compliance offficers Archives - Investadvocate https://investadvocateng.com/tag/compliance-offficers/ In Your Interest Thu, 12 Sep 2013 13:04:08 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://investadvocateng.com/wp-content/uploads/2018/12/cropped-InvestAdvocate-new-vavicon-32x32.jpg compliance offficers Archives - Investadvocate https://investadvocateng.com/tag/compliance-offficers/ 32 32 104902412 NSE to Fine Dealing Members N0.5 million for Non-Registration of Compliance Officers https://investadvocateng.com/2013/09/12/nse-to-fine-dealing-members-n05-million-for-non-registration-of-compliance-officers/ Thu, 12 Sep 2013 13:04:08 +0000 http://developer.investadvocateng.com/2013/09/12/nse-to-fine-dealing-members-n05-million-for-non-registration-of-compliance-officers/ By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) said it will fine dealing member firms who are yet to register their compliant officers the sum of N500,000. This is contained in a circular with reference number BDR/CIR/01/MSI/09/13 by Olufemi Shobanjo, Head, Broker Dealer Regulation to dealing members on […]

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By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) said it will fine dealing member firms who are yet to register their compliant officers the sum of N500,000.

This is contained in a circular with reference number BDR/CIR/01/MSI/09/13 by Olufemi Shobanjo, Head, Broker Dealer Regulation to dealing members on the registration of their compliance officers.

The NSE said this is in line with Article 15(a) and (c) of the Rules and Regulations governing dealing members and are required to provide the Exchange with the following details of your compliance officer(s): name, date of appointment, Securities and Exchange (SEC) registration status, the circular said.

“Please be reminded that failure to have a compliance officer attracts a Penalty of N500, 000.00, pursuant to Policy 01 NSE,” the NSE said.

This is coming on the heels of the suspension of 39 Dealing Member Firms by the NSE for operating without compliance officers as at September 09, 2013.

The NSE had said that from April 01, 2011, all Dealing Members must have all their correspondence signed by the Chief Compliance Officer and/or the Managing Director/Chief Executive Officer of the firms.

Prior to this time, the NSE said its Article 15(c) rules states that Dealing Member firm shall at all times have one or more Compliance officers who shall be identified to the Exchange and competent to advise the member firm and its employees on the application of these Rules, and shall report to the Exchange any legal violation within 24 hours of their knowledge of such violation and propose the appropriate remedy thereto.

They shall also be responsible for ensuring that money laundering training programmes are administered on persons qualified to conduct business on the behalf of the firm.

Such officers are expected to be cleared by the Securities and Exchange Commission (SEC) before their names are submitted to the NSE.

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