On the 24th of March, 2020, the Securities and Exchange Commission (Commission) issued the guidelines concerning market focused adjustments to be adopted in the interim in response to the effects of COVID19. Below is a summary of market-focused adjustments to be adopted in the interim in response to the effects of COVID-19: Filing of all applications, for the time being, should be made electronically to the following dedicated email addresses:

cis@sec.gov.ng – Registration of funds and other relevant filings
offerapplications@sec.gov.ng – Registration of securities, Public Offers, Mergers & Acquisition, Debt Issuances, etc.

1 CIRCULAR TO CAPITAL MARKET STAKEHOLDERS ON COVID-19

  1. FILING OF APPLICATIONS cis@sec.gov.ng Registration of funds and other relevant filings offerapplications@sec.gov.ng Registration of securities, Public Offers, Mergers & Acquisition, Debt Issuances, etc. Fresh applications for registration of Capital Market Operators are suspended until further notice. However, pending applications and requests by CMOs for update of information would be processed via registration@sec.gov.ng. Public Companies quotedcoyreturns@sec.gov.ng Capital Market Operators brokers@sec.gov.ng, portfoliomanager@sec.gov.ng, issuinghouse@sec.gov.ng,
  2. FILING OF RETURNS All returns shall be filed electronically at the following dedicated email addresses: Capital Market Operators investmentadvisers@sec.gov.ng ratingagency@sec.gov.ng,  marketmakers@sec.gov.ng,  registrars@sec.gov.ng, trustees@sec.gov.ng 5% and above shareholding offerapplications@sec.gov.ng AML/CFT amlcftreturns@sec.gov.ng The Commission has approved a 60-day extension, in the first instance for public companies and capital market operators to file their 2019 annual reports and Q1 2020 reports.
  3. MEETINGS Public companies are advised to take appropriate precautionary measures as recommended by the Federal and State Governments as well as the Nigerian Centre for Disease Control (NCDC) to ensure the safety of shareholders and participants at Annual General Meetings/Extra-Ordinary General Meetings and other meetings which may be held during the prevalence of the pandemic. The first Capital Market Committee Meeting for the year scheduled to hold on April 23, 2020, and all other meetings have been postponed indefinitely. It is important to note that the foregoing guidelines are not exhaustive, but rather represent an outline of immediate actions the Commission considers necessary to sustain the actualisation of its regulatory mandate and maintain the integrity of the Nigerian capital market during this challenging period.

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