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 |

Sub-Broker (Corporate) 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 – N300,000.00 (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 applicable fees as follows;
  • N100,000.00 (One Hundred Thousand Naira) only for each potential sponsored individual
  • N50,000.00 (fifty thousand naira) for transferring sponsored individual
  • N100,000.00 (One Hundred Thousand Naira) only for change of registration
  • N150,000.00 (One Hundred Thousand and fifty thousand Naira) for transfer and change of status

Forms

  1. Duly Executed Forms SEC 2C and 3 – For the Company
  2. Duly Executed Forms SEC 2 and 2D – to be duly completed by the Sponsored Individuals and the Directors of the Company
  3. Duly Executed Form SEC 2B for Transferring Individuals. (Please refer to the requirements for transfer of registration on the Commission’s website for compliance).

Directors and Proposed Sponsored Individuals

  1. Minimum of three (3) sponsored Individuals, including the Managing Director. No compliance officer is required for the sub-broker, as the Compliance Officer of the Sponsoring firm shall provide oversight on sub-brokers registered under the sponsor. (Companies registered/seeking registration to carry out multiple functions shall sponsor the total number of individuals prescribed for each function).
  2. The Form SEC 2 should indicate amongst others, 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;
  3. Copies of employment letters and schedule of duties (duly accepted by the employee and signed by both parties i.e. the employer and the employee);
  4. Provide Resignation Letter/Acceptance of Resignation for sponsored individual on transfer;
  5. 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);
  6. Copies of credentials of including secondary school and NYSC discharge/exemption certificates (originals will be required for sighting by the SEC);
  7. Evidence certificate for change of name (include Court Affidavit and Newspaper publication);
  8. 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);
  9. 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)
  10. A copy of residence/ Working Permit (for Non-Nigerians/non-residents), the original copy will be required for sighting by the SEC;

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. Evidence of Required Minimum Paid up Capital of N10,000,000.00 (Ten Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
  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. Evidence of Payment of shares allotted to the shareholders;
  4. Evidence copy of the agreement signed between the sponsoring broker/dealer company and Sub-Broker
  5. Operational manual of the company;
  6. Business plan of the company
  7. Organizational Chart of the company
  8. Provide information on all the Banks operated by the company from inception, including the bank statement of accounts by the Company for the last three (3) months as at time of filing with the Commission.
  9. 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.);

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 and related function(s) only;
  3. CAC document(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors and shareholders (The original copy of the certificate is to be presented for sighting by an authorized officer of the SEC);
  4. Latest audited accounts or statement of affairs for companies in operation for less than one year, signed by two company directors and not more than three (3) months old at the time of filing with the Commission. The statement of affairs must be confirmed with an attestation letter by an external auditor. (the cash assets mix ratio shall be 60% liquid assets and 40% fixed and other assets);
  5. Sworn statement of guarantee from the sponsoring Broker/Dealer including an undertaking by the sponsoring Broker/Dealer on behalf of the Sub-Broker;
  6. 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);
  7. Sworn undertaking to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations (to be notarized);
  8. 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);
  9. 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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