SEC Publishes Summary of Proposed Amendments to the Rules and Regulations of the Commission

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Monday, January 18, 2016 09.56AM/ SEC         

Below is a summary of the proposed amendments:

A. AMENDMENT TO RULE 51(1) – (REPORTS TO BE FILED BY CMOs)

These amendments are proposed under Rule 51(1) to cover the area of e-filing and reporting period in respect of statutory returns.

B. AMENDMENTS TO RULES ON REAL ESTATE INVESTMENT SCHEMES (REITS)

Amendments are proposed to rules on real estate investment schemes (REITS) in the areas of its definitions, constitution of real estate investment schemes, Asset allocation, Borrowing and Contents of a prospectus.

Amendments:

a. Rule 508 – definitions

b. Rule 510 – constitution of real estate investment schemes

c. Rule 521 (1 ) (d) – Asset allocation

d. Rule 521(4)(new) – Asset allocation

e. Rule 521(5)(new) – Asset allocation

f. Rule 525 – Borrowing

g. Rule 530(r)(ii) – Contents of a prospectus

h. Rule 539(1)(d) – Asset allocation

i. Rule 539(4)&(5)(new) – Asset allocation

C. AMENDMENTS TO RULES ON INFRASTRUCTURE FUNDS

Amendments are proposed to rules on infrastructure funds in areas of its definition, Applicability, Conditions for establishing infrastructure fund, Permissible investments, Valuation of assets and Reporting.

Amendments:

a. Rule 566 – definition

b. Rule 567-Applicability

c. Rule 569- Conditions for establishing infrastructure fund

d. Rule 571(1)&(6) – Permissible investments

e. Rule 572(7)-Valuation of assets

f. Rule 577(4)-Reporting

D. AMENDMENTS TO SEC CODE OF CORPORATE GOVERNANCE

The Commission recently reviewed and amended the entire SEC Code of Corporate governance for the Commission in order to align the rules with international best practices on governance

NOTE: All comments and input should be forwarded to the Secretariat, Rules Committee of the Commission, via,
rulescommittee@sec.gov.ng or through the Director General, two (2) weeks from the date of publication.

 

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