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The Scripless Securities Settlement System Business Rules and Guidelines

In furtherance of the principal objects of the Central Bank of Nigeria (CBN or the Bank) to ensure monetary and price stability, to promote a sound financial system and pursuant to the provisions of the CBN Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) LFN 2010, the CBN hereby issues the following guidelines for the operation of Scripless Securities Settlement System (S4.)

Federal Reserve Issues FOMC Statement

Information received since the Federal Open Market Committee met in February indicates that the labor market has continued to strengthen and that economic activity has continued to expand at a moderate pace.

SEC Proposes New Rule on Fixed Income and Equity Primary Issuance

The total cost of issue shall not exceed 3.17% for equity transactions and 3.9375% for bonds of the gross total proceeds, excluding indemnity fee, advertisement, printing and take on fees for registrars, from the issue or such percentage as the Commission may prescribe from time to time.

IOSCO Launches Its First Regional Capacity Building Hub In Malaysia

The International Organization of Securities Commissions (IOSCO) today unveiled the IOSCO Asia Pacific Hub in Kuala Lumpur, hosted by the Securities Commission (SC) Malaysia.

Meeting with CMOs on the SEC Risk-Based Supervision (RBS) Framework and Updated Reporting Template

Sequel to the migration to Risk-Based Supervision (RBS) framework, and the need to harmonize the Quarterly Reporting Templates of the Securities and Exchange Commission (SEC) with that of The Nigerian Stock Exchange (NSE)

Immediate Adoption of Examiners’ Recommended Provision and Audit Adjustments by the OFIs

Upon the receipt of the Routine Examination from the Central bank of Nigeria (CBN) or the Nigeria Deposit Insurance Corporation (NDIC) by the OFI, it is required that the board of each OFI deliberates upon the Report and give an undertaking that the recommendations therein will be implemented.

SEC Releases Communiqué Issued At The 2017 Budget Seminar

The Executive arm of Government in December 2016 submitted to the National Assembly for ratification the draft 2017 budget for the sum of N7.298 trillion.

U.S. SEC Approves Rules To Ease Investor Access To Exhibits In Company Filings

The Securities and Exchange Commission today voted to adopt rule and form amendments to make it easier for investors and other market participants to find and access exhibits in registration statements and periodic reports that were originally provided in previous filings.

Modernizing & Updating Disclosure Rules - Use of Hyperlinks and HTML

Next, we will consider and vote on a recommendation from the Division of Corporation Finance to issue an adopting release that will modernize and update our disclosure rules. Today's action will bring the Commission further into the 21st Century by harnessing technology to improve the manner in which investors can access public company disclosure

Remembering The Forgotten Investor - Remarks At The "SEC Speaks" Conference 2017

Thank you very much, Stephanie [Avakian] and Dave [Grim], for your kind introduction.

IOSCO report shows progress made in implementation of Benchmark Principles

The Board of the International Organization of Securities Commissions (IOSCO) today published the Second Review of the Implementation of IOSCO's Principles for Financial Benchmarks in respect of the WM/Reuters 4 p.m. Closing Spot Rate.

The Rate of Naira Counterfeiting Is Less Than One Per Cent - CBN

The attention of the Central Bank of Nigeria (CBN) has been drawn to certain spurious and grossly uninformed claims suggesting that about 20 per cent of the Naira currency notes in circulation are counterfeited.

Application of International Standard on Auditing (ISA) 701 in the Banking Sector

The attention of all banks and their external auditors is hereby drawn to the Rule 9 (Application of International Standard on Auditing (ISA) 701 - Communicating Key Audit Matters in the Independent Auditor’s Report) of the Financial Reporting Council of Nigeria (FRCN)

CBN Issues Circular on the Amendments of S4 Business Rules and Guidelines

With reference to section 10.1 of the S4 Business Rules and Guidelines, which states inter alia

Exposure of Proposed New Rule and Sundry Amendments to the Rules and Regulations of SEC Nigeria

This Rule is proposed to create a robust framework for the regulation and supervision of Capital Market Holding Companies (CMHC).

SEC Reorganizes for Efficiency

The Securities and Exchange Commission (SEC) wishes to draw the attention of all capital market operators to the following reorganization exercise recently approved by the Commission

Speech Given By Mark Carney, Governor Of The Bank Of England, At The London School Of Economics

His insights are also relevant to social choices about macroeconomic stabilisation, including inflation control, and what society is prepared to do to achieve it

Benefits of Credit Bureau Systems

Any economy, especially a developing economy, requires credible and stable Data Credit Reporting Systems to encourage businesses, lenders and providers of services to more willingly extend Credit and Services to Consumers. This is especially with reoccurring financial crisis, lack of collateral and the erosion of capital in the global world economy.

Promoting Higher Quality And Lower Cost In Financial Regulatory Reporting

The OFR posted yesterday a blog by Director Richard Berner, entitled, “Promoting Higher Quality and Lower Cost in Financial Regulatory Reporting.

SEC Publishes Rules on Capital Market Holding Companies, Others for Exposure

The following are proposed rules/amendments for exposure to stakeholders/general public for comments and input.

Central Banks Loosening Their Grip on Markets

In 2017, tightening monetary policy and brighter economic fundamentals could ease markets from the grip of the central banks whose policy in recent years has dominated trading in bonds, shares and other assets.

Guidelines on Securities Settlement in Nigeria

Pursuant to the powers of the Securities & Exchange Commission (SEC) conferred on it by section 13 and further section 312 (3) of the ISA 2007 and in exercise of the powers conferred on the Central Bank of Nigeria (CBN)

Proposed Amendments to Laws Affecting Investment in Nigeria

Further to the resolution passed at the 1st Quarter CMC to review extant laws which affect the investment climate in Nigeria, three Committees were constituted by the Commission in June 2016 to review the following legislation:

SEC Issues Circular on Regulatory Institution Directing Some Persons to Register as Dealing Members

The attention of the Securities and Exchange Commission (the Commission) has been drawn to a circular issued by a regulatory institution directing some persons to register as dealing members with the FMDQ OTC Securities Exchange, an Exchange registered by the Commission.

SEC Directs CMOs to Update Registration Information with the Commission

The Securities and Exchange Commission (SEC) Nigeria pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007 hereby directs all Capital Market Operators (CMOs) to fill in information of their current registration status through the link below

Availability of Credit to the Corporate Sector Increases in Q4 2016 - CBN

The availability of secured credit to households increased in Q4, 2016 and was expected to increase in the next quarter. Changing economic outlook remained a major factor behind the increase.

Emefiele's prognosis on the Nigerian Economy and Policy options


US SEC Approves Plan To Create Consolidated Audit Trail For Tracking Markets

The Securities and Exchange Commission today voted to approve a national market system (NMS) plan to create a single, comprehensive database known as the consolidated audit trail (CAT) that will enable regulators to more efficiently and thoroughly track all trading activity in the U.S. equity and options markets.

SEC Issues $20 Million Whistleblower Award

The Securities and Exchange Commission today announced an award of more than $20 million to a whistleblower who promptly came forward with valuable information that enabled the SEC to move quickly and initiate an enforcement action against wrongdoers before they could squander the money.

Interchange Fee to Replace Merchant Service Charge; Commences Live Operations May 01, 2017

With the introduction of the Cash-Less Nigeria Project and the release of the Guidelines on PoS Card Acceptance Services, the CBN outlined the Merchant Services Charge (MSC) and the modalities for its operation in the payments system.

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