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Circulars

Posts matching Circulars

National Tax Policy

2016-12-22 3:38 AM | by Nigeria Compliancehub

The National Tax Policy is a document, which sets broad parameters for taxation and other ancillary matters connected with taxation. It is a clear statement on the principles governing tax administration and revenue collection. It therefore, provides a set of guidelines, rules and modus operandi that would regulate… Read more

Self Assessment Regime

2016-12-22 3:40 AM | by Nigeria Compliancehub

The Self- Assessment Regime requires the concurrent filing of tax returns and payment of tax due on or before the due date. A taxpayer must compute his/her tax liabilities, pay the tax/taxes due and file the relevant returns with evidence of payment of the tax/taxes on or before… Read more

Self Assessment Regime

2016-12-22 3:43 AM | by Nigeria Compliancehub

The Self- Assessment Regime requires the concurrent filing of tax returns and payment of tax due on or before the due date. A taxpayer must compute his/her tax liabilities, pay the tax/taxes due and file the relevant returns with evidence of payment of the tax/taxes on or before… Read more

Circular on Harmonized returns

2016-12-22 4:04 AM | by Nigeria Compliancehub

This Circular was issued by Commission to further its determination to enthrone regulatory clarity particularly with respect to regulatory returns requirement and to harmonise the process of obtaining various return from Insurance Institutions.
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Circular on Business Combinations for Dealing Member Firms

2016-12-22 7:26 AM | by Nigeria Compliancehub

By this Circular, Dealing Members desirous of undertaking any form of business combination are reminded, amongst other things, to note the following requirements: Obtain the approval of The Exchange before commencing the business combination process and comply with all applicable laws and regulations, including the requirements of the Companies… Read more

Circular on Execution of Client Mandates

2016-12-22 7:34 AM | by Nigeria Compliancehub

By this Circular, Dealing Members are advised to refer to Article 93 of the Rules and Regulations Governing Dealing Member Firms which states that “a Dealing Member shall obtain confirmed orders from its clients before placement of an order on the system and shall keep records of same upon completion or… Read more

Circular on Know Your Employee

2016-12-22 7:40 AM | by Nigeria Compliancehub

In determining that a dealing Member firm has thoroughly investigated the previous record of persons they contemplate employing as provided under Article 165 of the Rules and Regulation governing Dealing Member Firm. The rule shall be set as a minimum standard expected of a dealing Member Firms. 

By this Circular, a… Read more

Circular on Pre - Open Orders

2016-12-22 7:47 AM | by Nigeria Compliancehub

By this Circular, Dealing Members are reminded that further to Article 104A of the Rules and Regulations Governing Dealing Members (Amendments and Additions part1), they are forbidden from engaging in transactions the primary purpose of which is to unduly or improperly influence the market price of securities. Read more

Circular on Recognition of Experts

2016-12-22 7:49 AM | by Nigeria Compliancehub

In order to ensure the integrity and improve the quality of financial and other information of Dealing Members of The Exchange, Dealing Members are hereby reminded to take steps to ensure that they only engage the services of experts and professionals registered by the Commission.
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Circular on Web Usage

2016-12-22 7:51 AM | by Nigeria Compliancehub

This Circular serves as a reminder to Dealing Member firms and other market participants that The Nigerian Stock Exchange’s (“The Exchange”) website, www.nse.com.ng, remains the first port of call for all market news relating to disclosures filed by companies listed on the Exchange.
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Circular Record Retention Requirements

2016-12-22 7:58 AM | by Nigeria Compliancehub

As part of The Exchange’s efforts to facilitate the growth of the capital market in an atmosphere of compliance with all applicable rules and regulations as well as in accordance with the best practices, Dealing Members Firms are reminded of the record retention requirements of The Exchange as provided in… Read more

Circular Stoppage of Pre Signed Mandates

2016-12-22 8:05 AM | by Nigeria Compliancehub

So as to put an end to the fraudulent practices currently going on in the market with the use of such instruments, this Circular is informing Dealing Member Firms of the Nigerian Stock Exchange that the use of pre signed blank mandates from clients is strictly prohibited.
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Confirmation of Sponsored Individuals

2016-12-22 8:08 AM | by Nigeria Compliancehub

In view of the migration from the Horizon trading platform to the X-Gen trading platform launched on 30th September, 2013, all Dealing Member Firms are by this circular required to notify the Exchange of any change in its authorized or sponsored individuals within 24 hours.
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Prohibition of Naked Short Selling

2016-12-22 11:12 AM | by Nigeria Compliancehub

This Circular is to serve as a reminder to all Market Makers that naked short selling is strictly prohibited. Market Makers may execute a short sale transaction provided that they have borrowed the securities or have entered into a bonafide arrangement to borrow the securities which will be… Read more

Regular Internal Review of Records

2016-12-22 11:14 AM | by Nigeria Compliancehub

The Rules and Regulations Governing Dealing Members requires Member firms to submit regular report on the internal reviews of the Firms records to The Exchange. Dealing Members therefore required to submit same on a quarterly basis alongside your quarterly returns for the quarter under review.
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Securities Lending

2016-12-22 11:31 AM | by Nigeria Compliancehub

Following the introduction of Securities Lending, please be informed that Dealing Member firms may only participate in the programme via approved Securities Lending Agents (SLAs) registered by the Securities and Exchange Commission (SEC). During the roll out period, only securities owned by Qualified Institutional Investors (QIIs) may… Read more

Sharing of Brokerage Income

2016-12-22 11:36 AM | by Nigeria Compliancehub

With respect to activities on the Exchange, this Circular provides that no Dealing member shall without special consent of the Council and subject to such conditions as the Council may impose, enter into partnership or any agency or profit sharing agreement or any association of which the Council… Read more

Circular Change of Date of Birth

2016-12-27 1:44 AM | by Nigeria Compliancehub

The Commission has observed that some operators change their clients dates of birth and dates of first appointment on their databases without recourse to the Commission. Consequently, all licensed Operators are henceforth required to seek for Commission's approval and await such before effecting changes on their databases. Read more

Circular on Opening Retirement Savings Account with Pension Fund Administrators No.3

2016-12-27 2:01 AM | by Nigeria Compliancehub

Further to the Commission's earlier circular Ref. No. PENCOM/DG/ADM/016/VOL. I of January 3, 2006 and PENCOM/DG/ADM/016/VOL.I/40 dated 26th January, 2006 on the above subject matter; the Commission wishes to remind all Heads of Ministries, Departments, Agencies and Parastatals that registration of employees with licensed Pension Fund Administrators (PFAs)… Read more

Circular for Branch Operation

2016-12-27 2:15 AM | by Nigeria Compliancehub

In order to ensure that all Retirement Savings Account (RSA) holders have access to the services offered by Licensed Pension Fund Administrators (PFAs), the Commission has made the opening of two (2) branches in cities other than Abuja, Lagos, and Port-Harcourt a requirement before any PFA is granted… Read more

Circular on Audited Accounts

2016-12-27 2:24 AM | by Nigeria Compliancehub

By this Circular, all  Pension Fund Administrators (PFAs),  Closed Pension Fund   Administrators (CPFAs) and  Pension Fund Custodians (PFCs) are henceforth required to post their audited accounts, including those of the pension funds which they administer, on their websites.
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Circular on Establishment of Customer Contact Centre

2016-12-27 2:43 AM | by Nigeria Compliancehub

In order to ensure that Retirement Savings Account (RSA) holders and Retirees receive effective and timely customer services support in line with Section 54 (e) of the Pension Reform Act (PRA) 2014, the Commission deemed it necessary to issue this Circular on the need to establish fully functional… Read more

Circular on Outsourced Staff

2016-12-27 3:34 AM | by Nigeria Compliancehub

By this Circular, the Commission hereby disallows licensed pension operators from using contract staff such as pension administration, benefits administration, fund management and accounting, settlement, safe keeping, contribution collection and administration and information and communication technology. However, licensed pension operators are allowed to engage outsourced staff for sales/marketing… Read more

General Notice on Retirement Benefits

2016-12-27 4:03 AM | by Nigeria Compliancehub

Further to the various workshops held by the Commission for employees of the private sector under the Contributory Pension Scheme and advertisements placed in the media, the Commission would like to again, draw the attention of employees to the procedure and the necessary documents required for accessing retirement… Read more

On-Line Registration by Employees

2016-12-27 4:06 AM | by Nigeria Compliancehub

All employees in the Federal Ministries, Departments, Agencies, Military, Para-Military, Security Establishments and the Federal Capital Territory(FCT) who have opened their Retirement Savings Accounts (RSAs) with their chosen Pension Fund Administrators (PFAs) are required to visit the website: www.pencom.gov.ng and submit their current and up-to-date information.
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Procedure for Processing Death Benefits

2016-12-27 4:21 AM | by Nigeria Compliancehub

This Circular  is to bring to the attention of all Ministries, Departments and Agencies (MDAs) that Section 9(3) of the Pension Reform Act (PRA) 2004 requires all employers to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument (ATE) of… Read more

Transfer Changes in Shareholding Structure

2016-12-27 4:24 AM | by Nigeria Compliancehub

One of the licensing conditions issued to all Pension Fund Operators is that they are required to seek the prior approval of the Commission for any significant transfer of sharess (5% and above of the totl paid up capital) between exisiting shareholders as well as acquisition of shares… Read more

CIRCULAR TO BANKS AND OTHER FINANCIAL INSTITUTIONS ON VIRTUAL CURRENCY OPERATIONS IN NIGERIA

2017-01-23 11:10 AM | by Nigeria Compliancehub

The Central Bank of Nigeria has issued out this Circular to guide banks and other financial institutions on Virtual Currencies (VCs) and to reiterate further that VCs such as Bitcoin, Ripples, Monero, Litecoin, Dogecion, Onecoin, etc, and similar products are not legal tenders in Nigeria. Thus, any bank or ther financial institutions that transacts… Read more

Guidelines on Anchor Borrowers’ Programme (ABP)

2017-01-23 11:22 AM | by Nigeria Compliancehub


The Central Bank of Nigeria (CBN), in line with its developmental function, established the Anchor Borrowers’ Programme (ABP) and has issued these Guidelines. The Programme which was launched by President Muhammadu Buhari (GCFR) on November 17, 2015 is intended to create a linkage between anchor companies involved in… Read more

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