Companies Regulation, 2012
In the Corporate Affairs Commission’s continued determination to meet the expectation of its customers and standardize its processes and procedures in line with Global best practice, a Committee was constituted in 2008 to draft regulations with a view to codifying some established practices and conventions not properly…
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Transfer Pricing Regulations, 2012
The objectives of these Regulations are to ensure that Nigeria is able to tax on an appropriate taxable basis corresponding to the economic activities deployed by taxable persons in Nigeria, including in their transactions and dealings with associated enterprises; provide the Nigerian authorities the tools to fight tax…
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National Insurance Commission (Anti Money Laundering and Countering the Finance of Terrorism) Regulations, 2013.
The objective of these Regulations is to promote, change and ensure compliance with subsusting legislations on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) by the Insurance Industry in Nigeria.
These Regulations shall apply to all insurance instutitions in Nigeria including…
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Regulation on Annuity
This regulation is jointly issued by the National Insurance Commission and the National Pension Commission for the purpose of given effect to the provision of Pension Reform Act (PRA) 2004 as it relate to Life Annuity.
This Regulation specifies the modalities for the…
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Amendments to the Listings Rules
These Rules include any modification made to the Listing Rules which will now be administered and enforced by The Exchange; and decisions of The Exchange in respect thereof shall be binding upon every Issuer that is listed on The Nigerian Stock Exchange.
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Listings Requirements (The Green Book)
By this Regulation, Companies wishing to be admitted to the official list of THE Nigerian Stock Exchange must, in addition to complying with The Exchange’s rules Governing Listing, comply with the relevant provisions of the Companies And Allied Matters Act 1990, the Investment and Securities Act, 1999 Rules…
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Rules and Regulations Governing Dealing Members (Amendments and Additions Part VII)
This Regulation stipulates that the par value of and that the value share listed in the market shall be determined by the force of demand and supply and that no share can be traded below a price floor of One Kobo per unit. (N0.01).
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Rules and Regulations Governing Dealing Members (Amendments and Additions, Part I)
The rule state that trading shall be conducted at specified times determined by Council. The Exchange may extend, advance or reduce trading hours by notifying Dealing Members when necessary.
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Rules and Regulations Governing Dealing Members (Amendments and Additions, Part II)
The Rule amends the existing Rule on annual subscription fee of each dealing member, supervision and internal control, use of Trading System Access Codes, Confirmation of Orders and Mandates, Notification of Trade in Securities Amounting to 5% of an Issuer’s Total Listed Securities or More, Prohibition of Market Manipulation and… Read more
Rules and Regulations Governing Dealing Members (Amendments and Additions, Part III)
The Rule amends the existing rule on net Liquid Capital Requirement; Article 15 on Rules and Regulations Governing Dealing Members; Monthly Financial Statements of Accounts to Clients; Proprietary Interest of The Exchange over Dealing Membership Licenses; Anti Money Laundering; and a new Article on Clients’ Complaints Management etc. Read more
Rules and Regulations Governing Dealing Members (Amendments and Additions, Part IV)
This Rule is an addition of new rule on Supervision of Customer Accounts; Prior Written Consents; Discretion in Customer Accounts; Grants of Discretion (Books and Records); General Ledger Error Accounts; Control of Offices and Trading Terminals; Client Record Keeping; Unit of Trading; Cooperation in Connection with Inspections or…
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Rules and Regulations Governing Dealing Members (Amendments and Additions, Part V)
This is an addition of new rule on Minimum Variations; Retention of jurisdiction over Former employees; Resignation of Membership of The Exchange; Securities Eligible for Trading; Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution; Prohibition of…
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Rules and Regulations Governing Dealing Members (Amendments and Additions, Part VI)
The Rule amends the existing Rules on Pricing Methodology; obligation of parties during merger and acquisitions of dealing member firms; power to suspend or revoke the registration of authorised clerks; revocation of inactive dealing member firms' licences and effect of disciplinary actions by the commission.
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Rules and Regulations Governing Dealing Members
These Rules and Regulations are made pursuant to the Memorandum and The Articles of Association of The Nigerian Stock Exchange and are subject to The Provisions of The Investments and Securities Act (ISA) of 1999 and The Rules and Regulations made there under.
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Rules for Listing of Nigerian Depositary Receipts
This Rule sets out the Exchange’s requirements relating to Depositary Receipts (DRs). The aim of this Rule is to set out the general eligibility, disclosure and continuing obligations requirements that apply to DRs and then set out in subsequent parts specific provisions in relation to sponsored and unsponsored DR issues. Read more
Rules for Listing on the Premium Board
These Rules are designed to be a practical guide to listing on the Premium Board of The Nigerian Stock Exchange (“the Premium Board”). The Rules provide Issuers and their advisors with important information about listing standards, disclosure and notification requirements.
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Rules for Registration as a Dealing Member of The Nigerian Stock Exchange
Any Entity that wishes to be licensed as a Dealing Member of The Nigerian Stock Exchange (The Exchange) shall and be duly licensed by The Exchange in accordance with the relevant laws including the Investment and Securities Act 2007, the Securities and Exchange Commission Rules and Regulations Pursuant…
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Rules for the Listing of Exchange Traded Funds (ETFs)
In order to be eligible for listing on The Exchange, an Exchange Traded Funds (ETF) shall comply with the Nigerian Stock Exchange (NSE) Rules, including the NSE Exchange Traded Funds (ETF) Rules, the Security and Exchange Commission (SEC) ETF Rules, the Invesments and Securities Act (ISA), the Rules…
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Rules Governing Compliance Officers of Dealing Member Firms
These Rules are made pursuant to Article 15 of the Rules and Regulations Governing Dealing Members (the Rules) and Section 6 of Policy No.01 NSE; and derive their force there from.
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Rules Governing the Use of the Issuers’ Portal
The rule state that every Issuer shall utilize the Issuers’ Portal for the online submission to the Exchange of all information intended for release to the market in compliance with the Listings Rules, unless such information falls within an excluded category as The Exchange may in its sole…
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Rules Governing Transactions with Related Parties or Interested Persons
The objective of these Rules is to guard against the risk that interested persons could influence the Issuer, its subsidiaries or associated companies, to enter into transactions with such interested persons that may adversely affect the interests of the Issuer or its securities holders.
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Rules Relating to Board Meetings and General Meetings of Issuers
Directors or Trustees are responsible, collectively and individually, for ensuring that listed Issuers comply with the Exchange’s Rules relating to their Board Meetings and General Meetings. The Exchange expects Directors and Trustees to fulfill fiduciary duties and duties of skill, care and diligence to a standard at least…
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Regulation on Investment of Pension Funds, 2010
The requirements of this Regulation are consistent with the provisions of the Pension Reform Act, 2004. The purpose of the Regulation is to provide uniform rules and standards for the investment of pension fund assets.
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Regulation on Administration of Retirement and Terminal Benefits
These regulations, which are considered the applicable minimum, have been put in place for the purpose of establishing uniform set of rules of general application, procedures, regulations and standards in relation to the application of the relevant sections of the Pension Reform Act 2004 (PRA) by pension fund…
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REGULATION ON FEES STRUCTURE
The fees stipulated herein, are maximum amounts chargeable by Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs) and the National Pension Commission (Commission), for all services to be provided by them.
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Regulation on Investment of Pension Assets, 2012
The requirements of this Regulation are consistent with the provisions of the Pension Reform Act, 2004. The purpose of the Regulation is to provide uniform rules and standards for the investment of pension fund assets.
By this Guidelines, Pension Fund Custodians (PFCs) shall only take…
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Regulations on Valuation of Pension Funds, 2006
This Regulation seeks to standardise the procedures to be adopted in the valuation of Pension Fund Asset portfolios by Pension Fund Administrators (PFAs). This shall include the method and manner in which Pension Fund Administrators (PFAs) calculate the value of net assets under management and the value of…
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Regulations for Auditing Pension Funds
The present practice whereby pension funds are audited independently at different periods with the PFAs and PFCs, has led to incomplete and incomprehensive audit reports of the funds. This practice impinges on balanced regulatory judgment and is of concern to the Commission.
The foregoing have made it imperative for the Commission… Read more
Regulations on Annuity
This regulation is jointly issued by the National Insurance Commission and the National Pension Commission for the purpose of given effect to the provision of Pension Reform Act (PRA) 2004 as it relate to Life Annuity.
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Regulations on Compliance Officers
This is aimed at achieving the set goals of providing sustainable pension to the deserving retired employees. Specifically, Section 68 of the PRA 2004 stipulates that every Pension Fund Administrator (PFA) (which includes the CPFAs), shall employ a Compliance Officer who shall be responsible for ensuring compliance with…
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Revised Regulation for Transfer of Retirement Savings Accounts 2015
The Regulations for Transfer of RSAs have therefore, been set out to allow for seamless transfer of RSAs from one PFA to another. While the Regulations outline the procedures that shall be followed to ensure RSA transfers between PFAs, they also seek to ensure effective implementation of Section…
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Rules on Infrastructure Funds and Others 2014
The provisions of these rules shall apply to Infrastructure Fund constituted as collective investment schemes. All other provisions of these rules and regulations unless the context otherwise requires shall apply to Infrastructure Schemes, trustees (as the case maybe) and Fund Management Companies. Provided that all other relevant provisions…
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Rules on National Investor Protection Fund
In furtherance of the Commission’s mandate to regulate and develop the Nigerian capital market and in particular, its duty to ensure the protection of investors in the Capital Market, the Board of the Securities and Exchange Commission approved the establishment of a nationwide fund known as the National…
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Rules on Securitization
This Rule provides that all applications in respect of securitization filed with the Commission shall comply with the general provisions on registration of securities as set out in these rules (where applicable). In addition, the Applicant shall also file with the Commission all documents in relation to Sale…
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Rules on Trading in Unlisted Securities
The Rule states that all Securities of unlisted public companies shall be bought, sold or transferred only by means of a system approved by the Commission and under such terms and conditions as the Commission may prescribe from time to time.
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SEC Consolidated Rule and Regulations
These Rules and Regulations provide participants (regulated persons) in the capital market with more precise notice of what is expected of them, what conduct will be sanctioned and also promotes fairness and equality of treatment among similarly situated persons.
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Amendment to SEC Rule April 2015
In furtherance of the Commission’s mandate to regulate and develop the Nigerian capital market and in particular, and its duty to ensure the protection of investors in the Capital Market, it has issued out an amendment to the SEC Rules of April 2015. Read more