By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) in a notice dated Monday March 02, 2015 said it has deferred the effective date for the commencement of Amendments to the Listings Rules of The Exchange”, titled “Request for Suspension at the Instance of the Issuer”,
The NSE said its giving the deferment notice of the provisions of Article 23 of the Securities and Exchange Commission approved “Amendments to the Listings Rules of The Exchange”, titled “Request for Suspension at the Instance of the Issuer.”
The Exchange affirmed that the rule shall no longer become effective on Monday March 02, 2015as previously announced.
? “The effective date of the rule has been delayed to a date to be announced subsequently in order engage in stakeholder sensitisation regarding the rule,” the NSE added.
The text of the Rule is set forth below:
23. Request for Suspension at the instance of The Issuer
23.1 An ?y request for suspension must be made to The Exchange in writing by the Issuer or the Issuer’s authorized representative or financial adviser and must be supported by the specific reasons which the issuer wishes The Exchange to take into account in The Exchange’s determination of whether or not trading in the issuer’s securities should be suspended.
23.2 The burden is on any Issuer that requests a suspension of trading in its securities to satisfy The Exchange that a suspension would be necessary.
The above text can also be viewed on the website of The Exchange by following this link – http://www.nse.com.ng/regulation-site/IssuersRules/Amendments%20to%20the%20Listings%20Rules.pdf
The notice was signed by Tinuade Awe, head/legal and regulation division at the NSE.