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*Find below the approved new rules & amendments that update the above document
SUMMARY OF CHANGES
Pursuant to the Investments & Securities Act (ISA) 2007, the Commission has reviewed and approved the following new Rules and Amendments to its existing Rules and Regulations as follows:
1. New Rules
a. Rules on Direct Cash Settlement
b. Rules on Electronic Offerings
c. Rules on Transmission of Shares
2. Sundry Amendments
SUMMARY OF CHANGES
Summary of changes
NEW RULES
RULE ON THE REGULATION OF REVENUE BONDS
SUNDRY AMENDMENTS
Summary of changes
NEW RULES
NOTE: PURSUANT TO SECTION 309 OF THE ISA WHICH EMPOWERS THE MINISTER TO EXEMPT ANY PERSON OR CLASS OF PERSONS FROM THE OPERATION OF THE PROVISIONS OF THE ACT, THE MINISTER OF FINANCE HAS WAIVED THE NAIRA VALUE CAP PLACED ON TRANSACTION FEES PAYABLE TO SOLICITORS, AUDITORS, TRUSTEES, REPORTING ACCOUNTANTS AND THE DEPOSITORY (CSCS). EFFECTIVE JUNE 7, 2018.
SUNDRY AMENDMENTS
A. Rule 56 (1) – Functions of Brokers
B. Rule 67 – SUB-BROKER; Registration Requirements
C. Rule 67 (2) Individual Sub-Broker (Deleted)
D. Rule 84 – Functions of Issuing House
E. Rule 88 (1) Registration Requirements
F. Rule 89 (1) – UNDERWRITERS; Eligibility
G. Rule 89 (2)
H. Rule 92 – Functions of Fund/Portfolio Managers;
I. Rule 178 (1) – Capital Market Experts Or Professionals; Registration Requirements
J. Rule 179 – REPORTING ACCOUNTANTS
K. Rule 181 – ESTATE SURVEYORS
2. RULE ON TRADING IN UNLISTED SECURITIES – INCLUSION OF DEBT SECURITIES
3. RULES ON REGISTRATION OF ALL CAPITAL MARKET OPERATORS WITH RELEVANT TRADE GROUPS/ASSOCIATIONS
4. RULE 35 (7)- CHANGE OF STATUS OF REGISTRANT
5. RULE 314- COST OF ISSUE
6. RULE 420- RULE ON GLOBAL DEPOSITORY RECEIPTS
7. RULE 456(1)(f)- OBLIGATIONS OF THE CUSTODIAN OF A COLLECTIVE INVESTMENT SCHEME
8. SCHEDULE I OF THE COMMISSION’S RULES AND REGULATIONS-REGISTRATION FEES, MINIMUM CAPITAL REQUIREMENTS, SECURITIES AND OTHERS
9. SCHEDULE VI- BASIS OF COMPUTATION OF BID AND OFFER PRICES FOR COLLECTIVE INVESTMENT SCHEMES
Summary of changes
NEW RULES
1. Rules on Return of Unclaimed Dividends to Paying Companies.
2. Inclusion of Independent National Electoral Commission (INEC) voter’s
registration card as a valid means of identification of individual clients in the
Capital Market.
3. Three-tiered Know-Your-Customer (KYC) Framework for Capital Market
Operators.
4. Fund/Portfolio Management Operations Rules
MAJOR AMENDMENTS
1. Amendment to the National Investor Protection Fund (NIPF) Rules
2. Amendment to Rule 508- Rules on Real Estate Investment Schemes
3. Amendment to Rules on Infrastructure Funds
SUNDRY AMENDMENTS
1. Rule 19- Sponsored Individuals/Compliance Officers
2. Rule 22 (4)- Minimum Paid-up Capital-Definition of Core/Non-Core Operators
3. Rule 22 (5)- Minimum Paid-up Capital
4. Rule 42 (1) & (2)- Half-yearly Returns
5. Rule 182 (5)- Registration requirements
6. Rule 279 (2) (d) (viii)- Registrable Securities
7. Rule 279 (2) (p)- Registrable Securities
8. Rule 279 (2) (r)-Registrable Securities
9. Rule 279 (3) (3) (i)- Registrable Securities
10. Rule 279 (8)- Registrable Securities
11. Rule 288 (3)- Contents of a Prospectus
12. Rule 300- Pre-offer waiting period (Fixed Price Offers)
13. Rule 305- Proceeds of Issue
14. Rule 312 (6) (i)- Undersubscription
15. Rule 314- Cost of Issue
16. Rule 315 (4)- Underwriting of Public Issues
17. Rule 315 (4) (d)- Underwriting of Public Issues
18. Rule 315 (7)- Underwriting of Public Issues
19. Rule 316 (1)- Amount to be Underwritten
20. Rule 323 (22)- Conditions for Approval of Offer
21. Rule 340 (2) (e)- Conditions for Approval of Offer
22. Rule 420 (1)- Depository Receipts by Nigerian Entities
23. Rule 421- Definition of Acquisition (Mergers)
24. Rule 566- Conditions to be satisfied by the Issuer
25. Rule 567 (f)- Registration Requirement for Corporate Bonds
26. Schedule 1 Part D (3)- SEC Fees on Market Deals
Creation of New Form SEC 2D for Fit and Proper Persons (Sponsored Individuals, Directors/Partners) for Registration in the Capital Market.
DELETION
1. Rule 312 (4)- Undersubscription
2. Rule 340 (2) (h) – Conditions for Approval of Offer)
SEC CODES
Code of Corporate Governance for Public Companies_4 April 2011
Other Codes