PBA ReporterNigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), will commence charging regulatory fee on fixed income secondary market transactions with effect from January 1, 2022.
In a circular released yesterday, SEC stated that the commencement of regulatory fee on bonds and other fixed-income transactions on the secondary market, is pursuant to Section 13(u) of the Investments and Securities Act (ISA), 2007 and Schedule 1, Part D of the SEC Rules (Registration Fees, Minimum Capital Requirements, Securities and others).
Join our WhatsApp ChannelThese rules empower the SEC to levy, among others, fees on transactions relating to investments and securities business in Nigeria.
The circular stated that the regulatory fee structure on secondary market transactions on bonds will take effect from January 1, 2022 and secondary market transactions on bonds shall include bond transactions executed on a securities exchange, reported by voice or by any other means to an exchange as having being transacted thereon or of which the information of the transaction details are featured on the exchange’s platform for purposes including but not limited to onward transmission to a depository for settlement, price discovery and corporate disclosure.
The Commission stated that the circular supersedes previous directives given by it on the subject.
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