Saturday, March 07, 2015 1.33 PM / NASD OTC
De-listed Securities automatically migrate to NASD OTC
Shareholders in companies that recently delisted from the NSE need not be concerned about how to trade their holdings. NASD OTC and CSCS have agreed on an automatic and easy migration from the NSE to the OTC market. This way , the securities can always be traded on a SEC regulated market irrespective of their listing status providing apex regulator protection for investors.
The process of completing this migration is simple - Participating Institutions of NASD only need to write CSCS Plc to move their clients holding from NSE to NASD and copy the registrar of the delisted security. Once that is done, trading can continue on the OTC market.
NASD OTC seeks to create an orderly, transparent and liquid environment for investors in all unlisted securities. We expect this approach will ease trading and liquidity for investors
Six new Firms now NASD Participating Institution
Six (6) Participating Institutions have joined the NASD OTC market this week, bringing the total number of registered PIs to 92. The six firms are Associated Asset Managers Limited, Elixir Securities Limited, Imperial Asset Managers Limited, Santrust Securities Limited, Skyview Capital Limited, and Smadac Securities Limited.
With the new additions, investors are provided with a larger number of firms who can trade on the OTC market.
SEC releases Circular on Compliance Act [FATCA 2010]
The Securities and Exchange Commission released the Foreign Account Tax Compliance Act 2010 [FATCA] on Monday march 2 2015. FATCA seeks to improve tax compliance within the capital market by citizens of the United States of America. Foreign financial institutions are required to register with the US internal revenue service (IRS) or face a 30% withholding tax on US-source payments made to them.
Capital market operators are encouraged to comply with the provisions of FATCA even as the Nigerian government continues its bid for reciprocity with the US authorities
TOP 5 Trading Securities on NASD OTC
Transactions: Top 15 Firms on NASD OTC market
The composition of the “Leader Board” remained the same this week.
Market in numbers as at March 06 2015
Closing Prices February 20 2015