COMPLIANCE CODES FOR QUOTED COMPANIES.

The Nigerian stock exchange taken raised the bar in its  effort to ensure compliance with quotation regulations by quoted companies with the introduction of codes that could give investors an idea of each company's compliance level.
According to an official notice by the Exchange, the codes will be attached to companies as appropriate to indicate compliance level.
There are eleven codes in all and each refers to appropriate deficiencies with regards to existing listing requirements and regulations. They are:
BLS:
This will be attached to  companies that fall below listing standards
MRF:
This will be attached to quoted companies that miss regulatory filing deadline for audited., unaudited and other mandatory reports.
DWL:
Those companies that are served with delisting notice which the Exchange has put on hold to allow them correct defects in compliance will have this attached to them. It simply means delisting watch list.
DIP:
The code will be for companies with ongoing delisting process, whether voluntary or mandatory.
AWR
This code will be for companies that have their required information awaiting approval by relevant ovrrseeing agencies before release.
RST:
Simply put this code will be for companies undergoing restructuring.
BMF:
Any company that falls below listing standard and also missed regulatory filing will be tagged with this code.
BAA:
This code is for companies that are below listing standard and awaiting regulatory approval.
BRS:
Companies that are below listing standard and restructuring as well will be identified with this code.
MRS:
This code will be for companies that miss regulatory filing and are restructuring as well.
BMB:
Finally, this code is for companies below listing standard and also missed regulatory filing.
Mr Ade Bajomo, Executive Director, Operations and Technology, said of the new codes:
"We are implementing the CSI code to improve the quality of our market data as well as ensure transparency in providing compliance related information about listed companies"

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