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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.

3rd Singapore-Shanghai Financial Forum Takes Financial Collaboration To New Heights

The Monetary Authority of Singapore (MAS) and Shanghai Municipal Financial Services Office (SFSO) held the 3rd Singapore-Shanghai Financial Forum (SSFF) in Singapore today.

We're Going To Eliminate Wasteful Regulations, Which We've Already Done - Trump

At the top of our agenda is the creation of great high-paying jobs for American workers. And we've made a lot of process. You see what's going on; you see the numbers.

11 Companies Default on the filing of 2016 Audited Financial Statements

The Nigerian Stock Exchange ("The Exchange") hereby informs the general public that the companies listed below have missed the deadline to file their Audited Financial Statements ("AFS") for the year ended 31 December 2016.

Main Takeaways of the FSB-IOSCO Roundtable on Compensation Practices in the Securities Sector

The Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) jointly organized a Roundtable on Compensation Practices in the Securities Sector on 13 December 2016.

CBN Publishes 2016 Financial Stability Report

Output growth in the global economy remained slow in 2016 due to uncertainties in some advanced economies, several emerging markets and developing economies.

RECALL: Recent Changes of Guards At The Central Bank of Nigeria

The appointment of a new governor to lead the Central Bank of Nigeria (CBN) from June 2014 to June 2019 brings the number of persons so appointed since 29 May 1999 to four, although only the last two appointments were made after the 2007 CBN Act was signed into law on 28 May 2007.

CBN approves wholesale banking licence for DBN

THE Central Bank of Nigeria, CBN, has approved a wholesale development finance institution licence with national authorization for the Development Bank of Nigeria, DBN Plc, the Minister of Finance, Mrs. Kemi Adeosun, has confirmed.

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.



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