The Director General of SEC Nigeria recently spoke on Arise Television, shedding light on key updates in the Investment and Securities Act (ISA) 2025 | Enroll Now: Training Opportunities at The Nigerian Capital Market Institute (NCMI)! | In a major boost to capital market regulation in Nigeria, President Ahmed Bola Tinubu GCFR, has assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Secu | The Director General of SEC Nigeria recently spoke on Arise Television, shedding light on key updates in the Investment and Securities Act (ISA) 2025 | Enroll Now: Training Opportunities at The Nigerian Capital Market Institute (NCMI)! | In a major boost to capital market regulation in Nigeria, President Ahmed Bola Tinubu GCFR, has assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Secu |

Self-Regulatory Organization / Trade Association Registration Requirements

APPLICATION GUIDELINES

  • All the documents listed below are mandatory requirements, which must be provided.
  • Every SEC Form must be duly completed and adequately populated with all the required information ensuring that no field is left blank, as this will invalidate the forms.
  • An application is not considered submitted until the forms are adequately populated and all the required documents provided
  • Sponsored individuals whose registration have lapsed are required to commence the registration process afresh. (refer to the SEC Rules 19 and 35 as amended)
  • Proposed sponsored individuals are required to visit any of the SEC offices with three (3) recent passport photographs to commence the Police clearance process (this for potential sponsored individuals seeking registration for the first time with the Commission and those whose registration as sponsored individuals have lapsed);
  • All potential sponsored individuals (Except individuals for transfer) will be required to attend a pre-registration training and examination. Successful individuals, (provided the required structure of sponsored individuals is maintained) will be presented before the Registration Interview Committee for consideration.
  • ALL original copies of the documents/certificates are to be presented for sighting by an authorized officer of the SEC.
  • Annual renewal of registration: Upon the approval to operate as a Capital Market Operators (CMO), the company shall renew its registration annually not later than January 31st of every year
  • The Commission may require such other documents and/or information as it considers necessary for registration.
  • Every applicant Company/Firm will be physically inspected in the course of processing an application for registration,
  • A fair knowledge of the Rules and Regulations of the Commission and Investments & Securities Act No 29 of 2007 and the Capital Market is an essential prerequisite for registration

REGISTRATION REQUIREMENTS

Payment

  1. Evidence of Payment of Filing/Application Fee – N100,000.00 (One Hundred Thousand Naira);
  2. Evidence of Payment of Processing Fee – N300,000 (Three Hundred Thousand Naira);
  3. Evidence of Payment of Registration Fee – N1,000,000.00 (One Million Naira);
  4. Evidence of payment of Director’s fee– N100,000.00 (One Hundred Thousand Naira)
  5. Evidence of Payment of Sponsored Individual Fee – N100,000.00 (One Hundred Thousand Naira) for each new potential sponsored individual and N50,000.00 (fifty thousand naira) for each transferring sponsored individual;

Forms:

  1. Duly Executed Form SEC 5A and 3 – For the Company
  2. Duly Executed Form SEC 2 and 2D – For Sponsored Individuals/ all Directors of the Company (Note that every company/individual requesting for registration as a Capital Market Operator under this function must have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government).
  3. Duly Executed Form SEC 2B – (For Transfer of Directors or Sponsored Individuals which shall be attached with a copy of resignation letter and acceptance of resignation from previous Employer); all Form are required to be duly completed and submitted in duplicates.

Directors and Proposed Sponsored Individuals

  1. Minimum of three (3) sponsored Individuals, one of whom should be a Managing dDirector and a Compliance Officer; (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
  2. The Managing Director of the Company to be among the sponsored individuals;
  3. The Form SEC 2 should indicate among the applicant’s BVN, bank details, Official Email Addresses as well as full Postal addresses, Contact Numbers and Email addresses of previous employers, bankers and nominated referees;
  4. Provide copy of employment letters and schedule of duties (duly signed by both parties);
  5. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
  6. Detailed curriculum vitae of all Directors and proposed sponsored individuals shall include details of activities arranged in a chronological order from Secondary School(s) with dates and duration clearly indicated. (Reasons for leaving all previous employment are required to be stated and all dates/gaps in employment and educational history explained);
  7. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
  8. Evidence certificate for change of name (include Court Affidavit and Newspaper publication);
  9. Evidence that the Sponsored Individuals have the minimum of four years’ relevant post-graduation experience as stipulated in ‘Rule 20(4)’ of the Commission`s Rules and Regulations
  10. Each proposed sponsored individuals is required to visit any of the SEC offices with three recent passport photographs to commence the Police clearance process (For potential sponsored individuals and those whose registration as sponsored individuals have lapsed);
  11. A copy of residence/ Working Permit for Non-Nigerian/residents, the original copy will be required for sighting by the SEC official
  12. A copy of valid means Identification (International Passport, National Identity Card, Driver’s License, permanent voter’s card, Tax Clearance Certificate or utility payment documents)

All Sponsored Individuals are required to have relevant post-graduation experience as stipulated in ‘Rule 20’ of the Commission`s Rules and Regulations

Minimum Paid-Up Capital and Fidelity Insurance Bond

  1. Latest audited Account
  2. Valid Fidelity Bond covering at least 20% of the minimum capital requirement with an end date of December 31;

Applicant Company

  1. Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
  2. The name(s) and address(es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
  3. Operational manual of the company Trading floors/ facilities, Quotation board, and Information board ticket tape and also information about the trading system to be adopted;
  4. Provide information on your client base
  5. Business plan of the company
  6. Organizational Chart of the company
  7. Provide the company’s website address, email address(es), phone number(s) and shall also provide social media handles (e.g. Facebook, Instagram, LinkedIn; twitter; etc.);
  8. Disclosure of information on all the Accounts operated by the company to include account statements.

Corporate Documents

A copy each of the following, duly certified by the CAC;

  1. Certificate of Incorporation
  2. Memorandum and Articles of Association – this should include the power to perform the specified function;

Sworn undertaking to promptly finish the Commission with copies of any amendments of its Memorandum and Articles of Association, certificate by the Corporate Affairs Commission (CAC), code of conduct, guidelines, etc., within fourteen (14) days of such alteration;

  1. CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors (Note the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
  2. Latest audited accounts or audited statement of affairs for Banks in operation for less than one (1) year and not more than thirty (30) days as at time of filing with the Commission signed by two company directors and a confirmation letter from an external auditor. (Note that the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets)
  3. Sworn undertaking to promptly furnish the Commission with copies of any
    amendments to its by-laws, rules, or codes;
  4. A sworn undertaking, confirming to the Commission that all the information provided by the Company including all Bank information is true and correct. (to be signed by a Director or company secretary and notarized);
  5. Sworn undertaking to keep proper records and render returns as may be specified by the Commission from time to time signed by a director or the company secretary (to be notarized);
  6. Sworn undertaking to abide by SEC Rules and Regulations and Investments and Securities Act No.29 of 2007 by a director or the company secretary (to be notarized);
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