{"id":50477,"date":"2021-07-13T07:57:21","date_gmt":"2021-07-13T06:57:21","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=50477"},"modified":"2021-07-13T07:57:21","modified_gmt":"2021-07-13T06:57:21","slug":"sec-nigeria-proposes-n10m-registration-fees-for-issuing-houses-others","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/sec-nigeria-proposes-n10m-registration-fees-for-issuing-houses-others\/","title":{"rendered":"SEC Nigeria Proposes N10m Registration Fees For Issuing Houses, Others"},"content":{"rendered":"

The Securities and Exchange Commission (SEC) has proposed N10 million registration fee for issuing houses, underwriters and fund managers from the current fee of N500,000.<\/p>\n

The commission stated this in a document titled, \u201cExposure of proposed new rule and sundry amendments to the rules and regulations of the commission,\u201d posted on its website on Monday.<\/p>\n

The new amendment showed that a broker would be required to pay N3 million naira as registration fee against N300,000 currently applicable.<\/p>\n

The News Agency of Nigeria (NAN) reports that with the new amendment, brokers\/dealers would pay N5 five million, from N500,000 as registration fee.<\/p>\n

NAN also reports that a broker\/dealer is expected to pay N100,000 each as processing fees and registration of sponsored individuals in the new rule.<\/p>\n

The fee for Sub-brokers (digital) was increased to N1 million from N200,000; sub-brokers (corporate) to N1 million from N200,000 and inter-dealer brokers to N5 million from the current N500,000.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cAll CIS fund managers shall pay annual supervisory fees of 0.2 per cent of the net asset value of the CIS under management not later than January 31 of every year to the commission,\u201d SEC said.<\/p>\n

It added that failure to comply with the guideline, the fund manager shall be liable to a penalty of N100,000 and a further sum of N5,000 for every day of default.<\/p>\n

The commission said with the new amendment,\u00a0\u00a0public companies and capital market operators would disclose penalties and sanctions imposed on them by SEC in their audited financial statements.<\/p>\n

\u201cThey shall continue to report outstanding penalties and sanctions in their subsequent annual reports by way of notes to the accounts until all penalties owed the Commission are fully paid and sanctions fully complied with.<\/p>\n

\u201cThe commission shall publish on all public channels, including the SEC website or any other medium, the list of public companies and capital market operators with unresolved regulatory issues.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission (SEC) has proposed N10 million registration fee for issuing houses, underwriters and fund managers from the current fee of N500,000.\u00a0<\/p>\n","protected":false},"author":6,"featured_media":50478,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[5951,575],"coauthors":[2391],"class_list":["post-50477","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-association-of-issuing-houses-of-nigeria","tag-sec"],"yoast_head":"\nSEC Nigeria Proposes N10m Registration Fees For Issuing Houses, Others - National Wire<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission (SEC) has proposed N10 million registration fee for issuing houses, underwriters and fund m\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/sec-nigeria-proposes-n10m-registration-fees-for-issuing-houses-others\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Nigeria Proposes N10m Registration Fees For Issuing Houses, Others - 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