Requirements for Registration as a Self Regulatory Organization/Trade Association

1. Evidence of Payment of Filing/Application Fee – N50,000 (Fifty Thousand Naira);
2. Evidence of Payment of Processing Fee – N200,000 (Two Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N1,000,000 (One Million Naira);
4. Evidence of Payment of Individual Fee – N50,000 (Fifty Thousand Naira) for each Principal Officer;
5. Duly Executed Form SEC 5A – For the Company;
6. Information as to its organization including structure and profile of members of the self-regulatory organization (S.R.O.) and trade association;

7. Copy of existing or proposed by-laws, rules or code of conduct of the trade association including the following:-
8. For the exclusion from its membership, persons who are not of good character and who do not possess a high degree of business integrity.
9. For the expulsion, suspension or discipline of members for conduct inconsistent with just and equitable principle in the transactions of business or for contravention of or failure to comply with the rules of the association or where applicable, the rules of self-regulatory organization (S.R.O.) and trade association or the provisions of the Act.

• With respect to affair representation of persons in the retention of members of the board of the trade association and the administration of its affairs, amongst other provisions as the commission may demand from time-to-time.

8. Sworn undertaking to promptly furnish the commission with copies of any amendment to the rules, bye-laws of constitution of the association;

9. Instruction and inspection manual of members activities;

• Detailed information on the promoters and principle officers of the trade Associations;

Corporate Documents

A copy each of the following, duly certified by the CAC;

• Certificate of Incorporation
• Memorandum and Articles of Association– this should include the power to perform the specified function;

Note: the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC

• Latest audited accounts or Statement of Affairs signed by the Auditor;
• Sworn undertaking to keep proper records and render returns as may be specified by the Commission from time to time signed by a director or the company secretary (to be notarized);
• Sworn undertaking to abide by SEC Rules and Regulations and Investments and Securities Act No.29 of 2007 by a director or the company secretary (to be notarized);

Note

• The Commission may require such other documents as it considers necessary for registration.
• An application for registration will only be considered as having been filed when all document (s)/information have been completed.
• Every applicant Company/Firm will be inspected in the course of processing an application for registration,
• A fair knowledge of the Rules and Regulations of the Commission and Investments & Securities Act No 29 of 2007 and the Capital Market is an essential prerequisite for registration;
• Subject to the powers of the commission, self-regulatory organizations (S.R.O.) and the trade Association shall, as part of its primary responsibilities call for information from, inspect and conduct inquiries and audit of its members;
• Rules 182(2) (3) and (4) shall apply in case of demand or suspension of registration of a self-regulatory organizations (S.R.O.) and trade association;