Code of Ethics and Standards of Professional Practice for Registered Investment Advisers in Nigeria

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Tuesday, March 12, 2019    08.18AM / By CIIA

 

The much awaited Exposure Draft on the Practice Code of Ethics & Professional Standards Manual for Registered Investment Advisers in Nigeria was released Friday, March 08, 2019 as planned.

 

The exposure draft will be available for comments for two (2) months and thereafter become fully effective from June 01, 2019 after necessary diligence is observed.

 

This is the first major step towards what the Association of Corporate and Individual Investment Advisers (CIIA) intends achieving in making global, Nigeria’s Investment Advisory practice for the ultimate protection and benefit of the investor both at home and from any part of the world.

 

Code of Ethics and Standards of Professional Practice

March 2019

 

Invitation To Comment 

The Association of Corporate and Individual Investment Advisers (CIIA) was registered by the Securities and Exchange Commission (SEC) on the 20th of April 2018 as the sole and official Trade Group of Registered Investment Advisers in Nigeria; representing the interests of Registered Corporate and Individual Investment Advisers in the Nigerian Capital Market. 


The body is also responsible for maintaining professionalism and discipline within its rank and file through the administration of its own Practice Code of Ethics and Standards of Professional Conduct for all its members; in fulfillment of its self-regulatory functions. 


This Trade Group mandate came on the heels of past, most recent efforts, and commitment of the Commission to working closely with, and through market operators in their respective areas of specialization towards ensuring overall market probity and the upholding of investor trust. 


As part of its initial operating framework, CIIA, by its Governing Council hereby seeks comments on the proposed maiden edition of the Association’s Code of Ethics and Standards of Professional Practice as contained in this Exposure Draft. 


The document contains information in four major sections referred to as ‘The Standards’ that explains the rationale behind each provision or requirement in the subsections, and seeks to elicit feedback on specific issues, regarding these key proposed requirements. In addition to responding to the specific requirements for which you have an opinion, Council will also appreciate that you please provide feedback on any other information or aspect in the document, detailing items you support or oppose. 


It would be helpful to provide feedback and comments with reference to specific provisions in the document, whilst including the reasons for the comments, and, when appropriate, make specific suggestions for any proposed wording changes. All comment letters will be considered carefully and are greatly appreciated. 


Please submit your comments as early as possible to enable the timely review process which will last only 23 days starting from the 9th of May 2019. 


In the spirit of maintaining absolute transparency and commitment to probity in all our operational areas, unless otherwise requested, all feedbacks and comments will be made public on the CIIA website (www.ciiang.com). 


This exposure draft shall remain in the public domain for the period 8th of March 2019 to 8th of May 2019 for public comments. Public comments are hereby welcome via letters and emails sent directly to the executive secretary at info@ciiang.com for further review and necessary amendments toward a final adoption precisely on the 1st of June 2019 from which date all duly registered investment advisers in Nigeria will conduct their professional businesses in line with the provisions of the adopted codes and standards.

 

Comments may also be submitted in physical documents to:

The Executive Secretary

CIIA

10th Floor, Reinsurance House

46 Marina Lagos.

 

 

Download The CIIA Exposure Draft here. 

 

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CIIA In The News

1.       IAPM to Focus on Capacity Building, as CIIA Sets Standards for Investment Advisors in Nigeria – Nov 16, 2018

2.      The Changes Ahead – The IAPM, CIIA And The Future Of Investment Advisory – Nov 08, 2018

3.      Corporate Investments and Individual Advisers, CIIA to be Launched at the 2018 IAPM Conference – Nov 07, 2018

4.      IAPM Reforms For Professional Capacity Building, Unveils CIIA At 7th Annual Members' Forum – Oct 26, 2018

5.      About CIIA: Nigeria’s Approved Trade Group For Investment Advisers  - Jul 26, 2018

6.      SEC Approves CIIA - Official Trade Group For Registered Investment Advisers In Nigeria – Jun 21, 2018

 

 

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