market. to provide updated information on operators in the Nigerian Capital Market for reference and other official purposes by local and foreign investors, other regulatory agencies and the general public. to increasingly reduce incidences of unethical practices by CMOs such as may...

Guidance On The Implementation Of Sections 60 – 63_Of The Investments And Securities Act_2007

The global corporate scandals that occurred in 2001 were linked to weaknesses in financial reporting and accounting practices. In response, several jurisdictions enacted legislations to enhance transparency and uphold the intergrity of financial markets. As part of the efforts to reform corporate financial reporting in Nigeria, the Federal Government of Nigeria passed the amended Investments and Securities Act (ISA), 2007 which provides as follows: Section 60 (2) – the chief executive officer and the chief financial officer or officers or persons perfoming similar functions to personally certify the accuracy of the financial statements prepared by such company. Section 61...

Regulator Information

Abbreviation: SEC NG
Jurisdiction: Nigeria

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