SEC Directs Existing Investment Crowdfunding Portals to Comply With Registration

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Wednesday, May 26, 2021 / 5:30 AM /by SEC Nigeria / Image
Header Credit: Aflamnah

This is to inform all stakeholders that as
part of efforts to ensure investor protection while encouraging innovation in
the conduct of securities business, the rules governing Crowdfunding business
in Nigeria came into effect on the 21st day of January, 2021.

In line with the transitional provisions
of the Rules, all persons/entities operating an investment crowdfunding
portal/digital commodities investment platform prior to the commencement of the
rules were expected to restructure all operations in accordance with the
requirements of the rules and apply
for registration
 not later than 90 days from the Effective Date.

While the transitional period elapsed on
the 21st day of April, 2021, the Commission hereby directs all
existing investment crowdfunding portals/digital commodities investment
platforms to note the requirements and eligibility criteria for raising funds
through and/or operating a Crowdfunding Portal and comply with the registration
requirements or cease operations by the 30th of June, 2021,
failing which the operations of such platform would be categorized as illegal
and attract regulatory sanction as stipulated in the Rules.

Please click here to
download a copy of the Rules.

All enquiries should be made to the
Commission through the following
e-mails sec@sec.gov.ngregistration@sec.gov.ng

 

Proshare Nigeria Pvt. Ltd.

 

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