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Outcome of the Second Capital Market Committee Meeting Held on August 15, 2017

The Securities and Exchange Commission held its second (2nd) Capital Market Committee (CMC) Meeting on August 15, 2017 at the Federal Palace Hotel, Victoria Island, Lagos.

IOSCO Consults on Recommendations to Improve Transparency of Corporate Bond Markets

Corporate bond markets are a significant part of the global capital markets and a critical source of financing for economic growth. Since 2004, various developments have impacted corporate bond markets.

SEC Nigeria partners NERDC to develop curriculum for capital market studies in Nigeria

The apex regulator of the Nigerian capital market, the Securities and Exchange Commission of Nigeria, is developing a curriculum on capital market studies as part of the financial literacy programme, for primary and secondary schools in the country.

CBN Extends Timeline of BVN Enrolment for OFIs to December 31, 2017

Your attention is drawn to our letter on the above subject referenced: OFI/DIR/CIR/GEN/17/139 dated April 21, 2017 in which all OFIs were required to undertake the following

SEC Issues Circular to all CMOs on Rendition of Various Returns for AML or CFT and NFIU

Consolidated Grid for Rendition of Various Anti-Money Laundering And Countering The Financing Of Terrorism (AML/CFT) Returns By Capital Market Operators (CMOS) To The Securities And Exchange Commission (Sec) And The Nigerian Financial Intelligence Unit (NFIU)

CBN Announces the Introduction of the Nigeria Customs Service Electronic Auction (eAUCTION) Platform

This is to inform all Authorized Dealers and the General Public that the Nigeria Customs Service (NCS) has deployed and electronic auction platform tagged “NCS eAuction”.

CBN Issues Statements of Payment Finality for the Nigerian Payments Schemes

In line with the overall objective of the Nigerian Payments System Vision 2020 (PSV2020) project aimed at creating an electronic payments infrastructure that is nationally utilized and internationally recognized, the Central Bank of Nigeria hereby issue the statements of payment finality for the four payment schemes (RTGS, Card, Mobile and ACH, Cheque & Instant Payments) in Nigeria.

SEC Directs CMOs & Public Limited Companies to Comply with Executive Order No.004 of 2017 on VAIDS

The Securities and Exchange Commission (The Commission) wishes to draw the attention of all Capital Market Operators (CMO’s) and Public Limited Companies (PLCs) to Executive Order No. 004 “Voluntary Assets and Income Declaration Scheme” (VAIDS), signed by the Acting President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo on the 29th of June 2017.

SEC Issues Ultimatum to CMO’s, Experts and Professionals On Sponsored Individuals and Compliance Off

The Securities and Exchange Commission (SEC) Nigeria wishes to inform all Capital Market Operators (CMOs), Experts and Professionals operating in the Nigerian capital market that in compliance with the provisions of the ISA 2007 and the SEC Rules and Regulations, they are expected to possess the required number of Sponsored Individuals and a Compliance Officer for each function performed by the operator in the capital market.

Treasury Releases Report To Reform US Financial System

On June 12 2017, just days after the House of Representatives passed the Financial CHOICE Act – a bill to repeal and replace many of the banking reforms implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act – the Treasury Department released its long-awaited report to reform the US financial system.

Implementation Monitoring of the PFMI: Fourth Update to Level 1 Assessment Report

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have today published the fourth update to the Level 1 assessments of implementation monitoring of the Principles for financial market infrastructures (PFMI).

IOSCO Consults on Recommendations and Good Practices in Liquidity Risk Mgt of Funds

The International Organization of Securities Commissions (IOSCO) published today the consultation paper titled Recommendations of Liquidity Risk Management for Collective Investment Schemes, which seeks to address structural vulnerabilities arising from asset management activities, as part of its mission to protect investors and mitigate systemic risk in global financial markets.

International Committees Complete the April 2015 Workplan

The Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI), the International Organization of Securities Commissioners (IOSCO) and the Basel Committee on Banking Supervision (BCBS) today published three guidance documents and two reports as part of their joint workplan on central counterparty (CCP) resilience, recovery and resolvability.

BCBS and IOSCO Propose Criteria for Identifying Simple, Transparent and Comparable Short-term Securi

The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) today released the consultative document Criteria for identifying simple, transparent and comparable short-term securitisations (the short-term STC criteria), which is available on the BCBS and IOSCO websites.

Basel III Implementation: Basel Committee Reports To G20 Leaders

The Basel Committee on Banking Supervision has yesterday published a report for the G20 Leaders at their Summit in Hamburg on 7-8 July.

Exposure Draft on the Regulatory Framework for BVN Operations & Watch-List for the Financial System

The Central Bank of Nigeria (CBN), in furtherance of its mandate for the development of the electronic payments system in Nigeria hereby releases the Exposure Draft on the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Financial System for your review and comments.

SEC Extends Deadline on Issuance of Warrants & Free e-Dividend Registration Exercise to Dec 31 2017

Following numerous requests received from the investing public, the Securities and Exchange Commission is pleased to announce that the deadline of June 30, 2017 for discontinuance of issuance of physical dividend warrants has been extended to December 31, 2017.

Investment And Growth In Advanced Economies

The experience of business investment in the UK since the onset of the financial crisis broadly matches that elsewhere in the advanced world – a sharp fall followed by a feeble recovery (Chart 1).

Remarks To The SEC Investor Advisory Committee

Let me begin by thanking all of you for your service on this Committee. I know you all have very busy schedules. I am grateful that you have taken the time to contribute your knowledge and expertise on behalf of investors and our markets.

Etisalat vs Banks: CBN, NCC Intervene to Save Jobs, Asset Stripping

Following the deepening crisis between Etisalat and a consortium of 13 Nigerian Banks over a syndicated loan of about US$1.2 billion granted the telecom company by the banks, the Central Bank of Nigeria (CBN) on Friday, June 23, 2017 said the apex Bank and the Nigeria Communications Commission (NCC) decided to intervene in the crisis in order to prevent job losses and asset stripping.

Circular to the General Public On Multiple Subscriptions In Public Offers

The Securities and Exchange Commission wishes to notify the general public on how reported cases of multiple subscriptions to public offers would be treated.

New Intl Financial Regulatory Framework for Outsourcing & Specific Rules for Cloud Services

On May 17 2017 the Luxembourg financial sector regulator (CSSF) published the following circulars in order to streamline its regulation of IT outsourcing in the financial sector and introduce specific rules for the use of cloud services

Exports from Nigeria – Compliance with Memorandum 11 of the Foreign Exchange Manual

In the continued effort to ensure that all export transactions are carried out through the formal channels, bills of lading in respect of exports from Nigeria shall henceforth carry the Form NXP number of the underlying cargo.

FINRA T+2 rules approved

In May 2017, in Regulatory Notice 17-19, FINRA announced the SEC approval of a variety of its proposed rule amendments relating to the upcoming move of the U.S. securities markets to the T+2 settlement cycle.

SEC Proposes New Rule on Revenue Bonds and Amendments to Rules on Mergers & Acquisitions

Proposed amendments to align the Rules with the proposal to discontinue issuance of Dividend/Return Money Warrants in the Capital Market

Implementation Monitoring Of The PFMI: Level 2 Assessment Report For Hong Kong SAR

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have today published a report that confirms that Hong Kong’s legal, regulatory and oversight framework for key payments and settlement systems complies with CPMI-IOSCO’s Principles for financial market infrastructures (PFMI).

SEC Directs CMOs to Comply With Company Information Update; Sets July 31, 2017 Deadline

The Securities and Exchange Commission (SEC) Nigeria pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007 directed all Capital Market Experts or Professionals to provide updated information of their companies/firms in December 2016 and February 2017.

SEC to launch Market Development Fund, with N5ml seed capital

Nigerias apex financial market regulator, The Securities and Exchange Commission (SEC Nigeria) is set to launch a market development fund this year, to lead efforts in galvanizing capital market activities in the country. The Director General of the Commission, Mr. Mounir Gwarzo, disclosed this at the first post-Capital Market Committee press conference for the year 2017.

CBN Directs OFIs to Enroll Customers for BVN

The absence of a unique identifier in the Nigerian banking industry has been a major challenge inhibiting the effectiveness of the Know Your Customer (KYC) principle.

CBN Suspends the Implementation of Interchange Regime Indefinitely

Kindly refer to the CBN Circular of November 1, 2016 referenced BPS/DIR/GEN/CIR/03/004 where the bank had communicated the discontinuance of the Merchant Service Charge (MSC) by May 1, 2017 and its subsequent replacement with the implementation of the interchange Regime.



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