February 14, 2012
The Nigerian Stock Exchange in a circular to all Dealing Member Firms announced that they (Member Firms) will henceforth be classified under the following status:
Active: Dealing Member Firms whose activities are not suspended or hindered in any way are active.
Dormant: Dealing Member Firms which have been suspended by either The Exchange and/or Securities & Exchange Commission for any market infraction for a period not exceeding six months. The firm must also be seen as making concrete efforts towards addressing and resolving the issues for which it was suspended.
Inactive: A Dealing Member Firm will be considered inactive under the following circumstances:
1. 1. Where the firm has been suspended for a period of more than 6 months by The Exchange or SEC.
2. 2. Where the firm has not recorded any activity for a period of three months or more without being suspended.
The purpose of this classification is to put the status of Dealing Member Firms in proper perspective and in the determination of regulatory action to be taken against them.