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Request for suspension at instance of issuer: NSE defers effective date

The Nigerian Stock Exchange (NSE) has notified listed companies that the provisions of Article 23 of the Securities and Exchange Commission (SEC) approved “Amendments to the Listings Rules of The Exchange”, titled “Request for Suspension at the Instance of the Issuer”, shall no longer become effective starting from Monday March 2, 2015, as previously announced.

The NSE in a notice signed by Tinuade T. Awe, head legal and regulation division said, “The effective date of the rule has been delayed to a date to be announced subsequently in order engage in stakeholder sensitisation regarding the rule.” It implies that any request for suspension (at the instance of the Issuer) must be made to The Exchange in writing by the Issuer or the Issuer’s authorised representative or financial adviser and must be supported by the specific reasons which the issuer wishes the Exchange to take into account in the Exchange’s determination of whether or not trading in the issuer’s securities should be suspended.

Also, the burden is on any issuer that requests a suspension of trading in its securities to satisfy the Exchange that a suspension would be necessary.