SEC introduces rules on investment schemes

The Securities and Exchange Commission (SEC) has released new general rules for Collective Investment Schemes (CIS), which must be registered by the Commission.

SEC on its website said all units and securities subject to registration by SEC may be offered through an offer for subscription, offer for sale or they can be registered through shelf registration.

• NNPC tasks govts, institutions on tech innovation
• Reps summon agencies over $20bn unaccounted oil sales

It further explained that under the Shelf Registration, the value of the shelf programme must be from N5 billion, which an issuer may sell or buy issue these securities with a shelf prospectus that can be updated by a supplementary shelf prospectus; duly registered by the Commission.

Under this also, a shelf prospectus shall be subject to renewal every three years after it is issued and shall comply with the general form and contents of a prospectus.

It said a supplementary shelf prospectus must have information like the offer period, which should not be longer than 28 working days from the date of the issue of the Supplementary Prospectus or such longer period as may be allowed by the Commission, among others.