The Securities and Exchange Commission has released general rules for Collective Investment Schemes, prescribing that all units/securities of a collective investment scheme must be registered by the commission.
The rule, which is on the commission’s website, also states that all units/securities subject to registration by the commission may be offered through ‘offer for subscription, offer for sale and may be registered by way of shelf registration’.
SEC explained in a statement issued on Wednesday that shelf registration was a filing undertaken by issuers intending to access the market in the near future, permitting issuers to disclose certain information in a core disclosure document updated on a regular basis.
The commission said in the case of shelf registration, some provisions would be applicable, including the value of the shelf programme not being less than N5bn.
It also stated that an issuer might issue, offer/purchase, or make an invitation to subscribe for/purchase units under a shelf registration, where at the time of the issue, offer/invitation, there was in force a shelf prospectus as updated by a supplementary shelf prospectus, both of which had been registered by the commission.
Another provision was that a shelf prospectus would be subject to renewal every three years from the date of its issue.
The statement said, “A shelf prospectus shall comply with the general form and contents of a prospectus as set out in these rules and regulations and state that the shelf prospectus has been registered by the commission.
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