The Securities and Exchange Commission(SEC) has approved new rules for dealing members as well as amendment of existing rules for issuers dealing in the Nigerian Stock Exchange (NSE). The approval came on the 16th of October 2017.
The new rules for dealing members is expected to apply to all dealing members of the Nigerian Stock Exchange.
The draft rules which applies to dealing members were presented to the Rules and Adjudication Committee of Council (RAC) at the RAC meeting of 4 July 2016, and approved for exposure to stakeholders for comments. The draft rules were exposed for stakeholders’ comments from 13 October to 14 November 2016. The RAC considered the draft rules, and stakeholders’ comments thereon at its meeting of 29 November 2016, and approved the draft rules for submission to the National Council of The Exchange. The Council approved the draft Rules at its meeting of 26 January 2017 for submission to the Securities and Exchange Commission. The Council approved rules were submitted to the SEC for approval on 1 February 201. The Rules were approved by the SEC on 16 October 2017.
On the other hand, there were also amendments to the issuers rules with the deletion and inclusion of some parts of the rules.
The Securities and exchange commission carried out these approval b y virtue of its power to oversee the activities of securities in Nigeria.
These are copies of the new rules and subsequent amendments.