SEC Amends Rule on Fidelity Bonds; Takes Effect From January 01, 2020


Friday, January 03,  2020 /08:32 AM  / By SEC Nigeria / Header Image By: SEC Nigeria

The Securities and Exchange Commission wishes to inform all Capital Market Operators (CMOs) that in line with Section 313 of the Investments & Securities Act 2007, Rule 27 (Fidelity Bond) has been amended with the creation of Rule 27A which, requires Dealing Members to maintain an Insurance policy to cover all aspects of the insured business activities and risks.

The amended Rule became effective December 23, 2019.

Affected Capital Market Operators are invited to note that the implementation of the new Rule shall commence on January 1, 2020. The Insurance policy will be required to run for a full year (January 1, 2020 - December 31, 2020) and renewable annually.

Details of the amended Rule 27 can be accessed here

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