Par Value Rule not effective - NSE

L – R: T+he  Special Guest of Honour,  Nigeria Marital Expo (NIMAREX) 2015, Admiral  S.O Afolayan (Rtd); Member, NIMAREX, Chief (Dr.) Isaac M. Jolapamo; Chairman of NIMAREX, Barrister Margaret Orakwusi and Executive Director, Business Development, The Nigerian Stock Exchange, Mr. Haruna Jalo-Waziri at the NIMAREX 2015 exhibition in Lagos

 

The Nigerian Stock Exchange (NSE) said the par value rule that was approved by the Securities and Exchange Commission (SEC) is not yet effective and not in force

The NSE said, "The Exchange received the Securities and Exchange Commission’s (SEC) approval of the Ru​le on June 2, 2015, and notified the Market of the approval on June 4, 2015.

"Further, on June 5, 2015, The Exchange, via a notice to the market titled, "The Effective Date of SEC Approved Rules", provide​d clarification on when the Rules of The Exchange become effective. A copy of this notice was placed on our website.

"We wish to remind all market participants of the following paragraphs of the notice:​"After SEC has approved the Rules, The Exchange determines internally when the Rules should become effective, i.e., the date from which The Exchange will start administering or implementing or enforcing the provisions of the SEC approved Rules.

"Thus, the effective date is the date on which Market participants must start complying with or observing provisions of the Rules, and be guided by them, a document signed by Head, Legal and Regulation Division, Tinuade Awe explained.

The document added that, "Market participants are reminded that they ought to receive The Exchange’s Notification of the Effective Date of the Rules before advising their clients that the Rules are effective or are in force, and before implementing the provisions of such Rules."