SEC announces additional requirements on offer documents to public

The Security and Exchange Commission (SEC) has announced the introduction of additional information to be included in all prospectuses or offer documents presented to the general public.

In the announcement, the capital market regulator said that with effect from June 18, 2020, all prospectuses or offer documents issued to the general public are required to include the commission’s contact details, in order to enable investors, confirm the clearance of the prospectus and registration of the securities with the commission.

This was disclosed in a circular which was issued by SEC to the capital market operators and investing public on June 18, 2020.

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According to the circular, SEC stated:

“This is to inform all stakeholders that as part of efforts to ensure investor protection and promote transparency in the operations of the Nigerian Capital Market, the commission has introduced a new requirement for inclusion in all prospectuses or offer documents issued to the general public.

“With effect from the 18th day of June 2020, all prospectuses issued to the general public are required to include the Commission’s Contact Telephone Number and Email Address, to enable investors confirm the clearance of the prospectus and registration of the securities with the Commission.”

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The circular also showed what information to be displayed at the introductory part of the prospectus.

Issuers and financial advisers were asked to note and comply accordingly.