NIGERIAN SEC PROPOSES RULES AMENDMENT.

The Securities and Exchange Commission (SEC)  has proposed some amendments to rules and regulations for the capital market which it expects stakeholders to comment on.
According to the notice posted on its website dated January 16, such comments should be sent through rulescommittees@sec.gov.ng or through the Director General within two weeks.
The first of the proposed amendments affects Rule 51(1) and provides for reports to be filed by capital market operators to cover areas of e filing and reporting period, in respect of statutory returns.
Also to be amended are rules and regulations on Real Estate Investment Schemes (REITS) in areas of definition, contribution of REITS, asset allocation, borrowing and contents of prospectus.
Under this heading, there are three new proposed rules and all deal with asset allocation.
Also being proposed to be changed are rules guiding infrastructure funds especially in terms of definition, applicability, permissible investments, valuation of assets and reporting.
Lastly, SEC had reviewed code of corporate governance "to align with international best practice" and would appreciate comments from stakeholders.

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