Securities and Exchange Commission (SEC)

SEC begins 100% custody requirement in CIS

In a bid to further protect investors and deepen the capital market, the Securities and Exchange Commission has announced that it has commenced the implementation of 100 per cent custody requirement in the Collective Investment Schemes sector (CIS).


Director General of the SEC, Mr. Lamido Yuguda, who stated this in an interview in Abuja, said the Custody requirement covers all Funds and Portfolios being managed by registered Fund/ Portfolio Managers.


He added: “So, all clients’ assets managed under discretionary and non discretionary man  dates are to be held under independent Custodial agreement and Custodial Banks.


This is in addition to CIS (Mutual Funds) authorised for public offering. Yuguda said although it was a natural operational requirement of CIS the SEC is having some new enforcement and insistence on the compliance that has been in the books but have not been implemented before now.


He said: “For example, we have the collective business sector where you have the fund managers. We have a dichotomy between public funds, which are funds that are publicly traded, and you can see the unique values on the stock exchange and in newspapers daily.


“There are also private, which are investment agreements between fund managers and specific investors” “A lot of these funds in the privately held fund management mandates are in our custody.


The in-vestment manager before now did not only have the investment management responsibility for the fund, but also kept the securities and cash as whole shares in this investment.




Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...




%d bloggers like this:
Fake Richard Mille Replica Watches, The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica