SEC Issues Clarifications on New Rules on Collective Investment Schemes


Monday, June 22, 2020 / 10:59 AM / by SEC Nigeria / Header Image Credit: Bitcoinist


Sequel to the publication of new Rules relating to Collective Investment Schemes in December 2019, the Commission hereby issues the following clarifications to facilitate effective compliance with the new CIS Rules.

  1. All Fund Managers of Collective Investment Schemes are required to comply with the provisions of the new Rules and file evidence of compliance on or before September 30 2020;
  2. The application of the new total expense ratio and incentive fee computation takes effect from the beginning of Q3,2020, i.e. July 2020;
  3. Incentive fees should not be factored into total expense ratio computation and shall be assessable and payable on an annual basis;
  4. The Fund Managers Association of Nigeria (FMAN) shall submit acceptable benchmarks for Money Market Funds, Balanced Funds and Ethical Funds at the beginning of each year commencing Q3. 2020


Proshare Nigeria Pvt. Ltd.

Related Link

  1. SEC Approves New Rules On Derivatives Trading and Registration Of Fixed Income Existing Securities


Proshare Nigeria Pvt. Ltd.

Related News

  1. SEC Releases Requirement for Additional Information on All Prospectuses Issued to The Public
  2. SEC Reminds Regulated Entities to Make Adequate Disclosures on the Impact of COVID-19 on Operations
  3. SEC Publishes Guidelines for Issuance of FI Securities By Statutory Bodies in WASRA Member Countries
  4. SEC Issues Exposure of Its Proposed Crowdfunding Rules
  5. SEC Clarifies on Prohibition Of Gifts At General Meetings
  6. SEC Notifies of Activities Of Unlawful Market Operators
  7. Securities Regulators Coordinate Responses to COVID-19 through IOSCO
  8. SEC Issues Circular to All CMOs and Stakeholders on Post-Approval Amendments
  9. SEC Nigeria Issues Advisory On COVID-19
  10. SEC Directs Brokers to Capture New Clients and Update Existing Clients Information
  11. SEC Nigeria Notifies of Ban on Six (6) Online Brokers By Italian Financial Authorities

Proshare Nigeria Pvt. Ltd.
Related News