By Yakubu LAAH InvestAdvocate
Lagos INVESTADVOCATE)-The securities and exchange commission (SEC) has endorsed the Nigerian stock exchange’s (NSE’s) amendments to listing rules which is expected to commence. November 01, 2014.

According to the amendment on market abuse, every issuer shall ensure that investors and the public are kept fully informed of all factors which might affect their interest and in particular, that immediate disclosure is made of any information concerning their interest which might reasonably be expected to have material effect on market activity in, and the prices or value of, listed securities.

The amendment states that issuers shall disclose on an immediate basis all information on any material circumstance likely to affect its financial condition.

On issues dealing with insider information, the amendment states that issuers shall establish effective arrangements to deny access to insider information to persons other than those who require it for the exercise of their functions within the Issuer’s organisation.

With the amended rules, companies are
required to provide the NSE with timely information to enable it efficiently perform its function of maintaining an orderly market, to enable it maintain necessary records and to allow it the opportunity to comment as to certain matters when the facts emerge or so soon thereafter.

‘’The information disclosed by an Issuer must be produced to the highest standards and shall be accurate, exact and unambiguous, its content must not be misleading and it shall not exclude or omit anything that may influence the substance or meaning of the information presented,’’ the report said.