NSE Releases Effective Dates of Five New Rules

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) has announced dates for the five rules and amendments recently approved by the Securities and Exchange Commission (SEC).

The new guidelines are the Amendments to Dealing Members’ Rules (Part XVB): Rules on Securities

Transactions Between Dealing Members of The Exchange; Rules for Listing on the Growth Board of The Nigerian Stock Exchange; Rules Governing Free Float Requirements; Rules for Price Stabilization of Securities; and Rules on Release Calendar for Regulatory Announcements and Filings of Listed.

In a notice to the investing market yesterday, the stock market regulator said these rules and amendments were approved by SEC on Monday, May 6, 2019.

It said the effective date for the Amendments to Dealing Members’ Rules (Part XVB): Rules on Securities Transactions Between Dealing Members of The Exchange is June 3, 2019.

For the Rules for Listing on the Growth Board of The Nigerian Stock Exchange, the effective date is June 17, 2019; while the Rules Governing Free Float Requirements will take effect from June 3, 2019.

In addition, the effective date for the Rules for Price Stabilization of Securities has been fixed for July 15, 2019; while the effective date for the Rules on Release Calendar for Regulatory Announcements and Filings of Listed is September 2, 2019.

The notice signed by the Executive Director in charge of Regulation at NSE, Ms Tinuade Awe, said, “Please do not hesitate to seek clarification via electronic mail to the above mentioned persons, or Mr Oluwatoyin Adenugba [email protected], Head, Rules and Interpretation at The Exchange if you have any questions regarding the foregoing.”