April 2, 2015/SEC

Section 313(1) of the Investments and Securities Act 2007, empowers the Commission to, from time to time, make Rules and Regulations for the purpose of giving effect to the Act as well as to amend and revoke Rules and Regulations so made.

The following are the New Rules and Amendments approved by the Commission:

New rules:-

1. Code of Conduct for Rating Agencies 
2. Code of Conduct for Underwriters
3. Code of Conduct for Trustees.
4. Rule on Trading in unlisted securities
5. Rules on Securitization
6. Rules on National Investor Protection Fund.

Amendments:-

1. Rules on additional disclosure requirements
2. The Rules on mergers;
1. Rule 421 -New Definitions of terms,
2. Rule 423 (3) – New penalities,
3. Rule 425 (2) (a) & (b) – Collapse of merger procedure,
4. Rule 426 (2) and (4) – Requirement for merger notification,
5. Rule 428 – Clearance of scheme document.

  C.  The rules on Takeovers

1.  Rule 445 (5) – Announcement of takeover bid,
2.  Rule 445 (1) ( c) – Effective date for takeover bid,
3.     Rule 446 (g) – Expert opinion,
4.     Rule 446 (3) – New rule on Directors’circular,
5.     Rule 448 (8) –New rule on Post bid requirements.

D. Other sundry amendments               

       1. Rule 20 (7) – Sponsored individuals and Compliance officers,

       2. Rule 305 (6) – Proceeds of Issue,

       3. Rule 312 (5) – Effect of undersubscription.

Click here to download full details of the new rules and amendments approved