Securities and Exchange Commission Issues New Rules

On April 28, 2010, the Securities and Exchange Commission (SEC) took another step
towards the bridging of some of the gaping gaps that currently exist in securities
regulation in Nigeria, through the issuance of new SEC rules (the New Rules). The
New Rules, which have taken immediate effect, contain 23 new rules and eight
amendments (to existing ones), cover a wide range of issues, including executive
appointments by market operators, underwriting of public offers, issuance of
corporate bonds, money market funds, mergers and acquisitions, anti-trust breakup,
reporting obligations, and proceedings before the Administrative Proceedings
Committee (APC).
This note will discuss the key changes that have been introduced to securities
regulation in Nigeria through the New Rules.

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