Registrable Functions

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payments

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N3,000,000.00 (Three Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual applicable fees as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of

status

Forms

6. Duly executed Form SEC 3 for the company
7. Duly executed Form SEC 2 and 2D for Sponsored Individuals and Directors of the Company. (Every potential Capital Market Operator requesting for registration of this function is required to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission and/or the Federal Government).
8. Duly Executed Form SEC 2B for Transferring Individuals. (Please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director and the Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function)
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank account details, official email address(es) as well as full postal addresses, contact numbers and email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly accepted by the employee and signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated). The duration and gaps in employment and educational history must be indicated and explained);
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. A copy of the Dealership Certificate of the authorized dealing clerk being sponsored by the company;
16. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication(s))
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
18. A copy of residence/ Working Permit (for Non-Nigerians/residents), the original copy will be required for sighting by the SEC official

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

19. Evidence of required minimum paid up Capital of N200,000,000.00 (Two Hundred Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
20. Valid Fidelity Insurance Bond covering at least 20% of the minimum capital as stipulated by the Commission’s Rules and Regulations with an end date of December 31.;

Applicant Company

21. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
22. The name(s) and address(es) of the company’s subsidiaries, associated and related companies, type of business and percentage holding;
23. Evidence of Payment of shares allotted to the shareholders;
24. Evidence of Dealing License of an Exchange
25. Operational manual or organizational chart of the company
26. Business plan;
27. Provide information on all the Banks operated by the company from inception, including the account statements not more than three months old as at time of filing with the Commission;
28. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.);
29. Provide the company’s website address, email address(es) and phone number(s)

Corporate Documents

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

30. A copy of the certificate of incorporation certified by the Corporate Affairs Commission (CAC). Where a copy not certified is filed, the applicant shall present the original copy for sighting by an authorized officer of the Commission
31. Memorandum and Articles of Association – this should include the power to perform the specified function;
32. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (The original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
33. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor. (The cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets);
34. Sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
35. 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);
36. 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).

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N5,000,000.00 (Five Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individuals’ applicable fees as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly executed Form SEC 3 for the company
7. Duly executed Form SEC 2 and 2D for Sponsored Individuals and Directors of the Company. (Note that every potential Capital Market Operator requesting for registration of this function is required to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission and/or the Federal Government).
8. Duly Executed Form SEC 2B for Transferring Individuals. (Please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director and the Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function)
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank account details, official email address(es) as well as full postal addresses, Contact numbers and email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly accepted by the employee and signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated. The duration and gaps in employment and educational history must be indicated and explained);
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. A copy of the Dealership Certificate of the authorized dealing clerk being sponsored by the company
16. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
18. A copy of residence/ Working Permit (for Non-Nigerians/residents), the original copy will be required for sighting by the SEC official

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

19. Evidence of Required Minimum Paid up Capital of N300,000,000.00 (Three Hundred Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
20. Valid Fidelity Bond covering at least 20% of the minimum capital as stipulated by the Commission’s Rules and Regulations with an end date of December 31;

Applicant Company

21. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
22. The name(s) and address(es) of the company’s subsidiaries, associated and related companies, type of business and percentage holding;
23. Evidence of Payment of shares allotted to the shareholders;
24. Evidence of Dealing License of an Exchange
25. Information on subsidiary, associated, and or affiliated/related companies where applicable;
26. Operational manual or organizational chart of the company
27. Business plan;
28. Provide information on all the Banks operated by the company from inception, including the account statements not more than three months old as at time of filing with the Commission;
29. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.);
30. Provide the company’s website address, email address(es) and phone number(s)

Corporate Documents

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

31. A copy of the certificate of incorporation certified by the Corporate Affairs Commission (CAC). Where a copy not certified is filed, the applicant shall present the original copy for sighting by an authorized officer of the Commission;
32. Memorandum and Articles of Association – this should include the power to perform the specified function;
33. CAC documents showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (The original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
34. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor. (the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets);
35. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
36. 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);
37. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individuals applicable fees as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration

Forms

6. Duly executed Form SEC 3 for the company
7. Duly executed Form SEC 2 and 2D to be duly completed by the Sponsored Individuals and Directors of the Company. (Note that every potential Capital Market Operator requesting for registration of this function is required to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission and/or the Federal Government).
8. Duly Executed Form SEC 2B for Transferring Individuals. (Please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Partner and the Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function)
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank account details, official email address(es) as well as full postal addresses, contact numbers and email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly accepted by the employee and signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated). The duration and gaps in employment and educational history must be indicated and explained;
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
16. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
17. Evidence of payment of all sponsored Individuals Annual Practicing Fee;
18. A copy of residence/ Working Permit (for Non-Nigerians/residents), the original copy will be required for sighting by the SEC official

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

19. Evidence of required minimum paid up Capital N5,000,000.00 (Five Million Naira only) (i.e. Bank balances, fixed asset or Investment in quoted Securities)
20. Valid Fidelity Indemnity Insurance Policy covering at least 20% of the minimum capital with an end date of December 31;

Applicant Company

21. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
22. The name(s) and address(es) of the company’s subsidiaries, associated and related companies, type of business, percentage holding and relationship;
23. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor. (The cash assets mix ratio shall be 30% liquid assets and 70% fixed and other assets);
24. Operational manual of the company;
25. Organizational chart of the company;
26. Business plan of the company;
27. Provide information on all the Banks operated by the company from inception, including the account statements for the last three (3) months at time of filing with the Commission.
28. Provide the company’s website address, email address(es), phone number(s)
29. Provide social media handles (e.g. Facebook, Instagram, LinkedIn; X; etc.);

Corporate Documents

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

30. A copy of the certificate of incorporation of the company certified by the company secretary. Where a copy not certified is filed, the applicant shall present the original for sighting by an authorized officer of the Commission
31. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director and the company secretary and notarized);
32. 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);
33. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION                                                                                                                                                                                                                                                                                                                                                                                                                                           

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee– N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee– N500 ,000.00 (Five Hundred Thousand Naira);
4. Evidence of Payment of Sponsored Individual fees as applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual (Fresh registration)
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration

Forms

5. Duly executed Form SEC 2 and 2D to be duly completed by the Sponsored Individuals and Directors of the Company.
6. Duly Executed Form SEC 2B for Transferring Individuals. (Please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Directors and Proposed Sponsored Individuals

7. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank account details, official email address(es) as well as full postal addresses, Contact numbers and email addresses of previous employers, bankers and nominated referees;
8. Copies of employment letters and schedule of duties (duly signed by both parties i.e. the employer and the employee);
9. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
10. Curriculum vitae of the proposed sponsored individual, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated). The duration and gaps in employment and educational history must be indicated and explained;
11. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
12. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
13. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
14. Evidence of payment of Annual Practicing Fee;
15. A copy of residence/ Working Permit (for Non-Nigerians/residents), the original copy will be required for sighting by the SEC official

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

16. Evidence of required minimum net worth of N500,000.00 (Five Hundred Thousand Naira only) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
17. Where valuation of property is involved, the consultants shall make a sworn statement that the information contained in the valuation report is true and fair and in compliance with the standard prevalent in the industry
18. Valid Professional Indemnity Insurance Policy covering at least 20% of the minimum net worth with an end date of December 31;

Applicant Company

19. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
20. The name(s) and address(es) of the company’s subsidiaries, associated and related companies, type of business, percentage holding and relationship;
21. Operational manual of the company;
22. Organizational chart of the company;
23. Business plan of the company;
24. Provide information on all the Banks operated by the company from inception, including the account statements and bank statement of accounts operated by the Company for the last three (3) months as at time of filing with the Commission.
25. Provide the company’s website address, email address(es), phone number(s)
26. Provide social media handles (e.g. Facebook, Instagram, LinkedIn; X; etc.);

Corporate Documents

27. CAC Certified copy of certificate of business name
28. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
29. 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);
30. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee– N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee– N1,000,000.00 (One Million Naira)
4. Evidence of Payment of Sponsored Individual applicable fees as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration

Forms

5. Duly executed Form SEC 3 for the company
6. Duly executed Form SEC 2 and 2D to be duly completed by the Sponsored Individuals and Partners of the Company. (Note that every potential Capital Market Operator requesting for registration of this function is required to have at least three sponsored individuals, one of whom shall be the Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission and/or the Federal Government).
7. Duly Executed Form SEC 2B for Transferring Individuals. (Please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Partners and Proposed Sponsored Individuals

8. Minimum of three (3) sponsored Individuals, including the Managing Partner and the Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function)
9. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank account details, official email address(es) as well as full postal addresses, Contact numbers and email addresses of previous employers, bankers and nominated referees;
10. Copies of employment letters and schedule of duties (duly signed by both parties i.e. the employer and the employee);
11. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
12. Curriculum vitae of all Partners and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated). The duration and gaps in employment and educational history must be indicated and explained;
13. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
14. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
15. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
16. Evidence of payment of all sponsored Individuals Annual Practicing Fee;
17. A copy of residence/ Working Permit (for Non-Nigerians/residents), the original copy will be required for sighting by the SEC official

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

18. Evidence of required minimum net worth of N2,000,000.00 (Two Million Naira only) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
19. Where valuation of property is involved, the consultants shall make a sworn statement that the information contained in the valuation report is true and fair and in compliance with the standard prevalent in the industry
20. Valid Professional Indemnity Insurance Policy covering at least 20% of the minimum net worth with an end date of December 31;

Applicant Company

21. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
22. The name(s) and address(es) of the company’s subsidiaries, associated and related companies, type of business, percentage holding and relationship;
23. Operational manual of the company;
24. Organizational chart of the company;
25. Business plan of the company;
26. Provide information on all the Banks operated by the company from inception, including the account statements and bank statement of accounts operated by the Company for the last three (3) months as at time of filing with the Commission.
27. Provide the company’s website address, email address(es), phone number(s)
28. Provide social media handles (e.g. Facebook, Instagram, LinkedIn; X; etc.);

Corporate Documents

A copy each of the following,

29. CAC Certified copy of certificate of business name;
30. Provide a copy of Deed of Partnership;
31. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor (The cash assets ratio shall be 30% liquid assets and 70% fixed and other assets).
32. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
33. 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);
34. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N30,000,000.00 (Thirty Million Naira);
4. Evidence of payment of Director’s fee– N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each new potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms

6. Duly Executed Form SEC 3 and 5 – For the Company
7. Form SEC 2 and 2D – for Sponsored Individuals/Compliance Officer and Directors (To be completed in duplicates); (Note that this function applied is required to have at least four sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Director or Sponsored Individual which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be completed in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of four (3) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Provide copy of employment letters and schedule of duties;
12. Provide Resignation Letters/Acceptance of Resignation (only for transfer sponsored individual);
13. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
14. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
15. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
16. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents);

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations.

Minimum Paid-Up Capital and Fidelity Insurance Bond

1. Latest audited Account
2. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

18. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
19. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
20. Information as to its organization including structure and profile of members of its Council/Board as well as rules and procedure;
21. Copy of Instruction and Inspection manuals of members’ activities;
22. Copy of information relating to the Market Facilities including: Trading facilities/floors, Quotation Board, Information Board/Ticker Tape, Computerization and Telephone systems;
23. Copy of Staff Policies and Procedures;
24. Detailed information about the trading system to be adopted;
25. Operational manual and organizational chart of the company
26. Business plan and organizational chart of the company;
27. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn), the company’s website address, email address(es) and phone number(s);

Corporate Documents

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

28. Certificate of Incorporation
29. Memorandum and Articles of Association – this should include the power to perform the specified function;
30. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
31. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor; (The cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
32. Sworn undertaking by the Exchange to always forward copies of Amendments of its Rules for approval by the Commission;
33. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
34. 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);
35. 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).

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N25,000,000.00 (Twenty-Five Million Naira);
4. Evidence of payment of Director’s fee– N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each new potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms

6. Duly Executed Form SEC 3 and 5C – For the Company;
7. Form SEC 2 and 2D – For Sponsored Individuals and all companies Directors (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Director or Sponsored Individual which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be completed in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of three (4) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Provide copy of employment letters and schedule of duties;
12. Provide Resignation Letters/Acceptance of Resignation (only for transfer sponsored individual);
13. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
14. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
15. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
16. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
17. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
18. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
19. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

1. Latest audited Account
2. Valid Fidelity Bond covering at least 25% of the minimum capital requirement with an end date of December 31;

Applicant Company

20. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, profile of promoters, members of its Council/Board, principal officers as well as Rules and Procedures;
21. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
22. Operational manual indicating Instruction and inspection manual of member activities and information on your client base;
23. Two copies of existing by-laws or rules, code of dealing etc. shall include Information relating to clearing facilities (Computerization/back-up facilities; Telephone and other electronic facilities);
24. Information relating to settlement facilities including settlement procedures;
25. Information relating to internal control measures in respect of access to demobilized materials and the strong room;
26. Provide a copy of software maintenance agreement;
27. Business Plan and Organizational Chart of the company;
28. The company’s Website Address, Email Address(es), Phone Number(s);
29. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.), the company’s website address, email address(es) and phone number(s);

Corporate Documents

A copy each of the following

30. Certificate of Incorporation
31. Memorandum and Articles of Association – this should include the power to perform the specified function;
32. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC); (The cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
33. Latest audited accounts or audited statement of affairs for Banks in operation for not more than three (30) days as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor;
34. Sworn undertaking to promptly furnish the Commission with any amendment to the rules of the clearing company;
35. Sworn undertaking by the Exchange to always forward copies of Amendments of its Rules for approval by the Commission;
36. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
37. 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);
38. 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).

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fees where applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

4. Duly Executed Form SEC 3 – For the Company;
5. Form SEC 2 and 2D – For Sponsored Individuals and all companies Directors (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
6. Duly Executed Form SEC 2B – (For Transfer of Director or Sponsored Individual which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be completed in duplicates.

Directors and Proposed Sponsored Individuals

7. Minimum of three (3) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
8. The Form SEC 2 should indicate among the BVN with Current Account numbers, Personal/Official Email Addresses. Also, shall include the Full Postal Addresses, Contact Numbers/Email addresses of Immediate Previous, Employers Bankers and nominated Referees;
9. Provide copy of employment letters and schedule of duties (duly signed by both parties);
10. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
11. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
12. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
13. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
14. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
15. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
16. A copy of residence/ Working Permit (for Non-Nigerian), the original copy will be required for sighting by the SEC;
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

18. Evidence of Required Minimum Paid up Capital – N50,000,000.00 (fifty Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
19. Valid Fidelity Insurance Bond covering at least 20% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations with an end date of December 31.;

Applicant Company

20. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past/ current activities every staff;
21. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
22. Evidence of Payment of shares allotted to the shareholders;
23. A list of key officers/technical experts engaged and details of their qualifications, that captures the evidence of financial, technical capabilities to carry out the functions of a Collateral Manager.
24. A copy to show proof for having appropriate security arrangements in place,
25. Evidence location in a place with access to infrastructure to support its operations and have sufficient space for parking and movement of large vehicles;
26. Operational manual to include information on your client base;
27. Detailed information about the Technology system to be adopted;
28. Provide the Information relating to the relevant Commodities Management Facilities including: Assaying facilities, Warehousing, Aggregation, Computerization and Telephone systems;
29. Provide the list of relevant technology systems in place as required by collateral management services;
30. Provide two copies of existing or proposed by-laws or rules, Code of Conduct, Warehousing Guidelines etc.
31. Provide detailed information about the promoters and principal officers of the Collateral Management Company;
32. Provide the user manuals for instruction and inspection of warehouse activities;
33. Two copies of Warehouse Accreditation requirements of the Collateral Management
    Company;
34. Business Plan and Organizational Chart of the company;
35. Disclosure of information on all the Accounts operated by the company from inception to include account statements of such bank(s) not more than three months old as at time of filing with the Commission;
36. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.), the company’s website address, email address(es) and phone number(s);

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

39. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
40. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than three (30) days as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor (Note that the cash assets ratio shall be 60% liquid assets and 40% fixed and other assets);
41. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
42. 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);
43. 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).

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

PAYMENTS

1. Evidence of Payment of Filing/Application Fee- N50,000.00 (Fifty Thousand Naira);
2. Evidence of Payment of Processing Fee- N50,000 (Fifty Thousand Naira);
3. Evidence of Payment of Registration Fee – N200,000.00 (Two Hundred Thousand Naira);
4. Evidence for Payment of Each Sponsored Individual Fee – N30,000.00 (thirty thousand Naira); for each new potential sponsored individual and N15,000.00 (fifteen thousand naira) for each transferring sponsored individual;

Forms

5. Duly Executed Form SEC 3 – For the Company
6. Form SEC 2 and 2D – For Sponsored Individuals and all companies Directors (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
7. Duly Executed Form SEC 2B – (For Transfer of Director or Sponsored Individual which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be completed in duplicates.

Directors and Proposed Sponsored Individuals

8. Minimum of two (2) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
9. The Form SEC 2 should indicate among the BVN with Current Account numbers, Personal/Official Email Addresses. Also, shall include the Full Postal Addresses, Contact Numbers/Email addresses of Immediate Previous, Employers Bankers and nominated Referees;
10. Provide copy of employment letters and schedule of duties (duly signed by both parties);
11. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
12. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
13. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
14. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
15. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
16. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

18. A copy of residence/ Working Permit (for Non-Nigerian), the original copy will be required for sighting by the SEC;

Minimum Paid-Up Capital and Fidelity Insurance Bond

19. Evidence of Required Minimum Paid up Capital – N10,000,000.00 (Ten million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
20. Current Fidelity Insurance Bond covering at least 20% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations.

Applicant Company

21. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities,
22. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
23. Evidence of Payment of shares allotted to the shareholders;
24. Evidence of Commodities owned by such broker or dealer or in which the broker or dealer has an interest shall be listed in a separate schedule and valued at the current market price
25. A copy of the Dealership Certificate of the authorized dealing clerk being sponsored by the company;
26. A copy of Dealing License of an Exchange;
27. Securities owned by such broker or dealer or in which the broker or dealer has an interest shall be listed in a separate schedule and valued at the current market price;
28. Operational manual of the company
29. Business plan and Organizational chart;
30. Provide information on all the Banks operated by the company from inception, including the account statements not more than three months old as at time of filing with the Commission;
31. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.);
32. Provide the company’s website address, email address(es) and phone number(s)
33. Disclosure of information on all the Accounts operated by the company to include account statements.

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

36. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
37. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than thirty (30) days as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor (Note that the cash assets ratio shall be 60% liquid assets and 40% fixed and other assets);
38. 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);
39. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
40. Sworn undertaking to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations(notarized);
41. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION PAYMENTS

1. Evidence for Payment of Filing/Application Fee- N50,000.00(Fifty Thousand Naira);
2. Evidence for Payment of Processing Fee- N50,000.00 (Fifty Thousand Naira);
3. Evidence for Payment of Registration Fee – N100,000.00 (One Hundred Thousand Naira);
4. Evidence of payment of Director’s fee– N100,000.00 (One Hundred Thousand Naira)
5. Evidence for Payment of Each Sponsored Individual Fee – N30,000.00 (thirty thousand Naira); for each new potential sponsored individual and N15,000.00 (fifteen thousand naira) for each transferring sponsored individual;

Forms

6. Duly Executed Form SEC 3 – For the Company
7. Form SEC 2 and 2D – For Sponsored Individuals and all companies Directors (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Director or Sponsored Individual which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be completed in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of two (2) sponsored Individuals, a Managing Director and Compliance Officer as sponsored individuals; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Provide copy of employment letters and schedule of duties (duly signed by both parties);
12. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
13. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
14. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
15. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
16. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
17. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
18. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
19. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

1. Latest audited Account
2. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

20. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
21. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
22. Evidence of Commodities owned by such broker or dealer or in which the broker or dealer has an interest shall be listed in a separate schedule and valued at the current market price;
23. A copy of the Dealership Certificate of the authorized dealing clerk being sponsored by the company;
24. A copy of Broker License of an Exchange;
25. Securities owned by such broker or in which the broker has an interest shall be listed in a separate schedule and valued at the current market price;
26. Operational manual of the company;
27. Business plan and Organizational Chart;
28. Provide information on all the Banks operated by the company from inception, including the account statements not more than three months old as at time of filing with the Commission;
29. The company’s Website Address, Email Address(es), Phone Number(s);

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

32. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
33. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than thirty (30) days as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor; (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
34. 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);
35. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
36. Sworn undertaking to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations(notarized);
37. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION PAYMENTS

1. Evidence for Payment of Filing/Application Fee- N50,000.00(Fifty Thousand Naira);
2. Evidence for Payment of Processing Fee- N50,000.00 (Fifty Thousand Naira);
3. Evidence for Payment of Registration Fee – N100,000.00 (One Hundred Thousand Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence for Payment of Each Sponsored Individual Fee – N30,000.00 (thirty thousand Naira); for each new potential sponsored individual and N15,000.00 (fifteen thousand naira) for each transferring sponsored individual;

Forms

6. Duly Executed Form SEC 3 – For the Company
7. Form SEC 2 and 2D – For Sponsored Individuals and all companies Directors (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Director or Sponsored Individual which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be completed in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of two (2) sponsored Individuals, one of whom should be a Compliance Officer;
10. The Managing Director of the Company to be among the sponsored individuals;
11. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
12. The Form SEC 2 should indicate among the BVN with Bank details, Personal/Official Email Addresses. Also, shall include the Full Postal Addresses, Contact Numbers/Email addresses of Immediate Previous, Employers Bankers and nominated Referees;
13. Provide copy of employment letters and schedule of duties (duly signed by both parties);
14. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
15. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
16. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
17. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
18. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
19. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
20. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License issued by Federal Road Safety (FRSC), Inland Revenue Tax Clearance Certificate or utility payment documents),
21. A copy of residence/ Working Permit (for Non-Nigerian), the original copy will be required for sighting by the SEC;

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations.

Minimum Paid-Up Capital and Fidelity Insurance Bond

22. Evidence of Required Minimum Paid up Capital – N3,000,000.00 (Three million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
23. Valid Fidelity Insurance Bond covering at least 20% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations with an end date of December 31.;

Applicant Company

24. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
25. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
26. Evidence of Commodities owned by such broker or dealer or in which the broker or dealer has an interest shall be listed in a separate schedule and valued at the current market price;
27. A copy of the Dealership Certificate of the authorized dealing clerk being sponsored by the company;
28. A copy of Broker License of an Exchange;
29. Securities owned by such broker or in which the broker has an interest shall be listed in a separate schedule and valued at the current market price;
30. Operational manual of the company;
31. Business plan and organizational chart;
32. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.);
33. Provide the company’s website address, email address(es) and phone number(s)
34. Disclosure of information on all the Accounts operated by the company to include account statements.

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

37. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
38. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than thirty (30) days as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor (Note that the cash assets ratio shall be 60% liquid assets and 40% fixed and other assets);
39. 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);
40. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
41. Sworn undertaking to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations(notarized);
42. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N10,000,000.00 (Ten Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fees where applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly Executed Form SEC 3 and 5 – For the Company
7. Duly Executed Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every company/individual requesting for registration as a Capital Market Operator under this function must have at least four sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Directors or Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of four (4) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate among the BVN with Current Account numbers, Personal/Official Email Addresses. Also, shall include the Full Postal Addresses, Contact Numbers/Email addresses of Immediate Previous, Employers Bankers and nominated Referees;
11. Provide copy of employment letters and schedule of duties (duly signed by both parties);
12. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
13. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
14. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
15. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
16. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
17. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
18. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

19. A copy of residence/ Working Permit (for Non-Nigerian), the original copy will be required for sighting by the SEC;

Minimum Paid-Up Capital and Fidelity Insurance Bond

20. Evidence of Required Minimum Paid up Capital – N500,000,000.00 (Five Hundred Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
21. Current Fidelity Insurance Bond covering at least 25% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations with an end date of December 31.;

Applicant Company

22. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
23. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
24. Evidence of Payment of shares allotted to the shareholders;
25. Provide all information relating to the Market Facilities including: trading facilities, Quotation Board, Information Board/Ticker Tape, Computerization and Telephone systems when finalized Plan);
26. Forward a copy of the Form for the General Undertaking for Members;
27. Provide two copies of existing or proposed by-laws or rules, Code of Conduct, Code of Dealing etc., which are referred to as ‘Rules of the Exchange’;
28. Provide a copy of instruction and inspection manual of members’ activities;
29. Provide a copy of detailed information about the promoters and principal officers of the exchange to include details of their past and current activities;
30. Forward Staff Policies and Procedures;
31. Provide two copies of the listing requirements of the Exchange;
32. Provide detailed information about the trading system to be adopted;
33. Operational Manual;
34. Business plan and Organizational Chart of the company;
35. Provide information on all the Banks operated by the company from inception, including the account statements and bank statement of accounts operated by the Company for the last three (3) months as at time of filing with the Commission.
36. Provide the company’s website address, email address(es), phone number(s) and shall also provide social media handles (e.g. Facebook, Instagram, LinkedIn; twitter; etc.);
37. Disclosure of information on all the Accounts operated by the company to include account statements.

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association (certified by the Corporate Affairs Commission (CAC)) code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

40. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors;
41. Latest copy of audited accounts or audited statement of affairs and management accounts that are not more than thirty (30) days old as at time of filing with the Commission which must be signed by its auditors, two company directors accompanied by a confirmation letter from an external auditor. (Note that the cash assets ratio shall be 60% liquid assets and 40% fixed and other assets)
42. Forward a Sworn undertaking by the Exchange to always forward copies of Amendments of its Rules for approval by the Commission; Sworn undertaking by the Exchange to always forward copies of Amendments of its Rules for approval by the Commission;
43. Sworn undertaking by members serving on the Board of Directors of the Company and who are also Directors/having interest in Companies whose securities are being traded/could be traded on the Exchange (to be notarized);
44. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
45. Sworn undertaking to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations (to be notarized);
46. 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);
47. 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);
48. Act No.29 of 2007 by a director or the company secretary (to be notarized);

Note

• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh.
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira) only;
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira) only;
3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira);
4. Evidence of payment of Director’s Fee – N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fees where applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly Executed Form SEC 3 and 3B – For the Company
7. Duly executed Form SEC 2 and 2D for Sponsored Individuals and Directors of the Company. (Note that every potential Capital Market Operator requesting for registration of this function is required to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission and/or the Federal Government).
8. Duly Executed Form SEC 2B for Transferring Individuals. (please refer to the requirements for transfer of registration on the Commission’s website for compliance)

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated. The duration and gaps in employment and educational history must be indicated and explained);
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
16. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
18. All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations;

Minimum Paid-Up Capital and Fidelity Insurance Bond

19. Evidence of Required Minimum Paid up Capital of N100,000,000.00 (One Hundred Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
20. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

21. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
22. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
23. Evidence of Payment of shares allotted to the shareholders;
24. Provide the existing or proposed by-laws or rules, and such other document governing the conduct of fundraisers and investors on the portal;
25. Operational Manual of the company
26. Information on Crowdfunding IT System to be adopted
27. Business plan and organizational chart;
28. Disclosure of information on all the Banks operated by the company from inception, including the provision of all account statements operated by the Company for the last six (6) months as at time of filing with the Commission.
29. The company’s website address, email address(es), phone number(s), and social media handles (e.g. Facebook, Instagram, LinkedIn etc.);

Corporate Documents

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

30. Certificate of Incorporation;
31. Memorandum and Articles of Association – this should include the power to perform the specified function required
32. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors
33. (Note: the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
34. Latest audited accounts or audited statement of affairs signed by two company directors and a confirmation letter from an external auditor, which is not more than thirty (30) days old at the time of filing with the Commission. (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
35. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
36. Sworn undertaking by the Chief Executive of the said function, and which shall be filed annually, confirming that the function is in relation to the Crowdfunding Portal (Sufficient and capable personnel to carry out operations; Evidence of adequate security measures, systems capacity, business continuity plan and procedures, risk management, data integrity and confidentiality, record keeping and audit trail, for daily operations and to meet emergencies and sufficient IT and technical support arrangements);
37. Sworn undertaking to promptly furnish the Commission with copies of any amendments to its by-laws, rules, or codes;
38. 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);
39. 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);

Additional Information for IT Portal

Information on Crowdfunding System;

40. Detailed information of all domain names of any website through which the Crowdfunding Portal will be operated, social media handles and any other online identifiers including evidence of registration (where applicable);
41. Detailed information about the crowdfunding system to be adopted including technical details associated with the portal’s online presence;
42. Proposed brand name of the Portal including evidence of trademark registration of the brand name (where applicable);
43. Detailed information about the promoters and principal officers of the Crowdfunding Intermediary;
44. Sworn undertaking for the General for Members and by members serving on the Board of Directors of the Company and who are also Directors/having interest in Companies whose securities are being traded/could be traded on the Exchange (notarized).

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N10,000,000.00 (Ten Million Naira);
4. Evidence of payment of Director’s fee– N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual only;

Forms

6. Duly Executed Form SEC 3 and 5 – For the Company;
7. Duly Executed Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. *Duly Executed Form SEC 2B – (For Transfer of Directors or Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of four (4) sponsored Individuals, one of whom should be a Managing Director and a Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Provide copy of employment letters and schedule of duties (duly signed by both parties);
12. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
13. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
14. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
15. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
16. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
17. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
18. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
19. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

1. Latest audited Account
2. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

20. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
21. The name(s) and address (es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
22. Evidence of specimen custodian agreement to be signed with its client;
23. Evidence as an entity duly licensed to carry out banking function;
24. Provide the copy of Operational manual, shall include: Information relating to the Market Facilities (Trading Facilities, Quotation Board, Information Board/Ticker Tape, Computerization and Telephone systems when finalized), Staff Policies and Procedures;
25. Organizational Chart of the company
26. Business Plan of minimum of five (5) years
27. Provide a copy of the form for the General Undertaking for Members;
28. Provide two copies of existing or proposed by-laws or rules, Code of Conduct, Code of Dealing etc., which are referred to as ‘Rules of the Exchange’;
29. Provide two copies of the listing requirements of the Exchange;
30. Provide the company’s Website Address, Email Address(es), Phone Number(s) and;
31. Provide Social Media handles (e.g. Facebook, Instagram, LinkedIn; twitter; etc.);

Corporate Documents

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

32. Certificate of Incorporation;
33. Memorandum and Articles of Association – this should include the power to perform the specified function;
34. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note: the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
35. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than three (3) months as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor; (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
36. Sworn undertaking by members serving on the Board of Directors of the Company and who are also Directors/having interest in Companies whose commodities are being traded/could be traded on the Exchange (to be notarized);
37. Sworn undertaking to comply with and to enforce compliance by its members; with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations signed by a director or the company secretary;
38. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
39. 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);
40. Sworn undertaking to abide by SEC Rules and Regulations and Investments and Securities Act No.29 of 2007 (to be notarized);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N3,000,000.00 (Three Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individuals’ applicable fees as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly Executed Form SEC 3 – For the Company
7. Duly Executed Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B for Transferring Individuals. (Please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director and the Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function)
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank account details, official email address(es) as well as full postal addresses, contact numbers and email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly accepted by the employee and signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated). The duration and gaps in employment and educational history must be indicated and explained);
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. A copy of the Dealership Certificate of the authorized dealing clerk being sponsored by the company;
16. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication(s))
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
18. A copy of residence/ Working Permit (for Non-Nigerians/residents), the original copy will be required for sighting by the SEC official

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

19. Evidence of Required Minimum Paid up Capital of N100,000,000.00 (One Hundred Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
20. Valid Fidelity Indemnity Insurance Policy covering at least 20% of the minimum capital as stipulated by the Commission’s Rules and Regulations with an end date of December 31;

Applicant Company

21. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
22. The name(s) and address(es) of the company’s subsidiaries, associated and related companies, type of business and percentage holding;
23. Evidence of Payment of shares allotted to the shareholders;
24. Evidence of Dealing License of an Exchange
25. Operational manual or organizational chart of the company
26. Business plan;
27. Provide information on all the Banks operated by the company from inception, including the account statements not more than three months old as at time of filing with the Commission;
28. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.);
29. Provide the company’s website address, email address(es) and phone number(s)

Corporate Documents

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

30. A copy of the certificate of incorporation certified by the Corporate Affairs Commission (CAC). Where a copy not certified is filed, the applicant shall present the original copy for sighting by an authorized officer of the Commission
31. Memorandum and Articles of Association – this should include the power to perform the specified function;
32. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (The original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
33. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor. (The cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets);
34. Sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
35. 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);
36. 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).

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira) only;
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira) only;
3. Evidence of Payment of Registration Fee – N3,000,000.00 (Three Million Naira) only;
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fees where applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly executed Form SEC 3 for the company
7. Duly executed Form SEC 2 and 2D for Sponsored Individuals and Directors of the Company. (Note that every potential Capital Market Operator requesting for registration of this function is required to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission and/or the Federal Government).
8. Duly Executed Form SEC 2B for Transferring Individuals. (please refer to the requirements for transfer of registration on the Commission’s website for compliance)

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly accepted by the employee and signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated. The duration and gaps in employment and educational history must be indicated and explained);
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
16. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

18. Latest audited Account
19. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

20. Profile of the Company should include among others brief a history of the company, the organizational and shareholding structure, details of past and current activities and information on the principal officers;
21. Name (s) and address (es) of the company’s subsidiaries, associated and/or related companies, type of business and percentage of holdings;
22. Evidence of the CBN’s no-objection to the bank to operate as a Dealing member
23. Operational Manual of the company;
24. Business Plan of the company;
25. The company’s Website Address, Email Address(es), Phone Number(s);

Corporate Documents

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

26. Certificate of Incorporation;
27. Memorandum and Articles of Association – this should include the power to perform the specified function required
28. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors

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

29. Latest audited accounts or audited statement of affairs signed by two company directors and a confirmation letter from an external auditor, which is not more than thirty (30) days old at the time of filing with the Commission.
30. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
31. 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);
32. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N10,000,00,000.00 (Ten Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual applicable fees as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly executed Form SEC 3 for the company
7. Duly executed Form SEC 2 and 2D for Sponsored Individuals and Directors of the Company. (every potential Capital Market Operator requesting for registration of this function is required to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission and/or the Federal Government).
8. Duly Executed Form SEC 2B for Transferring Individuals. (Please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director and the Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank account details, official email addresses as well as full postal addresses, contact numbers and email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly accepted by the employee and signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from secondary school(s) with dates and duration clearly indicated. Reasons for leaving all previous employments are required to be stated. The duration and gaps in employment and educational history must be indicated and explained;
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication);
16. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
17. A copy of residence / Work Permit for Non-Nigerians/residents. The original copy shall be presented to the SEC for sighting;

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

18. Evidence of Required Minimum Paid up Capital – N150,000,000.00 (One Hundred and Fifty Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
19. Valid Fidelity Insurance Bond covering at least 20% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations with an end date of December 31.

Applicant Company

20. Profile of the Company should include among others brief a history of the company, the organizational and shareholding structure, details of past and current activities and information on the principal officers;
21. The name(s) and address(es) of the company’s subsidiaries, associated and related companies, type of business and percentage holding;
22. Evidence of Payment of shares allotted to the shareholders;
23. Operational manual and organizational chart of the company
24. Business plan;
25. Information on the company’s client base
26. Information on all the Banks operated by the company from inception, including the account statements not more than three months old as at time of filing with the Commission;
27. Information on the company’s social media handles (e.g. Facebook, Instagram, X etc.), the company’s website address, functional email address(es) and phone number(s);

Corporate Documents

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

28. A copy of the certificate of incorporation certified by the Corporate Affairs Commission (CAC). Where a copy not certified is filed, the applicant shall present the original copy for sighting by an authorized officer of the Commission;
29. Memorandum and Articles of Association – this should include the power to perform the specified function and related activities only;
30. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (the original certificate is to be presented for sighting by an authorized officer of the SEC);
31. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor. (the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets);
32. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director and the company secretary and notarized);
33. Sworn undertaking to keep proper records and render returns as may be specified by the Commission from time to time signed by a director and the company secretary (to be notarized);
34. Sworn undertaking to abide by SEC Rules and Regulations and Investments and Securities Act No.29 of 2007 by a director and the company secretary (to be notarized);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira Only);
4. Evidence of payment of Director’s fee– N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each new potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms

6. Duly Executed Form SEC 3 and 5B – For the Company
7. Form SEC 2 and 2D – For Sponsored Individuals and all companies Directors (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Director or Sponsored Individual which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be completed in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, one of whom should be a Managing Director and a Compliance Officer; . (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly accepted by the employee and signed by both parties i.e. the employer and the employee);
12. Provide Resignation Letters/Acceptance of Resignation (only for transfer sponsored individual);
13. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
14. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
15. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
16. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
17. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
18. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents);
19. A copy of residence/ Working Permit (for Non-Nigerian), the original copy will be required for sighting by the SEC;

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

20. Latest audited Account
21. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

22. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
23. The name(s) and address (es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
24. Provide two copies of existing or proposed by-laws or rules, Code of Conduct, Code of Dealing etc., which are referred to as ‘Rules of the Exchange’;
25. Evidence information as to its organization including structure and profile of members of its Council/Board as well as rules and procedure;
26. Provide copy of the proceedings of the Exchange and the detailed documents in respect of the Investor Protection Fund and Trade Guarantee Fund when finalized;
27. Provide a copy of Instruction and inspection manual of members’ activities;
28. Information relating to the Market Facilities including: Trading Facilities/ Floors, Quotation Board, Information Board/Ticker Tape, Computerization and Telephone systems when finalized);
29. Operational manual of the company to include the Staff Policies and Procedures;
30. Business Plan and Organizational Chart of the company;
31. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.), the company’s website address, email address(es) and phone number(s);

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

34. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
35. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor; (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
36. Sworn undertaking for the General for Members;
37. Sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
38. 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);
39. Sworn undertaking to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations(notarized);
40. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N5,000,000.00 (Five Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each new potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms

6. Duly Executed Form SEC 3 – For the Company
7. Form SEC 2 and 2D – for Sponsored Individuals/Compliance Officer and Directors (To be completed in duplicates); (Note that this function requesting for registration shall have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Director or Sponsored Individual which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be completed in duplicates.

Directors and Sponsored Individuals

9. The Managing Director of the Company to be among the sponsored individuals;
10. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
11. The Form SEC 2 should indicate among the BVN with Bank details, Personal/Official Email Addresses. Also, shall include the Full Postal Addresses, Contact Numbers/Email addresses of Immediate Previous, Employers Bankers and nominated Referees;
12. Provide copy of employment letters and schedule of duties (duly signed by both parties);
13. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
14. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
15. Copies of credentials of including secondary school and NYSC discharge or exemption certificates (originals will be required for sighting by the SEC);
16. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
17. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
18. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
19. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License issued by Federal Road Safety (FRSC), Inland Revenue Tax Clearance Certificate or utility payment documents),
20. A copy of residence/ Working Permit (for Non-Nigerian), the original copy will be required for sighting by the SEC official;

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations.

Minimum Paid-Up Capital and Fidelity Insurance Bond

21. Evidence of Required Minimum Paid up Capital – N5,000,000.00 (Five Million Naira) Capital (i.e. Bank balances, fixed asset or Investment in quoted Securities);
22. Valid Fidelity Insurance Bond covering at least 25% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations with an end date of December 31.;

Applicant Company

23. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
24. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
25. A copy of the Dealership Certificate of the authorized dealing clerk being sponsored by the company;
26. Evidence copy of the agreement signed between the sponsoring Dealing company and Parties;
27. Securities owned by such broker or dealer or in which the broker or dealer has an interest shall be listed in a separate schedule and valued at the current market price;
28. Operational manual of the company;
29. Business plan and Organizational Chart;
30. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.);
31. Provide the company’s website address, email address(es) and phone number(s)
32. Disclosure of information on all the Accounts operated by the company to include account statements.

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

35. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
36. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor (Note that the cash assets ratio shall be 60% liquid assets and 40% fixed and other assets);
37. Sworn undertaking to provide to the Commission the register of its authorized users and to comply with the provisions of rule 26-28 of the rules and regulations of the Commission
38. Sworn undertaking to convey any change in information, which affects the status of the company to the Commission as required by rule 32 of these rules and regulations.
39. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
40. 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);
41. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira) only;
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira) only;
3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira) only;
4. Evidence of payment of Director’s Fee – N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fees where applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly Executed Form SEC 3 – For the Company
7. Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. **Duly Executed Form SEC 2B – (For Transfer of Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); All Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, Bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated. The duration and gaps in employment and educational history must be indicated and explained);
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
16. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

18. Evidence of Required Minimum paid up of N5,000,000.00 (five Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
19. Valid Fidelity Indemnity Insurance Policy covering at least 20% of the minimum net worth as stipulated by the Commission’s Rules and Regulations with an end date of December 31;

Applicant Company

20. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
21. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
22. Evidence of Payment of shares allotted to the shareholders;
23. Operational manual shall include information on your client base;
24. Business Plan of the company;
25. Disclosure of information on all the Banks operated by the company from inception, including the provision of all account statements operated by the Company for the last six (6) months as at time of filing with the Commission;
26. The company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.), the company’s website address, email address(es) and phone number(s);

Corporate Documents

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

27. Certificate of Incorporation;
28. Memorandum and Articles of Association – this should include the power to perform the specified function required
29. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors

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

30. Latest audited accounts or audited statement of affairs signed by two company directors and a confirmation letter from an external auditor, which is not more than thirty (30) days old at the time of filing with the Commission. (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
31. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
32. 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);
33. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira) only;
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira) only;
3. Evidence of Payment of Registration Fee – N500,000.00 (Five Hundred Thousand Naira);
4. Evidence of payment of Director’s Fee – N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fees where applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly Executed Form SEC 3 – For the Company
7. Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. **Duly Executed Form SEC 2B – (For Transfer of Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); All Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, Bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated. The duration and gaps in employment and educational history must be indicated and explained);
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
16. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

18. Evidence of Required Minimum paid up of N2,000,000.00 (Two hundred thousand Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
19. Valid Fidelity Bond covering at least 10% of the minimum capital requirement with an end date of December 31;

Applicant Company

20. and shareholding structure, principal officers as well as details of past and current activities;
21. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
22. Evidence of Payment of shares allotted to the shareholders;
23. Operational Manual of the company shall include information on your client base;
24. Business Plan of the company;
25. Disclosure of information on all the Banks operated by the company from inception, including the provision of all account statements operated by the Company for the last six (6) months as at time of filing with the Commission;
26. The company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.), the company’s website address, email address(es) and phone number(s).

Corporate Documents

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

27. Certificate of Incorporation;
28. Memorandum and Articles of Association – this should include the power to perform the specified function required
29. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors

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

30. Latest audited accounts or audited statement of affairs signed by two company directors and a confirmation letter from an external auditor, which is not more than thirty (30) days old at the time of filing with the Commission. (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
31. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
32. 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);
33. 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).

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

REQUIREMENTS FOR REGISTRATION

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N10,000,000.00 (Ten Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individuals’ applicable fees as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly executed Form SEC 3 for the company
7. Duly executed Forms SEC 2 and 2D for Sponsored Individuals and Directors of the Company. (Note that every potential Capital Market Operator requesting for registration of this function is required to have at least four (4) sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission and/or the Federal Government).
8. Duly Executed Form SEC 2B for Transferring Individuals. (please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Directors and Proposed Sponsored Individuals

9. Minimum of four (4) sponsored Individuals, including the Managing Director, the Head of Issuing House and the Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function)
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank account details, official email address(es) as well as full postal addresses, Contact numbers and email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated. The duration and gaps in employment and educational history must be indicated and explained);
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
16. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
17. Evidence to indicate that the head of the issuing house has practical experience in the packaging of public issues.
18. A copy of residence/ Working Permit (for Non-Nigerians/non-residents), the original copy will be required for sighting by the SEC official

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations;

The head of the issuing house activities must have practical experience in the packaging of public issues

Minimum Paid-Up Capital and Fidelity Insurance Bond

19. Evidence of Required Minimum Paid up Capital of N200,000,000.00 (Two Hundred Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
20. Current Fidelity Insurance Bond covering at least 25% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations;

Applicant Company

21. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
22. The name(s) and address(es) of the company’s subsidiaries, associated and related companies, type of business and percentage holding;
23. Evidence of Payment of shares allotted to the shareholders;
24. Information on subsidiary, associated, and or affiliated/related companies where applicable;
25. Operational manual or organizational chart of the company
26. Business plan;
27. Provide information on all the Banks operated by the company from inception, including the account statements not more than three months old as at time of filing with the Commission;
28. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.);
29. Provide the company’s website address, email address(es) and phone number(s)
30. Disclosure of information on all the Accounts operated by the company to include account statements.

Corporate Documents

A copy of the following;

31. Certificate of Incorporation duly certified by the CAC
32. Memorandum and Articles of Association – this should indicate the power to perform the specified function for registration only;
33. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (The original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
34. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor. (the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets);
35. Sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
36. 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);
37. 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).

PLEASE NOTE THAT THE COMMISSION MAY REQUIRE SUCH OTHER DOCUMENTS AND INFORMATION CONSIDERED NECESSARY FOR REGISTRATION

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N10,000,000.00 (Ten Million Naira);
4. Evidence of payment of Director’s fee– N100,000.00 (One Hundred Thousand Naira);
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms

6. Duly Executed Form SEC 3 – For the Company;
7. Duly Executed Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every company/individual requesting for registration as a Capital Market Operator under this function must have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Directors or Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, one of whom should be a Managing Director and a Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Provide copy of employment letters and schedule of duties (duly signed by both parties);
12. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
13. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
14. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
15. Evidence certificate for change of name (include Court Affidavit and Newspaper publication);
16. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
17. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
18. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
19. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

1. Latest audited Account
2. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

20. Profile of the Company which should include among others, brief history of the company, organizational and shareholding structure, principal officers, type of services rendered as well as details of past and present activities of the company;
21. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
22. A copy of letter from the Financial Service Regulator (Central Bank of Nigeria) for No Objection to perform the function;
23. Operational manual, Business plan and Organizational Chart of the company;
24. Provide information on all the Banks operated by the company from inception, including the account statements and bank statement of accounts operated by the Company for the last three (3) months as at time of filing with the Commission;
25. Provide the company’s website address, email address(es), phone number(s) and shall also provide social media handles (e.g. Facebook, Instagram, LinkedIn; twitter; etc.);

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

28. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
29. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than thirty (30) days as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor; (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
30. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
31. Sworn undertaking to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations (to be notarized);
32. 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);
33. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira) only;
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira) only;
3. Evidence of Payment of Registration Fee – N1,000,00,000.00 (One Million Naira);
4. Evidence of payment of Director’s Fee – N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fees where applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N5,000,000.00 (Five Million Naira);
4. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms

5. Duly Executed Form SEC 3 and 4 – For the Company
6. Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
7. **Duly Executed Form SEC 2B – (For Transfer of Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); All Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

6. Minimum of three (3) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
7. The Form SEC 2 should indicate amongst others, the applicant’s BVN, Bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
8. Copies of employment letters and schedule of duties (duly signed by both parties i.e. the employer and the employee);
9. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
10. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated. The duration and gaps in employment and educational history must be indicated and explained);
11. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
12. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
13. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
14. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations.

Minimum Paid-Up Capital and Fidelity Insurance Bond

8. Evidence of Required Minimum Paid up Capital of N150,000,000.00 (One Hundred and Fifty Million Naira only) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
9. Current Fidelity Insurance Bond covering at least 20% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations;

Applicant Company

10. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
11. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
12. Evidence of Payment of shares allotted to the shareholders;
13. Operational Manual of the company;
14. Business Plan of the company;
15. Provide a copy of information on facilities (including; fire proof cabinet, filing cabinets, registers, information system) and other back-up facilities;
16. Provide a copy of information relating to control measures;
17. Disclosure of information on all the Banks operated by the company from inception, including the provision of all account statements operated by the Company for the last six (6) months as at time of filing with the Commission;
18. The company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.), the company’s website address, email address(es) and phone number(s);

Corporate Documents

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

19. Memorandum and Articles of Association – this should include the power to perform the specified function required
20. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors

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

21. Latest audited accounts or audited statement of affairs signed by two company directors and a confirmation letter from an external auditor, which is not more than thirty (30) days old at the time of filing with the Commission. (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
22. Sworn undertaking to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations (to be notarized);
23. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
24. 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);
25. 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

• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh.
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents, as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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.

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);

2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each new potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms

6. Duly Executed Form SEC 3 – For the Company;
7. Duly Executed Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that any potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Directors or Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, one of whom should be a Compliance Officer;
10. The Managing Director of the Company to be among the sponsored individuals;
11. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
12. The Form SEC 2 should indicate among the Personal/Official Email Addresses, BVN with Bank details of the sponsored individual(s). Also, shall include the Names, Full Postal Addresses, Contact Numbers and Email Addresses of Immediate Previous, Employers Bankers and nominated Referees;
13. Provide copy of employment letters and schedule of duties (duly signed by both parties);
14. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
15. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
16. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
17. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
18. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
19. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
20. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License issued by Federal Road Safety (FRSC), Inland Revenue Tax Clearance Certificate or utility payment documents),
21. A copy of residence/ Working Permit (for Non-Nigerian), the original copy will be required for sighting by the SEC.

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

22. Evidence of Required Minimum Paid up Capital – N10,000,000.00 (Ten Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
23. Current Fidelity Insurance Bond covering at least 20% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations;

Applicant Company

24. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
25. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
26. Operational manual and organizational chart (robust governance arrangements) of the company with well defined, transparent and consistent lines of responsibility;
27. Business plan;
28. Bank statement of accounts operated by the Company for the last 6 months;

Corporate Documents

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

29. Certificate of Incorporation
30. Memorandum and Articles of Association – this should include the power to perform the specified function;
    • Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;
31. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors
32. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than three (30) months as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor (Note that the cash assets ratio shall be 60% liquid assets and 40% fixed and other assets)
33. 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);
34. Sworn undertaking to abide on the ongoing basis, with all the applicable
    business conduct requirements set out in the Investment and Securities Act (ISA) and
    the Rules and Regulations, Notices and Guidelines issued pursuant to the ISA;
35. 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);

Additional Regulatory Requirements Questions for Robo Advisers (Digital)

36. Additional Procedures for Providing Digital Advisory Services;
37. Procedures for Revising and Rebalancing a Client’s Investment Asset Allocation;
38. Governance and Supervision of Algorithms;
39. Developing the Client-facing Tool;
40. Monitoring and Testing of the Client-facing Tool;
41. Technology Risk Management;
42. Compliance with the Anti-Money Laundering and Combating the Financing of Terrorism Act;
43. Disclosure of Material Information;
44. Information on Algorithms;
45. Conflicts of Interest;
46. Risk Warning Statement for Overseas-listed Investment Products;
47. Suitability of Advice;
48. Exemption to Collecting Full Information;
49. Assessing Clients’ Knowledge and Experience,
50. Advertisement;

For the process of answering the question 36 – 50, click on the link Digital Advisory Services

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N30,000,000.00 (Thirty Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual only;

Forms

6. Duly Executed Form SEC3 and 5 – For the Company
7. Form Executed Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least Four sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. *Duly Executed Form SEC 2B – (Additional for Transfer of Directors or Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of Four (4) sponsored Individuals, one of whom should be a Compliance Officer;
10. The Managing Director of the Company to be among the sponsored individuals;
11. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
12. The Form SEC 2 should indicate among the BVN with Bank details, Personal/Official Email Addresses. Also, shall include the Full Postal Addresses, Contact Numbers/Email addresses of Immediate Previous, Employers Bankers and nominated Referees;
13. Provide copy of employment letters and schedule of duties;
14. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
15. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
16. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
17. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
18. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
19. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)A copy of residence/ Working Permit (for Non-Nigerian), the original copy will be required for sighting by the SEC;

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations.

Minimum Paid-Up Capital and Fidelity Insurance Bond

20. Evidence of Required Minimum Paid up Capital of N500,000,000.00 (Five Hundred Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
21. Current Fidelity Insurance Bond covering at least 25% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations;

Applicant Company

22. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
23. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
24. Provide two copies of existing or proposed by-laws or rules, Code of Conduct, Code of Dealing etc., which are referred to as ‘Rules of the Exchange’;
25. Evidence information as to its organization including structure and profile of members of its Council/Board as well as rules and procedure;
26. Provide a copy of detailed information about the promoters and principal officers of the Exchange;
27. Provide two copies of the listing requirements of the Exchange;
28. Provide copy of the proceedings of the Exchange and the detailed documents in respect of the Investor Protection Fund and Trade Guarantee Fund when finalized;
29. Provide a copy of Instruction and inspection manual of members’ activities;
30. Provide the copy of Operational manual shall include; Staff Policies/ Procedures, information relating to the Market Facilities including (Trading Facilities/ Floors, Quotation Board, Information Board/Ticker Tape, Computerization and Telephone systems when finalized);
31. Provide a copy of detailed information about the trading system to be adopted;
32. Business plan and Organizational chart of the company;
33. Provide the company’s Website Address, Email Address(es), Phone Number(s) and;
34. Provide Social Media handles (e.g. Facebook, Instagram, LinkedIn; twitter; etc.);

Corporate Documents

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

35. Certificate of Incorporation
36. Memorandum and Articles of Association – this should include the power to perform the specified function;
37. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note: the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
38. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than three (3) months as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor; (Note that the cash assets ratio shall be 60% liquid assets and 40% fixed and other assets);
39. Sworn undertaking by the Exchange to always forward copies of Amendments of its Rules for approval by the Commission;
40. Sworn undertaking by members serving on the Board of Directors of the Company and who are also Directors/having interest in Companies whose securities are being traded/could be traded on the Exchange (to be notarized);
41. Sworn undertaking for the General for Members to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations (to be notarized);
42. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct (to be signed by a Director or company secretary and notarized);
43. 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);
44. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira);
4. Evidence of payment of Director’s fee– N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each new potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms:

6. Duly Executed Form SEC 5A and 3 – For the Company
7. Duly Executed Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every company/individual requesting for registration as a Capital Market Operator under this function must have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Directors or Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, one of whom should be a Managing dDirector and a Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Managing Director of the Company to be among the sponsored individuals;
11. The Form SEC 2 should indicate among the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
12. Provide copy of employment letters and schedule of duties (duly signed by both parties);
13. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
14. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
15. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
16. Evidence certificate for change of name (include Court Affidavit and Newspaper publication);
17. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20(4)’ of the Commission`s Rules and Regulations
18. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
19. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
20. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

21. Latest audited Account
22. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

23. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
24. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
25. Operational manual of the company Trading floors/ facilities, Quotation board, and Information board ticket tape and also information about the trading system to be adopted;
26. Provide information on your client base
27. Business plan of the company
28. Organizational Chart of the company
29. Provide the company’s website address, email address(es), phone number(s) and shall also provide social media handles (e.g. Facebook, Instagram, LinkedIn; twitter; etc.);
30. Disclosure of information on all the Accounts operated by the company to include account statements.

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

33. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
34. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than thirty (30) days as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor. (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
35. Sworn undertaking to promptly furnish the Commission with copies of any
    amendments to its by-laws, rules, or codes;
36. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
37. 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);
38. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual applicable fees as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

1. Duly Executed Forms SEC 2C and 3 – For the Company
2. Duly Executed Forms SEC 2 and 2D – to be duly completed by the Sponsored Individuals and the Directors of the Company
3. Duly Executed Form SEC 2B for Transferring Individuals. (Please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Directors and Proposed Sponsored Individuals

4. Minimum of three (3) sponsored Individuals, including the Managing Director. No compliance officer is required for the sub-broker, as the Compliance Officer of the Sponsoring firm shall provide oversight on sub-brokers registered under the sponsor. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
5. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
6. Copies of employment letters and schedule of duties (duly accepted by the employee and signed by both parties i.e. the employer and the employee);
7. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
8. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
9. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
10. Evidence certificate for change of name (include Court Affidavit and Newspaper publication);
11. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
12. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
13. A copy of residence/ Working Permit (for Non-Nigerians/non-residents), the original copy will be required for sighting by the SEC;

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

14. Evidence of Required Minimum Paid up Capital of N10,000,000.00 (Ten Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
15. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

6. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
7. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
8. Evidence of Payment of shares allotted to the shareholders;
9. Evidence copy of the agreement signed between the sponsoring broker/dealer company and Sub-Broker
10. Operational manual of the company;
11. Business plan of the company
12. Organizational Chart of the company
13. Provide information on all the Banks operated by the company from inception, including the bank statement of accounts by the Company for the last three (3) months as at time of filing with the Commission.
14. Provide the company’s website address, email address(es), phone number(s) and shall also provide social media handles (e.g. Facebook, Instagram, LinkedIn; twitter; etc.);

Corporate Documents

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

15. Certificate of Incorporation
16. Memorandum and Articles of Association – this should include the power to perform the specified function and related function(s) only;

17. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors and shareholders (The original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
18. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor. (the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets);
19. Sworn statement of guarantee from the sponsoring Broker/Dealer including an undertaking by the sponsoring Broker/Dealer on behalf of the Sub-Broker;
20. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
21. Sworn undertaking to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations (to be notarized);
22. 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);
23. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira);
4. Evidence of payment of Director’s fee- N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual fees as applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly Executed Forms SEC 2C and 3 – For the Company
7. Duly Executed Forms SEC 2 and 2D – to be duly completed by the Sponsored Individuals and the Directors of the Company
8. Duly Executed Form SEC 2B for Transferring Individuals. (Please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director. No compliance officer is required for the sub-broker, as the Compliance Officer of the Sponsoring firm shall provide oversight on sub-brokers registered under the sponsor. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function)
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank account details, official email address(es) as well as full postal addresses, contact numbers and email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated). The duration and gaps in employment and educational history must be indicated and explained;
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals are required to be sighted by an authorized SEC staff);
15. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
16. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)
17. A copy of residence/Working Permit (for Non-Nigerians/residents). The original copy will be required for sighting by the SEC official

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

18. Evidence of Required Minimum Paid up Capital of N10,000,000.00 (Ten Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
19. No sub-broker shall permit its aggregate indebtedness to exceed 10 times its net capital unimpaired by losses
20. Valid Fidelity Bond covering at least 20% of the minimum paid-up capital with an end date of December 31.

Applicant Company

21. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
22. The name(s) and address(es) of the company’s subsidiaries/associated/ companies, type of business and percentage holding;
23. Evidence of Payment of shares allotted to the shareholders;
24. Evidence copy of the agreement signed between the sponsoring broker/dealer company and Sub-Broker
25. letter of recommendation and undertaking signed by the sponsoring Broker/Dealer on behalf of the Sub-Broker
26. Evidence copy of securities owned by such broker or dealer or in which the broker or dealer has an interest shall be listed in a separate schedule and valued at the current market price;
27. Operational manual of the company;
28. Business plan of the company
29. Organizational Chart of the company
30. Provide information on all the Banks operated by the company from inception, including the statement of accounts operated by the Company for the last six (6) months as at time of filing with the Commission.
31. Provide the company’s website address, email address (es), phone number(s) and shall also provide social media handles (e.g. Facebook, Instagram, LinkedIn; X; etc.);

Corporate Documents

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

32. A copy of the certificate of incorporation certified by the Corporate Affairs Commission (CAC). Where a copy not certified is filed, the applicant shall present the original copy for sighting by an authorized officer of the Commission
33. Memorandum and Articles of Association – this should include the power to perform the specified function;
34. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (the original certificate is to be presented for sighting by an authorized officer of the SEC);
35. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor. (the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets);
36. Sworn statement of guarantee from the sponsoring Broker/Dealer including an undertaking by the sponsoring Broker/Dealer on behalf of the Sub-Broker;
37. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
38. 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);
39. 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);
40. Copy of “multiple principal agreement” with every sponsoring broker.
41. Description of the Technology on which its infrastructure is built:
42. Structure
43. Capability/limitation

• Security

1. back-up & recovery process
2. Certification that the Infrastructure is sufficient to perform the required function by an IT Service Provider registered by NITDA or other recognized Agency, and endorsed by a representative of the Association of Securities Exchanges
3. Evidence of documented policies and procedures for managing technology risks.
4. Electronic Communication channel, through which all communications with clients would be made.
5. Method of establishing the suitability of potential clients to utilize its infrastructure for transactions.
6. Notice to potential clients of the features, risks, responsibilities, obligations and liabilities associated with the use of its infrastructure.
7. Before execution of an order, proof that the Client is fully aware of and understands the risks associated with the service being offered.
8. Confirmation that it would not delegate its functions to another sub-broker without the written permission of the Commission
9. Adequate KYC requirements
10. Binding Legal Agreement with Potential clients taking into consideration the following amongst others:
11. the respective rights and liabilities of the parties
12. Provisions relating to the security (physical and IT security) of the infrastructure (user identity, passwords, authentication codes, etc.), to avoid unauthorized system access;

• Limits that are expressed as a notional amount for each Customer above which the orders cannot be placed

1. Warranties, indemnities, charges and Customer/product specific conventions;
2. Conditions (such as for entering orders, error trade policies, etc.) and restrictions such as the right to suspend the service, to reject or cancel orders, etc.
3. A requirement to have knowledge of trading rules and applicable laws and regulations; and

• A requirement that the Customer or his/her personnel who manage the process are authorized, qualified and competent.

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira) only;
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira) only;
3. Evidence of Payment of Registration Fee – N500,000 (Five Hundred Thousand Naira);
4. Evidence of payment of Director’s Fee – N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fees where applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N 50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N10,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

1. Duly Executed Form SEC 2C and 3 – For the Company
2. Duly Executed Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every company/individual requesting for registration as a Capital Market Operator under this function must have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government)
3. Duly Executed Form SEC 2B – (For Transfer of Directors or Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

4. Minimum of three (3) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
5. The Form SEC 2 should indicate amongst others, the applicant’s BVN, Current Account bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
6. Copies of employment letters and schedule of duties (duly signed by both parties i.e. the employer and the employee);
7. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
8. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated. The duration and gaps in employment and educational history must be indicated and explained);
9. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
10. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
11. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
12. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

14. Evidence of Required Minimum Paid up Capital of N2,000,000.00 (Two million Naira only) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
15. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

16. Profile of the Company should include among others brief a history of the company, the organizational and shareholding structure, details of past and current activities and information on the principal officers;
17. Name(s) and address(es) of the company’s subsidiaries, associated and/or related companies, type of business and percentage of holdings;
18. Evidence of Payment of shares allotted to the shareholders;
19. Operational Manual of the company;
20. Business Plan of the company;
21. Disclosure of information on all the Banks operated by the company from inception, including the provision of all account statements operated by the Company for the last six (6) months as at time of filing with the Commission.
22. The company’s website address, email address(es), phone number(s) and shall also provide social media handles (e.g. Facebook, Instagram, LinkedIn; twitter; etc.);

Corporate Documents

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

23. Certificate of Incorporation;
24. Memorandum and Articles of Association – this should include the power to perform the specified function required
25. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors

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

26. Latest audited accounts or audited statement of affairs signed by two company directors and a confirmation letter from an external auditor, which is not more than thirty (30) days old at the time of filing with the Commission. (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
27. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
28. 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);
29. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira);
4. Evidence of payment of Director’s fee– N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each (new) potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms

6. Duly Executed Form SEC 3 – For the Company
7. Form SEC 2 and 2D – for Sponsored Individuals/Compliance Officer and Directors (Note that this function requesting for registration shall have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Director or Sponsored Individual which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be completed in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, one of whom should be a Managing Director and a Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. The Form SEC 2 should indicate among the BVN with Current Account numbers, Personal/Official Email Addresses. Also, shall include the Full Postal Addresses, Contact Numbers/Email addresses of Immediate Previous, Employers Bankers and nominated Referees;
12. Provide copy of employment letters and schedule of duties;
13. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
14. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
15. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
16. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
17. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
18. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
19. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents);

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

20. Latest audited Account
21. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

22. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
23. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
24. Operational manual (robust governance arrangements) of the company with well defined, transparent and consistent lines of responsibility;
25. Information on the infrastructure and technology to be deployed by the Trade Repository;
26. Copies of letters from the offer or appointing their financial adviser to the transaction;
27. Evidence a letter from the Financial Service Regulator for No Objection to perform the function
28. Business plan of the applicant;
29. Organizational Chart of the applicant;
30. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.);
31. Provide the company’s website address, email address(es) and phone number(s)

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

34. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
35. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than thirty (30) days as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor; (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
36. Sworn undertaking to maintain a mechanism for resolving disputes in compliance with the Commission’s complaint management rules;
37. Sworn undertaking to maintain and operate effective written organizational and administrative mechanisms for the purpose of identifying and resolving any conflicts of interest;
38. Sworn obligation to maintain effective internal control system, including sound administrative and accounting procedures, to prevent the disclosure of confidential information;
39. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
40. Sworn undertaking that undue advantage would not be taken of any unpublished price sensitive information;
41. Sworn undertaking on for disclosure of its Board of Directors’ interest in any of the rated issues.
42. 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);
43. Sworn undertaking to abide on the ongoing basis with all the applicable business conduct 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira) only;
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira) only;
3. Evidence of Payment of Registration Fee – N1,000,00,000.00 (One Million Naira);
4. Evidence of payment of Director’s Fee – N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fees where applicable as follows;

• N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
• N50,000.00 (fifty thousand naira) for transferring sponsored individual
• N100,000.00 (One Hundred Thousand Naira) only for change of registration
• N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

6. Duly Executed Form SEC 3 and 4A – For the Company
7. Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. **Duly Executed Form SEC 2B – (For Transfer of Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); All Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, Bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Copies of employment letters and schedule of duties (duly signed by both parties i.e. the employer and the employee);
12. For individuals on transfer, provide evidence of resignation from the previously registered company, evidence of the individual’s notification to the Commission of his/her resignation and the company’s acceptance of the resignation;
13. Curriculum vitae of all Directors and proposed sponsored individuals, which shall include details of activities, arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated. The duration and gaps in employment and educational history must be indicated and explained);
14. Copies of credentials including secondary school(s) and NYSC discharge/exemption certificates (originals required to be sighted by an authorized SEC staff);
15. Evidence of change of name where applicable (to be supported with relevant documents including Court Affidavit and Newspaper publication)
16. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations.

Minimum Paid-Up Capital and Fidelity Insurance Bond

18. Evidence of Required Minimum Paid up Capital of N300,000,000 (Three Hundred Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
19. Valid Fidelity Bond covering at least 10% of the minimum capital requirement with an end date of December 31;

Applicant Company

20. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
21. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
22. Evidence of Payment of shares allotted to the shareholders;
23. Operational Manual of the company;
24. Business Plan of the company;
25. Disclosure of information on all the Banks operated by the company from inception, including the provision of all account statements operated by the Company for the last six (6) months as at time of filing with the Commission;
26. The company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.), the company’s website address, email address(es) and phone number(s);

Corporate Documents

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

27. Certificate of Incorporation;
28. Memorandum and Articles of Association – this should include the power to perform the specified function required
29. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors

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

30. Latest audited accounts or audited statement of affairs signed by two company directors and a confirmation letter from an external auditor, which is not more than thirty (30) days old at the time of filing with the Commission. (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
31. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
32. 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);
33. 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);

APPLICATION GUIDELINES

• All the documents listed below are mandatory requirements, which must be provided.
• Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
• An application is not considered submitted until the forms are adequately populated and all the required documents provided
• Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
• Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
• All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
• ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
• Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31^st of every year
• The Commission may require such other documents and/or information as it considers necessary for registration.
• Every applicant Company/Firm will be physically 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

REGISTRATION REQUIREMENTS

Payment

1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
2. Evidence of Payment of Processing Fee – N300,000.00 (Three Hundred Thousand Naira);
3. Evidence of Payment of Registration Fee – N500,000.00 (Five Hundred Thousand Naira);
4. Evidence of payment of Director’s fee– N100,000.00 (One Hundred Thousand Naira)
5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each (new) potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms

6. Duly Executed Form SEC 3 – For the Company
7. Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every potential Capital Market Operator requesting for registration of this function requires to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
8. Duly Executed Form SEC 2B – (For Transfer of Directors or Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

9. Minimum of three (3) sponsored Individuals, including the Managing Director and Compliance Officer. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
10. The Form SEC 2 should indicate amongst others, the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
11. Provide copy of employment letters and schedule of duties;
12. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
13. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
14. Evidence of certificate for change of name (include Court Affidavit and Newspaper publication);
15. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations
16. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
17. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License issued by Federal Road Safety (FRSC), Inland Revenue Tax Clearance Certificate or utility payment documents),
18. A copy of residence/ Working Permit (for Non-Nigerian), the original copy will be required for sighting by the SEC;
19. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

1. Latest audited Account
2. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

20. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past/ current activities every staff;
21. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
22. Proof of appropriate security arrangements in place,
23. Evidence of having facility(ies) appropriate for storage of commodities,
24. Evidence of having requisite equipment for weighing and quality measures of commodities
25. Evidence of having comprehensive insurance cover for the building, equipment, stock and
    other items as may be necessary
26. Evidence location in a place with access to infrastructure to support its operations and have sufficient space for parking and movement of large vehicles;
27. Evidence of having an efficient system for loading/unloading of Commodity including proper mechanism for segregation of different kinds/quality of Commodity;
28. Submit a Standard Operating Procedure (SOP) which includes the following;
29. Business Plan;
30. Provide information on the company’s social media handles (e.g. Facebook, Instagram, LinkedIn etc.), the company’s website address, email address(es) and phone number(s);

Corporate Documents

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

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

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

33. CAC Status Report showing Statement of Share Capital, Return of Allotment, and Particulars of Directors,

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

34. Latest audited accounts or audited statement of affairs signed by two company directors and a confirmation letter from an external for auditor that are not more than three (3) months old as at time of filing with the Commission (Note that the cash assets ratio shall be 60% liquid assets and 40% fixed and other assets);
35. Sworn undertaking for ownership or registered-lease deed or rent agreement, along with disclaimer from the owner of the Warehouse/property providing waiver of ownership regarding Commodities stored in such Warehouse, in case of leased or rented Warehouse;
36. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
37. 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);
38. 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);