SEC Hikes Fees For Issuing Houses, Others

The Securities and Exchange Commission (SEC) has proposed a N10million registration fee for issuing houses, underwriters and fund managers from the current N500,000.

SEC made this known through a document posted on its website and titled “Exposure of proposed new rule and sundry amendments to the rules and regulation of the commission”.

The amendment obtained by Prime Business Africa shows that a broker would be required to pay N3million as registration fee as against the current N300,000.

Also in the new amendment document, brokers will pay N5million from N500,000 as a registration fee.

It also stated in the new rule that brokers will be expected to pay N100,000 each as processing and registration of sponsored individuals.

Also in the document released by SEC, sub-brokers fee was increased from N200,000 to N1million and inter-dealer brokers from 500,000 to N5million.

“All CIS fund managers shall pay annual supervisory fees of 0.2 per cent of the net asset value of the CIS under management not later than January 31 of every year to the commission,” SEC said.

It added that for failure to comply with the guideline, a fund manager would be liable to a penalty of N100,000 and a further sum of N5,000 for every day of default.

Public companies and capital market operators would disclose the penalties and sanctions imposed by SEC in their audited financial statements.

“They shall continue to report outstanding penalties and sanctions in their subsequent annual reports by way of notes to the accounts until all penalties owed the commission are fully paid and sanctions fully compiled with.”

The documents also stated that the commission will publish the list of public companies and capital market operators with unresolved regulatory issues on their website and other medium.