Circular

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 payment for 2021 annual supervisory fee shall be based on the value of NAV as at December 31st 2021.

B        Annual Regulatory fee for Discretionary and Non-Discretionary Funds/portfolios

Every Fund/Portfolio manager shall pay not later than 31st January of every year annual regulatory fees of:

(i)           0.25% of the NAV of all discretionary and non-discretionary funds/portfolios (other than CIS) under the management of the Fund/Portfolio manager for retail investors.

(ii)          0.01% of the NAV of all discretionary and non-discretionary funds/portfolios (other than CIS) under the management of the Fund/Portfolio manager for qualified investors.

Accordingly, Funds/portfolio managers should note that payment of the said fees become due from the 1st January 2022 and full payment must be made on or before 31st January 2022.

Late payment will attract a penalty of N100,000 and a daily sum of N5,000 for every day of default, or such other stiffer penalty as the Commission may determine.

Signed
Management