By Adedapo Adesanya
The NASD OTC Plc has called on its Over-the-Counter market participants for reviews, comments, and recommendations on its draft rules to meet its objective to extend its access to the Nigerian capital market and create liquidity transparently to all its stakeholders.
It has called on its market participants to do this before the deadline set for Thursday, September 19, 2019.
According to a statement released by the regulator of the market fot unlisted securities in the country, the draft rules are guidelines for the primary and secondary admission of commercial papers on the market.
The draft rules extensively cover: General Requirements; Admission of Issue – Requirements, Creation of Linked Notes; Continuous Disclosure Obligations; Duties and Obligations of Parties, and Enforcement Provisions.
These rules, according to the statement, are backed by the provisions of existing regulations such as the Investment and Securities Act of 2007, the Securities and Exchange Commission Rules and Regulations of 2013, and the Central Bank’s Guidelines on the Issuance and Treatment of Bankers Acceptances and Commercial.
The Draft Rules can be accessed on https://nasdng.com/wp-content/uploads/2019/09/NASDDRAFT-RULES-FOR-LISTING-COMMERCIAL-PAPERS-public-exposure-1.pdf
The regulator further directed that any correspondence, be it comments or feedback, should be submitted via email to Ifeoma Uba-Onubogu at email@example.com and Veronica Odumosu at firstname.lastname@example.org.
Commercial papers are unsecured, short-term debt instrument issued for the financing of accounts payable and inventories and meeting short-term liabilities.
Maturities on commercial paper rarely range longer than 270 days and are usually issued at a discount from face value and reflects prevailing market interest rates.
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