The Nigerian Stock Exchange (NSE or the Exchange) recently released its Exposure Draft of the Proposed Rules for Broker to Fintech Collaborations (BFC or Collaboration) (the Proposed Rules). The Proposed Rules seek to regulate any business collaboration between Dealing Members of the Exchange and Fintech Entities, which is aimed at providing a product or service via a Platform to end users, including clients of the Dealing Member.
The Proposed Rules impose obligations on a Dealing Member participating in a Collaboration, in a bid to provide the Exchange with a level of indirect oversight on Fintech Entities operating within its regulatory space and ensure that every Collaboration adheres to applicable rules and laws.
In sum, we have set out below an overview of the Proposed Rules. It is important to note that these provisions are subject to change following comments by members of the public as this is merely an exposure draft.