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SEC, NSE streamlined process takes effect June 1

Stories by Babajide Okeowo

The Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) streamlined processes which involved in the listing on the nation’s stock market for more efficiency and cost effectiveness is expected to take off on June 1, 2019.

According to a statement by the two agencies, the streamlined process which would come into effect on June 1, was aimed at reducing the regulatory burden on issuers by eliminating duplication of processes between them.

“With the streamlined processes, the SEC and the NSE will carry out joint site visits of companies intending to get listed, following the registration of their securities with the SEC.

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“In the same vein, certain offer documents such as the Vending Agreement, Underwriting Agreement, Trust Deed and ISPO, identified to be strictly within the jurisdiction of the SEC are to be submitted only to the SEC.

“Also, the exchange will rely on SEC for approval of offer documents such as prospectus,” it said.

Mr. Isiyaku Bala Tilde, SEC Acting Executive Commissioner Operations, was quoted by the statement as saying that streamlining the process was a major milestone.

“Streamlining the issuance process with the listing process of the NSE is a major milestone for the Commission in its quest to create an enabling environment capable of attracting New Listings.

“One of our core values is leading by example, and we hope that other stakeholders will also look inward to explore similar initiatives which will ensure quick time to market of securities in our market.

“We have no doubt that the streamlined process will enhance the competitiveness of the Nigerian capital market as a global investment destination,” Tilde said.