Par Value Rule Not Yet in Force; Effective Date to be Announced in Due Course

Regulators
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Wednesday, July 08, 2015 9.47 AM / NSE

The attention of The Nigerian Stock Exchange (The Exchange) has been drawn to a number of publications regarding the effective date of the Amendments to the Rules and Regulations Governing Dealing Members (Part VII) – Par Value Rule.  Please be informed that the Par Value Rule is not yet effective and is not in force.

 

The Exchange received the Securities and Exchange Commission’s (SEC) approval of the Rule on 2 June 2015, and notified the Market of the approval on 4 June 2015.  Further, on 5 June 2015, The Exchange, via a notice to the market titled, “The Effective Date of SEC Approved Rules”, provided clarification on when the Rules of The Exchange become effective. A copy of this notice was placed on our website.

 

We wish to remind all market participants of the following paragraphs of the notice:

  • “After SEC has approved the Rules, The Exchange determines internally when the Rules should become effective, i.e., the date from which The Exchange will start administering or implementing or enforcing the provisions of the SEC approved Rules. Thus, the effective date is the date on which Market participants must start complying with or observing provisions of the Rules, and be guided by them. 
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  • Market participants are reminded that they ought to receive The Exchange’s Notification of the Effective Date of the Rules before advising their clients that the Rules are effective or are in force, and before implementing the provisions of such Rules.”

Please be advised that the effective date of the Par Value Rule shall be communicated to the Market in due course. 

 

Please be guided accordingly. 

 

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