Nigeria - Rating Agency Registration

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Procedure

Apply In-Person

1. To register as a Rating Agency in person, the applicant needs to visit the Securities and Exchange Commission (SEC) office. The address and contact details of the can be found in the following link: contact link
2. Visit the office and obtain application form to register as a Rating Agency from the relevant department.
3. You will have to fill the following forms
4. Duly Executed Form SEC 3A for the Company;
5. Form SEC 2 and 2D for Sponsored Individuals/Compliance Officer,
6. and Form SEC 2 and 2D for Directors of the Company (to be completed in duplicate).
7. Complete the application form with appropriate information under relevant sections.
8. Attest it once completed.
9. Once completed filling the application form, make sure that you attached all the documents listed in the “Required Documents” section of this page.
10. Then, submit it in person to the relevant authority at the office. Make the stipulated payment as directed by the officials.
11. After submission, the application and other documents will be forwarded for examination and verification processes.
12. Once the verification and validation processes are over, the application will be approved and the officials will proceed to take the required steps to issue the Registration Certificate.
13. When the document is ready to be collected, the applicant will be notified by the office and the applicant can collect it by any applicable means.
    

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Required Documents

Each application filed must be accompanied by

• A minimum of 2 sets of completed Form SEC 2 to be filed by the sponsored individuals
• A copy of the certificate of incorporation certified by the Corporate Affairs Commission.
• Two copies of the Memorandum and Articles of Association certified by the Corporate Affairs Commission and which shall among others, include the power to act as a rating agency.
• Profile of the company covering activities, organizational structure and detailed future expansion programme
• A written undertaking to inform the Commission of any material change contained in the application
• Existing or proposed bye-laws or rules, guidelines and code of conduct
• Sworn undertaking to keep such records and render such returns as may be specified by the Commission from time to time
• Enclose a chartered accountants certificate certifying the continuous net worth of not less than the minimum paid-up capital of the company
  

Note:The Commission may require such other documents as it considers necessary for registration.

Office Locations & Contacts

Securities and Exchange Commission (SEC) - Head Office
SEC Towers,
Plot 272, Samuel Adesujo Ademulegun Street,
Central Business District ,<br Abuja, FCT Nijeria
Tel: +234 (0) 94621100; +234 (0) 94621168
Email: [email protected]
Website: Link

SEC NIGERIA e-Portal :Link

Eligibility

You must have a minimum paid-up capital of N150 million, with a fidelity insurance bond representing about 25% of minimum paid-up capital.

Fees

• Evidence of Payment of Filing/Application Fee – N50,000 (Fifty Thousand Naira);
• Evidence of Payment of Processing Fee – N200,000 (Two Hundred Thousand Naira);
• Evidence of Payment of Registration Fee – N1,000,000 (One Million Naira);
• Evidence of Payment of Sponsored Individual Fee – N50,000 (Fifty Thousand Naira) for each sponsored individual;
  

Validity

Usually, the renewal of registration is every two years.

Documents to Use

FORM SEC 3A - RATING AGENCY REGISTRATION:Application form
FORM SEC 2D Application Form

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

Please explain processing time taken in obtaining the document/certificate.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Note

• The Commission may require such other documents as it considers necessary for registration.
• An application for registration will only be considered as having been filed when all document (s)/information has been completed.
• Every applicant Company/Firm will be inspected in the course of processing an application for registration,
• A fair knowledge of the Rules and Regulations of the Commission and Investments & Securities Act No 29 of 2007 and the Capital Market is an essential prerequisite for registration.
• Rule 83(3) and (4) shall, with all necessary modifications, apply in case of denial or suspension of registration of rating agencies.
  

Required Information

• Registered Name
• Registered Address
• Mailing Address (postal Office Address)
• Fax no.
• E mail
• Website address
• Telephone Numbers
• State if Private/Public Company/Partnership
• Date of Incorporation
• Objects (Main and Ancillary)
• Indicate category to which the Company belongs
• Names and Address of promoters
• Indicate Shareholding in the Company
• Professional/Educational background of promoters
• Name of Institutions Attended and Address
• Date from Date to Course of Study Qualification Obtained
• Financial Soundness/Integrity (Include current bank reference)
• Company`s Capital Structure
• Names and Addresses of members holding 5% or more of the paid up Capital of the Company
• Particulars of Directors: Name and Address, Qualification and Experience, Past/Current Employment and date (if any) Shareholding in the Company, Directorship in any other Company.
• Particulars of Principal Officers/Executives and Senior Staff: (Please give information with respect to past and present job experience) Names, Designation, Qualification, Previous Position held, Experience, Date of Appointment, Functional Area.
• Particulars of Rating Committee, Names of members, Sectoral Focus/Specialisation, Experience in Rating Companies, Other Related Experiences
• Operational Facilities
  

a) Indicate what facilities are provided

b) Information and Computer facilities for research and data bank

c) Indicate further plan for additional/improved facilities

d) Any other information.

• Particulars of Associate Companies, Name, Address & Nature of
• State the basis of fees charged
• List Rating Methods to be used
• Legal background of members
• State nominal and market values of your investments in securities as at the date of this application
• state the name(s) and address(s) of auditors(s) of the applicant
• Name and address of the bankers of the applicant company
• Financial Information
  

Need for the Document

Please provide the need for the procedure. e.g. Birth Certificate - why do we need to have a birth certificate?

Information which might help

And every applicant must have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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