SEC Proposes Amendments to its Rules on Custody and Transfer of Unclaimed Monies, NIPF

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Thursday, June 24, 2021   /02:25 PM /  By SEC Nigeria  / Header Image Credit: Investor Place

 

The Securities and Exchange Commission (SEC) has issued exposure draft and proposed sundry amendments to the rules and regulations of the commission on Custody and Transfer of Unclaimed Monies and National Investors Protection Fund (NIPF).


Also, the commission proposed a new rule on Unclaimed Dividends. These rules were exposed in April 2021. However, due to the inclusion of some comments received from stakeholders and further review by the Rules Committee, there is a need to re-expose the rules to reflect the new amendments for the information of the public.


Details on the sundry amendments and the re-exposed rules are provided below.


Summary of  Sundry Amendments

  1. Proposed Amendment to Rule 107: Custody and Transfer of Unclaimed Monies
  2. Proposed Amendment to the National Investor Protection Fund (NIPF) Rules

Proposed New Rule 

  1. Proposed Rule on Unclaimed Dividends (E-Dividend Mandate) (Re-Exposure)


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