SEC approves new minimum capital for Capital Market operators,
The Securities and Exchange Commission has approved a set new minimum capital requirements for capital market operators.
Under the new structure, broker-dealers are expected to have minimum capital several times the current amount required by the regulatory authorities for swiss fake rolex datejust watches a company to qualify to trade on the exchange, while both brokers and dealers which will operate with less capital are to trade through broker-dealers.
SEC then had proposed an increase of the minimum paid-up capital for issuing houses from N150 million to N2 billion, while that of broker dealers was increased from N70 million to N1 billion.
That of clearing and settlement agency was increased from N500 million to N1 billion, while that of registrars was increased from N50 million to N500 million.
Underwriters who had a minimum capital base of N100 million are now required to fake rolex gmt watches uk have N2 billion while fund portfolio managers' capital base was increased from N20 million to N500 million, and corporate sub-brokers capital base rose from N5 million to N50 million.