INVESTMENT & SECURITIES TRIBUNAL (PROCEDURE) RULES 2014
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RULES OF COURTS/TRIBUNALS OF NIGERIA
INVESTMENTS AND SECURITIES TRIBUNAL (PROCEDURE) RULES 2014
ORDER 4 MANAGEMENT POWERS OF THE TRIBUNAL.
Decisions before or at hearing
Rule 1: Interim Relief
(1) The decision of the Tribunal on any of the matters included in the notice of appeal or originating application or in a separate application under Order 3 may be given before or at the hearing and whether there has been a hearing or not shall be recorded as soon as possible in a document which save in the case of a decision by consent, shall contain a statement of the reasons for the decision and shall be dated and signed under the hand of the Presiding Chairman.
(2) Save in exceptional circumstances, the Tribunal limit the number of interlocutory applications to one (1) in matters on appeal, and two (2) in originating applications.
(3) The Chief Registrar shall upon an application and payment of the prescribed fees, send a copy of the document recording the decision to each of the party.
Rule 2: Disclosure and Inspection of Documents and Other Materials
(1) Subject to Paragraphs 2 and 3 of this Rule, the Tribunal may give directions:
(a) requiring a party to deliver to the Tribunal any document or other material which the Tribunal may require and which is in the power of that party to deliver, and the party shall send or deliver to the Chief Registrar sufficient number of copies of such document or other material, to enable the Chief Registrar provide a copy to each Member of the Tribunal and other parties to the proceedings.
Section 242 of the Evidence Act 2011.
(b) granting a right to inspect and take copies of any document or other material which is in the power of the party to disclose, and appointing the time at or within which and the place at which any such act is to be done; or
(c) that any document or material produced under this Rule by a party shall be used only for the purpose of the proceedings.
(2) The provisions of Paragraph 1 of this Rule shall not apply in relation to any document of material which the party could not be compelled to produce in action in a court of law in Nigeria.
(3) In giving effect to this Order, the Tribunal shall take into account the need to protect any matter that relates to intimate personal or financial circumstance, is commercially sensitive, consist of information communicated or obtained in confidence or touches national security.
Rule 3: Document Relating to Proceedings before the Tribunal
(1) The Tribunal shall take steps to serve on each party a copy of any document relevant to the proceedings which has been received from another party.
(2) Where at any hearing:
(a) any document relevant to the proceeding is not in the possession of the party present at that hearing; and
(b) that party has not been served with a copy of that document by the party in accordance with the provisions of Paragraph 1 of this Rule, unless
(i) that party consents to the continuation of the hearing; or
(ii) the Tribunal is of the view that the party has a sufficient opportunity of dealing with that document without occasioning an adjournment of the hearing
The Tribunal shall adjourn the hearing for a period which it considers will afford that party sufficient opportunity of dealing with that document.
Rule 4: Pre-hearing Review
(1) If any proceedings may be facilitated by holding a pre-hearing review, the Presiding Chairman shall on the application of a party or on his own initiative, give directions for a review to be held. The Chief Registrar shall give the parties not less than 7 days notice or a shorter notice if the parties agree, of the time and place of the pre-hearing review –
(2) The pre-hearing review shall be in public unless the Presiding Chairman otherwise directs, upon being satisfied that one of the exceptions specified in Order 6 (5) would be applicable to the hearing, and the parties may appear and be represented by counsel.
(3) During a pre-hearing review the Presiding Chairman or, subject to Paragraph 5 of this Rule, the Chief Registrar shall, in accordance with the overriding objective of the Tribunal, give directions which appear necessary or desirable in the conduct of the appeal or application, and shall fix the time and place, not less than 7 days thereafter unless the parties agree to a shorter notice, set a timetable for the hearing.
(4) The Tribunal may, if the parties agree and not withstanding Order 9(3), decide the appeal or application on the documents and statements then before the Tribunal without any further oral hearing.
(5) The Chief Registrar shall exercise the powers conferred by Paragraph 3 of this Rule in accordance with the direction of the Presiding Chairman; and any direction given by the Chief Registrar on a pre-hearing review may be set aside or varied by the Tribunal on the application of a party or on the Tribunal’s own initiative.
(6) Each party shall attend the pre-hearing review or be represented by a person:
(a) familiar with the case; and
(b) with authority to deal with any issues that are likely to arise.
Rule 5: Preliminary Issues
(1) The Tribunal may direct that any question of fact or law which appears to be in issue in an appeal or originating application be decided at a preliminary hearing.
(2) If, in the opinion of the Tribunal, deciding that question substantially disposes of the whole appeal or originating application, the Tribunal may treat the preliminary hearing as the hearing of the appeal or application and may give such directions as it deems fit to dispose of the appeal or application.
(3) The Tribunal may decide the question, and also dispose of the case, without a hearing, but, in each case only if:
(a) the parties so agree in writing,
(b) the Tribunal has considered any representations made by them and
(c) there is no important public interest consideration that requires a hearing in public.
(4) The decision of the Tribunal in relation to a preliminary issue may be given orally at the end of the hearing or reserved and, in any event, whether there has been a hearing or not, shall be recorded in a document which, shall also contain a statement of the reasons for its decision and shall be dated and signed under the hand of the Presiding Chairman.
(5) The Chief Registrar shall, upon application from, and payment of the prescribed fee by a party, make available a copy of the document recording the decision on a preliminary issue.
Rule 6: Hearing Bundles
(1) The Chief Registrar shall compile a hearing bundle containing copies of all documents filed by the parties to an appeal or application, including any document referred to therein and send a copy of the bundles to each of the parties not less than 3 clear days the commencement of the hearing.
(2) The Chief Registrar may exclude from the hearing bundle copies of documents containing any matter that relates to intimate personal or financial circumstances, is commercially sensitive, and consists of information communicated or obtained in confidence or touches on national security.
Rule 7: Case Management powers
(1) The list of powers in this Rule is in addition to any powers given to the Tribunal by any other Rule or by any other enactment or any powers it may otherwise have.
(2) Subject to the provisions of the Investment and Securities Act 2007 and these Rules, the Tribunal may regulate its own procedure.
(3) Except where these Rules provide otherwise, the Tribunal may:
(a) extend the time appointed by or under the Investment and Securities Act or by or under these Rules for doing any act even if the time appointed has expired;
(b) (particularly to enable the case to be settled amicably among the parties) postpone the date or time or change the place fixed for any hearing or adjourn any hearing;
(c) require a party’s representative to attend the Tribunal;
(d) require the parties to provide a statement of agreed facts, facts in dispute, issues to be decided by the Tribunal including a list of agreed documents;
(e) hold a hearing and receive evidence by telephone, through a video link or by using any other method of direct oral communication provided the Tribunal is satisfied that this would not prejudice the administration of justice;
(f) decide that part of any proceedings dealt with as separate proceedings;
(g) stay the whole of any proceedings or decision either generally or until a specific date or event;
(h) decide the order in which issues are to be considered;
(i) exclude an issue from consideration;
(j) if the appellant or claimant shall at any time give notice of withdrawal of his appeal or application, strike out the matter;
(k) subject to the proviso below, order the striking out or amendment of ant notice of appeal or reply or supplementary statement or written representation on the grounds that it is scandalous or vexatious;
(l) subject to the proviso below, order the striking out of any appeal or originating application if it is not diligently pursued by the appellant or claimant;
(m) take any other step or make any other decision for the purpose of managing the case and furthering the overriding objective. Provided that before exercising the power conferred by Paragraph k of this Rule, the Tribunal shall send notice to the party likely to be affected by the exercise of the power giving that party an opportunity to appear before the Tribunal to state whether or not the power should be exercised;
(4) Except where Rule or some other enactment provides otherwise, the Tribunal may exercise its powers on an application by a party or on its own initiative.
(5) Where the Tribunal proposes to exercise a power on its own initiative:
(a) it may give any person likely to be affected an opportunity to make representations; and
(b) where it does so it shall specify the date and time and the manner in which the representations shall be made.
(6) Where the Tribunal proposes:
(a) to exercise a power on its own initiative; and
(b) to hold a hearing to decide whether to exercise the power,
It shall give each party likely to be affected at least 3 days notice of the hearing.
(7) Where the Tribunal has exercised a power under Paragraph 5 of this Rule, a party affected may apply to have the exercise of the power or an order or directive given pursuant to that power set aside, varied or stayed.
(8) An application under Paragraph 7 of this Rule shall be made:
(a) within the period specified by the Tribunal; or
(b) if the Tribunal does not specify a period, not more than 7 days after the party making the application was notified of the exercise of the power.
(9) The Presiding Chairman or, subject to Paragraph 10 of this Rule the Chief Registrar may exercise the power conferred by Paragraph 3 (d) of this Rule.
(10) The Chief Registrar shall exercise the power conferred by Rule 10 of this Order in accordance with the directions of the Presiding Chairman and any direction given by the Chief Registrar under that paragraph may be set aside or varied by the Presiding Chairman or by the Tribunal upon the application of a party or on the Presiding Chairman’s or Tribunal’s own initiative.
Rule 8: Representatives with the same Interest
(1) Where more than one person has the same interest in an appeal or originating application:
(a) the appeal or application may be commenced or
(b) the Tribunal may order that the appeal or originating application be continued, by one or more of the persons who have the same interest as representatives of any other persons who have such interest.
(2) The Tribunal may direct that a person may not act as a representative if the interest of justice so require.
(3) Any party or person having the same interest may apply to the Tribunal for a direction under Paragraph 2 of this Rule.
(4) Unless the Tribunal otherwise directs, any decision taken, direction given or order made in an appeal or originating application in which a party is acting as a representative under this Rule:
(a) is binding on all persons represented in the appeal or application; but
(b) may only be enforced by or against a person who is not a party to the appeal or originating application with the leave of the Tribunal.
Rule 9: Representation of Interested person who cannot be ascertained
(1) The Tribunal may make an order appointing a person to represent any other person or persons in the appeal or application where the person or persons to be represented:
(a) cannot be found;
(b) cannot easily be ascertained; or
(c) are a class of persons who have the same interest in an appeal or originating application, and:
(i) one or more members of that class are within paragraphs (a) or (b); and
(ii) to appoint a representative would further the overriding objective.
(2) An application for an order under Paragraph 1 of this Rule
(a) may be made by:
(i) any person who seeks to be appointed under the order; or
(ii) any party to the appeal or application; and
(b) may be made at any time before or after the appeal or originating application has started.
(3) An application for an order under Paragraph 1 shall be sent by the office of the Tribunal to:
(a) all parties to the appeal or originating application, if the appeal or for the order or a party to the appeal or originating application has started;
(b) the person sought to be appointed, if that person is not the applicant for the order or party to the appeal or originating application; and
(c) any other person as directed by the Tribunal.
(4) The Tribunal’s leave shall be required to settle an appeal or originating application in which a party is acting as a representative under this Rule.
(5) The Tribunal may approve the settlement of an appeal or originating application where it is satisfied that the settlement is for the benefit of all the represented persons.
(6) Unless the Tribunal otherwise directs, any decision or order made or direction given in an appeal or originating application in which a party is acting as a representative under this Rule:
(a) is binding on all persons represented in the appeal or application; but
(b) may only be enforced by or against a person who is not a party to the appeal or originating application with the permission of the Tribunal.
Rule 10: Interpreters
(1) If a party to any proceedings before the Tribunal is unable to speak or understand the English language, the Chief Registrar shall make arrangements for that party to be provided throughout the hearing with the assistance of an interpreter provided free of charge for the purposes of any hearing at which that party is present (whether or not he or she is represented).
(2) A party who requires the assistance of an interpreter shall notify the requirement to the Chief Registrar at the Registry of the Tribunal.
(3) The interpreter shall, before being allowed to interpret, affirm or state under oath that he will interpret to the best of his ability.
(4) There shall be paid to an interpreter attending a hearing in accordance with arrangements made under this Rule, as remuneration for his services, such fees and traveling expenses to be determined by the Tribunal .
(5) A claim by an interpreter for fees or expenses payable under this Rule shall be made in writing to the Chief Registrar.
Rule 11: Directions
(1) At any stage of a proceedings before it, the Tribunal may, either on its own initiative or on the application of a party, give the direction it considers necessary or desirable to further the overriding objective of the Tribunal in the conduct of the appeal or originating application, and may in particular:
(a) direct any party to provide any further particulars to produce any document which may reasonably be required;
(b) where a party has access to information which is not reasonably available to the party, direct the party who has access to the information to prepare and file a document recording the information;
(c) summon any person to attend as a witness, at the time and place specified in the summons, at hearing of any application for leave to appeal or of any appeal or originating application and to answer any questions or produce any documents in his custody or under his control which relate to any matter in question in the proceedings:
Provided that no person shall be required to attend in obedience to the summons unless he or she is given at least 7 days notice of the hearing or if less than 7 days, has informed the Tribunal that he or she accepts the notice he or she has been given.
(d) by direction specify the persons who may be admitted to, and restricted on the reporting of, the hearing in any matter which the Tribunal has granted permission for a private hearing;
(e) give a direction as to:
(i) the issues on which it requires evidence;
(ii) the nature of the evidence which it requires to decide those issues; and
(iii) the way in which the evidence is to be placed before the Tribunal.
(f) by direction exclude evidence that would otherwise be admissible, if it touches national security or if t is in the public interest so to do;
(g) give any direction necessary for the exercise of any of the powers conferred by this Rule.
(2) The Tribunal may on the application of a party set aside the summons.
(3) When a document required under Paragraph 1 (b) of this Rule has been filed, the Tribunal shall send a copy if it to the other party.
(4) An application by a party for direction under Paragraph 1 of this Rule(otherwise than during a ore-hearing review or a hearing) shall be made to the Chief Registrar in writing and shall set out the direction which the applicant is seeking to have made and the reasons for the application. Unless it is accompanied by the direction of all the parties, a copy of the application shall sent by the Chief Registrar to any other party who may be affected by the direction. If the other party objects to the direction sought, the Tribunal shall consider the objection and, if it considers it necessary for deciding the application, shall give the parties an opportunity of being present or represented before it.
(5) A direction under this Rule which requires a person to act or refrain from acting, shall, as appropriate, include a statement of the consequences under Order 4 Rule 14, of a party’s failure to comply with the direction within the time allowed by the Tribunal.
(6) Subject to Paragraph 7 of this Rule, the Chief Registrar may exercise the powers of the Tribunal under this Rule on an application under Paragraph 1 of this Rule.
(7) The Chief Registrar shall exercise the powers conferred by Rule 6 of this Order in accordance with the directions of the Presiding Chairman and any direction given by the Chief Registrar may be set aside or varied by the Presiding Chairman or the Tribunal on the application of a party or on the Presiding Chairman’s initiative or the Tribunal’s own initiative.
Rule 12: Directions as to Respondent’s or Defendant’s Reply
(1) A direction under this Rule 11 may require a party to state in his reply:
(a) which allegations in the notice of appeal or originating application the party denies;
(b) which allegations the party is unable to admit or deny, but which the party requires the appellant or claimant to prove; and
(c) which allegations the party admits.
(2) Where in response to such a direction a party denies an allegation:
(a) the party shall state the reasons for doing so; and
(b) if the party intends to put forward a version of events different from that given by the appellant or claimant. The party shall state his own version.
(3) A party who in response to such a direction:
(a) fails to deal with an allegation; butt
(b) has set in the reply the nature of the respondent’s or defendant’s case in relation to the issue to which the allegation is relevant, shall be taken require that allegation to be proved.
(4) Subject to Paragraph 3 of this Rule when the statement required by Paragraph 5 of this Rule is included in the direction, a respondent who, in response to the direction, fails to deal with an allegation shall be taken to admit that allegation.
(5) A direction provided for in Paragraph 1 of this Rule shall include a statement of the consequence under Paragraph 4 of this Rule failing to deal with an allegation.
Rule 13: Varying or Setting Aside of Direction
Where a person to whom a direction (including any order or summons) issued under these Rules is addressed had no opportunity of objecting to the direction, that person may apply to the Tribunal to vary it or set it aside, but the Tribunal shall not do so without first notifying the parties other than the applicant and considering any representations made by them.
Rule 14: Failure to comply with Direction
(1) If any direction (including an order) given to a party under these Rules is not complied with by that party, the Tribunal may, before or at the hearing, dismiss the whole or part of the appeal or originating application, or strike out the whole or part of a respondent’s or defendant’s reply and, where appropriate, direct that a respondent or defendant shall be debarred from contesting the appeal or originating application altogether; provided that the Tribunal shall not dismiss, strike out or give a direction unless it has sent notice to the party who has not complied given the party an opportunity to comply within the period specified in the notice or to establish why the Tribunal should not dismiss, strike out or give direction.
(2) In addition to the consequences prescribed in Paragraph (1) of the Order, an offending party may be committed for being in contempt of the Tribunal.
Rule 15: Group proceeding Directions
(1) Where there are or likely to be a number of appeals or applications giving rise to common or related issues of fact or law (“GPD issues”), the tribunal may give a group proceedings direction (“GPD”)
(2) The following information shall be included in a notice of application for GPD or in evidence to accompany it;
(a) summary of the nature of the appeal or originating application;
(b) the number and nature of appeals or applications already made;
(c) the number of parties likely to be involved;
(d) the common issues of fact and law (the GPD issues) that are likely to arise in the proceedings; and
(e) whether there are matters that distinguish smaller groups of appeal or originating applications within the wider group.
(3) AGPD shall:
(a) contain provision for the establishment of a register (the “group register”) on which the appeals or originating applications managed under the GPD will be entered; and
(b) Specify the GPD issues which will identify the appeals or applications to be managed as a group under the GPD.
(4) AGPD may:
(a) In relation to appeals or originating applications which raise one or more of GPD issues direct:
(i) their entry on the group register;
(ii) their entry on the group register;
(b) direct that from a specified date appeals or applications which raise one or more of the GPD issues should be started and entered on the group register; and
(c) give directions for publicizing the GPD.
RULE 16: Effect of GPD
(1) Where a decision or order is made or direction is given in an appeal or originating application on the group register in relation to one or more of the GPD issues:
(a) that decision, order or direction is binding on the parties to all other appeals or originating Applications that are on the group register at the time the decision or order is made or the direction is given unless the Tribunal otherwise directs; and
(b) the Tribunal may give directions as to the extent to which that decision, order or direction is binding on the parties to any appeal or application which is subsequently entered in the group register.
(2) Except in cases where Paragraph (3) of this rule applies, any party who is adversely affected by a decision, order or direction which is binding on that party may seek permission to appeal against the decision, order or direction.
(3) A party to an appeal or originating application which is entered on the group register after a decision, order or direction (which is binding on that party) was made or given may not:
(a) apply for the decision, order or direction to be set aside , varied or stayed: or
(b) appeal the decision, order or direction, but may apply to the tribunal for a direction that the decision, order or direction is not binding on him.
(4) Unless the Tribunal orders otherwise, disclosure of any document relating to the GPD issues by a party to an appeal or application on the group register is disclosure of that document to all the parties to appeals or originating applications:
(a) on the group register; and
(b) Which are subsequently entered on the group register
RULE 17: Case Management of GPD Issues
Directions given by the Tribunal in furtherance of its overriding objective may include directions:
(a) varying the GPD issues;
(b) applications on the group register to proceed as test appeals or originating applications
(c) appointing the representatives of one or more of the parties to the lead representative for the appellants or claimants; or respondents or defendants;
(d) specifying the details to be included in a notice of appeal or originating application in order to show that the criteria for entry of the appeal or originating applications on the group register have been met;
(e) specifying a date after which no appeal or originating application may be added to the group register unless the Tribunal gives permission; and or the entry of any particular appeal or application which meets one or more of the GPD issues on the group register;
(f) for the entry of any particular appeal or application which meets one or more of the GPD issues on the group register.
Rule 18: Removal from Group Registry
(1) A party to an appeal or originating application entered on the group register may apply to the to the Tribunal for the appeal or application to be removed from the group register.
(2) If the Tribunal directs that the appeal or originating application be removed from the group Register it may give directions about the future management of the appeal or originating application.
Rule 19: Test Appeals or Applications
(1) Where a direction has been given for an appeal or originating application on the group to proceed as a Test appeal or originating application and that appeal or originating application is settled, the Tribunal may direct that another appeal or application on the group register be substituted as the test appeal or originating application.
(2) Where a direction is given under paragraph(1) of this rule, any decision or order made or direction given in the test appeal or originating application before the date of substitution is binding on the substituted appeal or originating application unless the Tribunal otherwise directs,
Rule 20: Consolidation of Appeals or Applications
(1) Where two or more notices of appeal or originating applications have been lodged in respect of the same matter, or in respect of several interest in the same subject in dispute, or which involve the same issues, the Tribunal may, on the application of a party to any of the appeals or originating applications or any particulars, issue or matter raised in the appeals or originating applications be consolidated or heard together.
(2) Before giving a direction under this rule, the Tribunal shall give notice to the parties to the relevant appeals or originating applications and consider any representations made in consequence of the notice.
Rule 21: Test cases
Where the tribunal considers that two or more appeals or originating applications involved the same issues, the Tribunal may, with the written consent of all parties to the appeals or originating applications selected by the tribunal be heard in the first instance as a test case or test cases and that the parties to each appeal or originating application shall, without prejudice to their right to appeal further to the court of appeal be bound by the decision of the Tribunal on the selected appeal or originating applications or appeals or originating applications.
PART E
ORDER 5: EVIDENCE
Rule 1: summoning of witness
(1) The tribunal may by summons require any person to attend as a witness at a hearing of an appeal or originating application at the time and place specified in the summons and, subject to Rule(2) of this order, at the hearing to answer any questions or produce any documents in that person’s custody or under that person’s control which relate to any matter in question in the appeal or originating applications; but
(a) no person may be required to attend in obedience to the summons unless that person has been at least 7days’ notice of the hearing or, if less than 7days, that person has been informed the Tribunal that her accepts the notice which he has been given, and
(b) no person, other than the appellant or claimant or the respondent or defendant, may be required in obedience to the summons to attend and give evidence or to produce any document unless reasonable expenses for attendance are paid or tendered to that person.
(2) No person may be compelled to give any evidence or produce any document or other material that person could not be compelled to give or produce on a trial of an action in a court of law in Nigeria.
(3) In addition to making reference to the penalty for failure to attend, as provided by Order 4 Rule 11(5), every summons under Paragraph (1) of this Rule shall, unless the person to who, the summons is addressed had an opportunity of objecting to it, contain a statement to effect that under Order 4 Rule 13 that person may apply to the Tribunal to vary or set aside the summons.
(4) In exercising the powers conferred by this Rule, the Tribunal shall take into account the need to protect any matter that relates to intimate personal or financial circumstances, is commercially sensitive, and consists of information communicated or obtained in confidence or touched on national security.
Rule 2: Evidence of witness – General Rule
(1) Any fact that needs to be proved by the evidence of witnesses shall be proved:
(a) at the hearing by their witness statement and oral evidence:
(b) in any interlocutory proceedings by affidavit
(c) during oral examination of witness, and his evidence in – chief shall be limited to confirming his witness statement.
(2) This is subject:
(a) to any provision to the contrary contained in these Rules or elsewhere; or
(b) to any direction of the tribunal
(3) At the hearing or interlocutor proceedings a party may also rely on the matters set out in that party’s notice of appeal or originating application or reply.
(4) unless at or before trial the tribunal for special reason otherwise orders or directs, no document,
Plan, photograph or model shall be admitted in evidence at the trial of an action unless it has been filed along with the appeal or application of the parties under this rules.
RULE 3: Evidence by Telephone, Video Link and other means
(1) The tribunal may allow a witness to give evidence by telephone, through a video link or by any other electronic means of direct oral communication provided the tribunal is satisfied that this would not prejudice the administration of justice.
(2) Subject to provisions of the evidence Act, evidence in any proceeding may be recorded in writing by mechanical, electronic, or any other scientific means.
Rule 4: use of witness statement at hearing
(1) A witness statement is a written statement signed by a person which contains the evidence which that person would be allowed to give orally
(2) If
(a) a party has filed a witness statement; and
(b) that party wishes to rely at the hearing on the evidence of the witness who made the statement; the party shall call the witness to give oral evidence unless the tribunal directs that the party may put the statement in evidence without doing so.
(3) Where a witness is called to give oral evidence under Paragraph (2) of this rule, the witness statement of the witness shall stand as the witness’s evidence in chief;
(4) A witness giving oral evidence at a hearing may with the leave of the tribunal:
(a) amplify his witness statement: and
(b) give evidence as to new matters which have arisen since the witness statement was filed.
(5) If a party who has filled a witness statement does not:
(a) call the witness to give evidence at the hearing; or
(b) Put the statement in without doing so, any other party may put the witness statement without calling the witness to give oral evidence.
Rule 5: Form of witness statement
(1) A witness statement shall be headed with the title of the proceedings followed by a statement of the party to the proceedings.
(2) The witness statement shall be in the intended witness’s own words expressed in the first person and should also state;
(a) the full name of the witness:
(b) he place of residence or if the witness is making the statement in his or her professional, business or other occupational capacity, the address at which the witness works, the position the witness holds and the name of the witness’s firm or employer;
(c) the witness’s occupation, or if the witness has none, the witness’s description; and
(d) the fact that the witness is or has been a party or is the employee of such a party if it be the case,
(3) A witness statement shall indicate:
(a) which of the statements in it are made from the witness’s own knowledge and which are matters of information and belief; and
(b) the source for any matters of information and belief
(4) A document referred to in a witness statement shall be verified and identified by the witness.
(5) A witness statement shall
(a) be signed and dated by the person making the statement;
(b) be fully legible and typed or written on one side of the paper only;
(c) be bound securely in a manner which would not hamper filing or otherwise each page should be endorsed with the case number and bear the initials of the witness; and
(d) have the pages numbered consecutively.
(6) Any alteration to a witness statement shall be initialled by the person making the statement.
Rule 6: Witness Summaries
(1) A party who is required to file a witness statement for use at the hearing; but is unable to obtain one, may apply, without notice, for permission to file a witness summary instead.
(2) A witness summary is a summary of—
(a) the evidence, if known, which would otherwise be included in a witness statement; or
(b) if the evidence is not known, the matters about which the party filing the witness summary proposes to question the witness.
(3) A witness summary shall include the name and address of the intended witness.
(4) Where a party files a witness summary, Rules 4 (4) of this Order (amplifying witness statements) and 5 (form of witness statement) shall apply to the summary with any necessary adaptations.
Rule 7: Witness Statements, Witness Summaries and Affidavits for other Purposes
(1) Except as provided by this Rule, a witness statement, witness summary or affidavit may be used only for the purpose of the proceedings in which it is filed.
(2) Paragraph (1) of this Rule does not apply if and to the extent that:
(a) the witness or deponent gives consent in writing to some other use of it;
(b) the Tribunal gives leave for some other use; or
(c) it has been put in evidence at a hearing held in public.
(3) Certified true copies of appeals and originating applications, records or documents filed in the Tribunal shall be admissible in evidence in all causes and matters between all persons or parties to the same extent as the original is admissible.
Rule 8: Availability of Witness Statements, Witness Summaries and Affidavits for Inspection
(1) A witness statement, witness summary or affidavit which has been received in evidence is open to inspection during the course of the hearing unless the Tribunal otherwise directs, either on its own initiative or on application of any party.
(2) A direction under Paragraph (1) of this Rule may exclude from inspection words or passages in the statement, summary or affidavit.
(3) Any party may apply for a direction that a witness statement, witness summary or affidavit, or words or passages in it, are not open to inspection.
(4) The Tribunal shall not give a direction under Paragraph (1) of this Rule unless it is satisfied that a witness statement, witness summary or affidavit, or words or passages in it, should not be open to inspection because of:
(a) the interest of justice;
(b) the public interest;
(c) the nature of any expert medical evidence in the statement, summary or affidavit;
(d) the nature of any confidential information (including information relating to personal financial matters and national security) in the statement, summary or affidavit; or
(e) the need to protect the interest of any child or patient.
Rule 9: Tribunal’s Power to Restrict Expert Evidence
(1) A party may call an expert or put in evidence an expert’s report.
(2) When a party calls an expert or puts in evidence an expert report under this Rule, the party shall identify:
(a) the subject in which the party wishes to rely on expert evidence; and
(b) where practicable the expert in that subject on whose evidence the party seeks to rely.
(3) When a party calls or puts in evidence an expert’s report under this Rule, it shall be in relation only to the expert’s named or the subject identified under Paragraph (2) of this Rule.
Rule 10: Expert’s Overriding Duty to the Tribunal
(1) It shall be the duty of an expert to help the Tribunal on the matters within his expertise.
(2) This duty overrides any obligation to the party from whom the expert has received instructions or by whom the expert is paid.
(3) Expert evidence shall be restricted to that which is reasonably required to resolve the proceedings.
Rule 11: Form and Content of Expert’s Report
(1) Expert evidence is to be given in a written report unless the Tribunal directs otherwise.
(2) An expert’s report should be addressed to the Tribunal and not to the party from whom the expert has received instructions.
(3) An expert’s report shall:
(a) give details of the expert’s qualifications;
(b) contain a statement of the substance of all material instructions, whether written or oral, on the basis of which the report was written;
(c) give details of any literature or other material which the expert has relies on in making the report;
(d) say who carried out any test or experiment which the expert has used for the report and whether or not the test or experiment has been carried out under expert’s supervision;
(e) where there is a range of opinion on the matter dealt with in the report:
(i) summarise the range of opinion; and
(ii) give reasons for the expert’s own opinion;
(f) contain a summary of the conclusions reached; and
(g) contain a statement that the expert understands his or her duty to the Tribunal and has complied with that duty.
Rule 12: Discussions Between Experts
(1) The Tribunal may, at any stage, direct a discussion between experts for the purpose of requiring the experts to:
(a) identify the issues in the proceedings; and
(b) where possible reach agreement on an issue.
(2) The Tribunal may specify the issues which the experts shall discuss.
(3) The Tribunal may direct that following a discussion between the experts they shall prepare a written statement for the Tribunal sowing:
(a) those issues on which they agree; and
(b) those issues on which they disagree and a summary of their reasons for disagreeing.
(4) The content of the discussion between the experts shall not be referred to at the hearing unless the parties agree.
(5) Where experts reach agreement on an issue during their discussions, the agreement shall not bind the parties unless the parties expressly agree to be bound by the agreement.
Rule 13: Evidence by Joint Expert
(1) Where two or more parties seek to submit expert evidence on a particular issue, the Tribunal may direct that the evidence on that issue is to be given by one expert only.
(2) Where the parties wishing to submit the expert evidence cannot agree on who should be the expert, the Tribunal may:
(a) select the expert from a list prepared or identified by those parties; or
(b) direct that the expert be selected in such a manner as the Tribunal deems appropriate.
(3) Where the Tribunal gives a direction under Paragraph (1) of this Rule for a single joint expert to be used, each party seeking to submit expert evidence (instructing party) may give instructions to the expert.
(4) When a party gives instructions to the expert that party shall, at the same time, send a copy of the instructions to the other parties.
(5) The Tribunal may give directions about:
(a) the payment of the expert’s fees and expenses; and
(b) any inspection, examination or experiment which the expert seeks to carry out.
(6) The Tribunal may, before an expert is instructed:
(a) limit the amount that can be paid to the expert by way of fees and expenses; and
(b) direct that the instructing parties pay that amount to the Tribunal.
(7) Unless the Tribunal otherwise directs, the instructing parties are jointly and severally liable for the payment of the expert’s fees and expenses.
Rule 14: Written Questions to Expert
(1) A party may put to:
(a) an expert instructed by another party;
(b) a single joint expert appointed under Rule 13, of this Rules, or
(c) an expert instructed by the Tribunal under Rule 16, of this Order, written questions about that expert’s report.
(2) Written questions under Paragraph (1) of this Rule:
(a) may be put only once;
(b) shall be put within 7 days of receipt of the expert’s report; and
(c) shall be only for the purpose of clarification of the report, unless in any case:
(i) the Tribunal gives leave; or
(ii) the other party agrees.
(3) An expert’s answers to questions put in accordance with Paragraph (1) of this Rule shall be treated as part of the expert’s report.
(4) Where:
(a) a party has put a written question to an expert instructed by another party in accordance with this Rule; and
(b) the expert does not answer that question, the Tribunal may direct that the party who instructed the expert may not rely on the evidence of that expert.
Rule 15: Filling of expert’s Report
(1) A party who fails to file an expert’s report may not use the report at the hearing or call the expert’s to give evidence orally unless with the leave of the Tribunal.
(2) Where a party has filed an expert’s report or the Tribunal has obtained an expert report under Rule 16 of this Order, any party may use that expert’s report as evidence at the hearing.
Rule 16: Tribunal’s Power to Obtain Assistance of Expert
(1) Where the Tribunal is of the view that any technical question arises on which it would be desirable to have the assistance of an expert, it may make arrangements for a person having appropriate qualifications to enquire into and report in writing on the matter, and may require the expert to be present at the hearing, give evidence and answer questions, if a party so requests.
(2) A copy of the report shall be supplied to each party in advance of the hearing or any resumed hearing.
PART F
ORDER 6: HEARING
Rule 1: Notice of date, time and place
(1) The Chief Registrar shall fix the date, time and place of the oral hearing and, where appropriate, set a timetable for the hearing and, not less than 7 days before the date fixed (or a shorter time if agreed by the parties), send to each party a notice that the hearing is to be on that date and at that time and place and the details of an timetable for the hearing.
(2) The Chief Registrar shall include with the notice of hearing:
(a) information and guidance, in a form approved by the Chairman of the Tribunal, as to attendance at the hearing of the parties and witnesses, the bringing of documents, and the right of representation or assistance by another person, the rules of evidence and the burden and standard of proof and the procedure applicable to the hearing;
(b) a statement of the right of the parties to receive reasons in writing for a decision of the Tribunal;
(c) a statement explaining the importance of attendance, consequences of non-attendance and of the right of an appellant or claimant and of any respondent or defendant who has presented a reply, but not present or is not represented, to make representations in writing.
Rule 2: Alteration of date, time or date and adjournments
(1) The Tribunal may alter the date, time or place of any hearing and the Chief Registrar shall give the parties not less than 3 days (or a shorter time if the parties agree) notice of any such alteration; but any altered hearing date shall not (unless the parties agree) be before the date notified under Rule 1 of this Order.
(2) The Tribunal may adjourn the oral hearing and, if the date, time and place of the adjourned hearing are announced before the adjournment, no further notice shall be required.
(3) When any hearing is adjourned in order that further information or evidence may be obtained the Tribunal may give directions regarding the disclosure of the information or evidence to, and the filing of comments on the information or evidence by, the parties prior to the resumption of the hearing.
Rule 3: Procedure
(1) At the beginning of the hearing the Presiding Chairman shall explain the order of proceedings, the burden and standard of proof and rules of evidence applicable.
(2) Subject to this Rule, the Tribunal may, in accordance with the overriding objective, conduct the hearing in the manner it considers most suitable to the clarification of the issues before it and generally to the just handling of the proceedings; it shall so far as appears to it appropriate seek to avoid formality in its proceedings.
(3) The parties shall be entitled to give evidence, to call witnesses, to question any witnesses and to address the Tribunal both on the evidence and generally on the subject matter of the proceedings.
(4) The Tribunal may at any stage of the proceedings require the personal attendance of any maker of a witness statement or deponent of an affidavit, or any expert whose report has been filled.
(5) The Tribunal may receive evidence of any fact which seems to the Tribunal to be relevant and would ordinarily be admissible in evidence in a court of law but, subject to Order 4 Rule 11(1) and Order 5 Rule 9, shall not refuse to admit any evidence presented in due time which is admissible at law and is relevant.
(6) The Tribunal may require any witness to give evidence on oath or affirmation and for that purpose there may be administered an oath or affirmation in due form.
(7) It shall be the duty of the Tribunal to assist any party without legal representation who seems to be unable to make the best of his own case without advocating the course that he should take.
Rule 4: Absence of Member of the Tribunal
(1) Subject to section 276 (1) of the Investments and Securities Act 2007 if, after the commencement of any hearing, a member or some members other than the Chairman is or are absent, the other members may hear the appeal or originating application and, in that event, the Tribunal shall be deemed to be properly constituted.
(2) In this Rule, reference to the Chairman shall be construed to include a Presiding Chairman of a Panel of the Tribunal.
Rule 5: Hearings in Public or in Private
(1) All hearings by the Tribunal (including preliminary hearings) shall be in public except where all parties to the proceedings have indicated in writing that they require the hearing to be in private;
Provided that the Tribunal is satisfied that there is no important public interest consideration that calls for the public to be present.
(2) The Tribunal may decide under Paragraph (1) of this Rule that part only of the hearing shall be in private or that information about the proceedings before the Tribunal, the names and identify of persons concerned in the proceedings or specified evidence given in the proceedings shall not be made public.
Rule 6: Legal Representations
At the hearing of an appeal or application or at any pre-hearing review a party may conduct his case or may be represented by a legal practitioner:
(1) The following persons shall been titled to attend the hearing of an appeal or application and the Tribunal’s deliberations on the hearing of the appeal or application in private:
(a) the Chairman or any member of the Tribunal even if not constituting the Tribunal for the purpose of the hearing;
(b) any other person permitted by the Tribunal or with the consent of the parties who would take no part in the proceedings.
(2) Where the Tribunal sits in private it may admit persons to the hearing on such terms and conditions as it considers appropriate.
Rule 7: Person Entitled to be Present at Private Hearing
(1) Without prejudice to any other powers it may have, the Tribunal may exclude from the hearing, or part of it, any person (including a party or party’s representative) whose conduct disrupts or is capable of disrupting the hearing or whose conduct has otherwise interfered with the administration of justice.
(2) In deciding whether to exercise the power conferred by Paragraph (1), the Tribunal shall, apart from other considerations, have regard to the:
(a) interest of the parties;
(b) in the case of the exclusion of a party, the extent to which the proceedings involve an assessment of the part’s conduct, personal
(c) in the case of the exclusion of a party or a party’s representative whether the party will be adequately represented.
(3) If the Tribunal decides to exclude a party it shall allow the party’s legal representative sufficient opportunity to consult the party.
Rule 8: Persons Disrupting Proceedings
(1) If a party fails to be present or represented at a hearing, the Tribunal may, if it is satisfied that the party was duly notified of the hearing and that there is no sufficient reason for such absence:
(a) hear and decide the appeal or application in the party’s absence; or
(b) adjourn the hearing, and may give such directions as it deems fit (including orders for the payment of costs and expenses).
(2) Before deciding to dispose of any appeal or originating application in the absence of a party, the Tribunal shall consider any representations in writing submitted by that party in response to the notice of hearing and, for the purpose of this Rule, the appeal or originating application and any reply shall be treated as representations in writing.
(3) Where an appellant or claimant has failed to be present or represented at a hearing of which he was duly notified, and the Tribunal has disposed of the appeal or application, no fresh appeal or application may be made by the appellant or claimant to the Tribunal against the same disputed decision or for relief arising out of the same facts without the prior leave of the Tribunal:
Provided that nothing in this paragraph shall preclude the appellant or claimant from making an application for a review of the Tribunal’s decision under Order 7 Rule 4.
(4) Where judgment is entered pursuant to Paragraph (1) of this Rule, the Tribunal may set aside or vary such judgment on such terms as it deems appropriate upon an application by the defendant. The defendant must make the application within a reasonable time, show a good defence to the claim and a just cause for the default.
Rule 9: Failure of Parties to attend
(1) If the Presiding Chairman is satisfied that any party is unable, through physical or mental infirmity, to attend the Tribunal and that the infirm party’s incapacity is likely to continue for a prolonged period, the Chairman may give may give such directions as may appear best suited, in all the circumstances of the case, for disposing fairly of the appeal or originating application, and in particular may give directions:
(a) for the infirm party to be visited at some convenient place by one or more members of the Tribunal, or by other persons appointed for the purpose by the Chairman, for the purpose of recording the infirm part’s evidence and any statement he or she may desire to make;
(b) for taking, whether before the Tribunal or otherwise, the evidence of medical or other witnesses on behalf of the infirm party and the other party or parties, and in particular the evidence of the near relatives, guardian or other representative of the infirm party;
(c) for enabling the infirm party’s legal representative and the other party or parties to comment, whether at a hearing of the Tribunal or in Writing, on the evidence so taken and to make a statement in writing or to address the Tribunal;
(d) for the hearing of the appeal or application to take place at the infirm party’s home, hospital or elsewhere convenient to the infirm party; and
(e) for the appeal or application to be decided in the absence of the infirm party.
Provided that any direction given under paragraph (a), (b) or (d) shall make provision for enabling the representative of the other party or parties, if the representative so wishes, to be present while the evidence of the infirm party and other witnesses is taken and to ask questions of the infirm party and other witnesses.
Rule 10: Inability to attend through infirmity
(1) If the Presiding Chairman is satisfied that any party is unable, through physical or mental infirmity, to attend the Tribunal and that the infirm party’s incapacity is likely to continue for a prolonged period, the Chairman may give such directions as may appear best suited, in all the circumstances of the case, for disposing fairly of the appeal or originating application, and in particular may give directions:
(a) for the infirm party to be visited at some convenient place by one or more members of the Tribunal, or by other persons appointed for the purpose by the Chairman, for the purpose of recording the infirm party’s evidence and any statement he or she may desire to make;
(b) for taking, whether before the Tribunal or otherwise, the evidence of medical or other witnesses on behalf of the infirm party and the other party or parties, and in particular the evidence of the near relatives, guardian or other representative of the infirm party;
(c) for enabling the infirm part’s legal representative and the other party or parties to comment, whether at a hearing of the Tribunal or in writing, on the evidence so taken and to make a statement in writing or to address the Tribunal;
(d) for the hearing of the appeal or application to take place at the infirm party’s home, hospital or elsewhere convenient to the infirm party; and
(e) for the appeal or application to be decided in the absence of the infirm party.
Provided that any direction given under paragraph (a), (b) or (d) shall make provision for enabling the representative of the other party or parties, if the representative so wishes, to be present while the evidence of the infirm party and other witnesses is taken and to ask questions of the infirm party and other witnesses.
Part G
Order 7: Decisions
Rule: Power to decide Appeal or Application without Hearing
(1) If: (a) o reply is received by the Chief Registrar within the time appointed by Order 2 Rules 9 and 10 of these Rules or any extension of time allowed by the Tribunal; or
(b) the respondent states in writing that he does not oppose the appeal or originating application; or
(c) the respondent or defendant withdraws his opposition to the appeal or originating application; or
(d) all parties agree in writing, the Tribunal may decide the appeal or application on the basis of the notice of appeal or application and any reply without a hearing if there is no other opposition to the appeal or application, and there is no important public interest consideration that requires a hearing in public.
(2) Before deciding an appeal or originating application in the absence of a party, the Tribunal shall consider any representations in writing submitted by that party in response to the notice of hearing.
Rule 2: Decisions of the Tribunal
(1) The decision of the Tribunal may be taken by a majority and the decision shall record whether it was unanimous or taken by a majority:
(2) The decision of the Tribunal:
(a) shall be given at the end of the hearing;
(b) whether there has been a hearing or not, shall be recorded in a document which, sae in the case of a decision by consent, shall also contain a statement of the reasons for the decision; and
(c) shall be signed and dated by the Chairman.
(3) The Chief Registrar shall on application and upon payment of the prescribed fee issue a copy of the document recording the decision to each party.
(4) Where any document refers to any evidence that has been heard in private, only a summary of the document, omitting the material, shall be entered in the register as the Tribunal may direct, but copies of the complete document shall be sent to the parties together with a copy of the entry.
(5) Every copy of a document or any entry sent to the parties under this Rule shall be accompanied by a notification of any provision of the Investments and Securities Act 2007 relating to appeals from the Tribunal and of the time within and place at which an appeal shall be made.
(6) Except where a decision is announced at the end of the hearing, it shall be treated as having been made on the date on which a copy of the document recording it is read.
(7) Any sum payable in pursuance of a decision shall be recoverable by execution issued from the Federal High Court.
Rule 3: Publication
(1) The Tribunal shall make arrangements for the public pronouncement of its decision, whether by giving its decisions orally at a public hearing or by publishing its decisions in writing.
Rule 4: Review
(1) If, on the application of a party or on its own initiative, the Tribunal is satisfied that:
(a) its decision was wrong because of an error on the part of the Tribunal is staff; or
(b) a party who was entitled to be heard at a hearing but failed to be present or represented, had a good reason for failing to be present or represented; or
(c) the decision of the Tribunal was obtained by fraud; or
(d) new evidence, to which the decision relates has become available since the conclusion of the proceedings and its existence could not reasonably have been known or foreseen before then; or
(e) otherwise the interest of justice require, the Tribunal may review and set aside or vary the relevant decision.
(2) An application for the purposes of Paragraph (1) of this Rule:
(a) may be made immediately following the decision at the hearing;
(b) if not so made, shall be made to the Chief Registrar at any time not later than 14 days after the date on which;
(i) the decision was received by the parties, or
(ii) the applicant became aware or deemed to be aware of the new evidence referred to in Paragraphs 1 (c) and (d) of this Rule; and
(c) shall be in writing stating the reasons in full.
(3) When the Tribunal proposes to review its decision on its own initiative, it shall send notice of that proposal to the parties within the same period as in Paragraph (2) of this Rule.
(4) The parties shall have an opportunity to be heard on any application or proposal for review under this Rule and the review shall be decided by the same members of the Tribunal who decided the case. If, having reviewed the decision, the decision in any manner is set aside, the Tribunal shall substituted the decision in any manner it thinks fit or order a rehearing before either the same or a differently constituted Tribunal.
(5) On the setting aside or variation of the Tribunal’s decision, the Chief Registrar shall note such variation of order setting aside the decision as may be necessary in the register and shall, on application and upon payment of the prescribed fee send a copy of the entry so corrected to each of the parties.
Rule 5: Further Consideration
(1) Where the Tribunal has made a decision on appeal, it may further direct the regulatory body or Self Regulatory Organization from where the appeal emanates to reconsider the subject of disputed decision.
(2) Where the regulatory body or Self Regulatory Organization, after satisfying the requirement of Paragraph (1) above files a fresh appeal, the Tribunal may give such directions as it deems fit in the circumstances, with a view to avoiding duplication of documents or other evidence already produced on the original appeal.
Rule 6: Orders for Costs and Expenses
(1) The Tribunal may, subject to Paragraph (2) of this Rule, make an order for cost and expenses.
(a) against a party (including a party who has withdrawn his appeal or application or reply) if it is of the opinion that party’s action was vexatious or that the party’s conduct in making, pursuing or opposing an appeal or originating application was unreasonable; or
(b) against any party, where it considers that the decision against which the appeal or originating application is made was unreasonable; or
(c) as respect any costs on expenses incurred, or any allowances paid, as a result of a postponement or adjournment of a hearing at the request of a party; or
(d) as respect any costs or expenses incurred as a consequence of the late amendment of reasons for an appeal or originating application.
(2) No order may be made Paragraph (1) of this Rule against a party without first giving that party an opportunity of making representations against the making of the order.
(3) An order under Paragraph (1) of this Rule may require against whom it is made to pay the other party or parties wither a specified sum in respect of the costs and expenses incurred by that other party in connection with the proceedings or the whole or part of those costs as assessed (unless otherwise agreed).
(4)(a) In fixing the amount of costs, the principle to be observed is that the party who is in the right is to e indemnified for the expenses to which he has been unnecessarily put in the proceedings, as well as compensated for his time and effort in coming to the Tribunal. The Tribunal may take into account all the circumstances of the case.
(b) When costs are ordered to be paid, the amount of such costs shall, if practicable, be summarily determined by the Tribunal at the time of making the judgment or order;
(c) When Tribunal deems it to be impracticable to determine summarily the amount of any costs which it has adjusted or ordered to be paid, all questions relating thereto shall be referred by the Tribunal to a taxing officer for taxation.
Security for Costs
(5) In any cause or matter in which security for costs is required, the security shall be of such amount and be given at such times and in such manner and form as the Tribunal shall direct.
Rule 7: Interest
When a decision awards a party a monetary sum (other than in respect of costs and expenses), the award shall, unless set aside, and subject to any variation on appeal or review, carry interest at the commercial rate from the date of the event giving rise to the application to the Tribunal and or at the rate of ten per cent from the date of the decision the interest may be recovered in the same manner as the award to which it relates.
PART H
ORDER 8: APPEALS FROM THE TRIBUNAL
Rule 1: Appeals to the Court of Appeal
(1) Any party dissatisfied with a decision of the Tribunal may, pursuant to section 295 of the Investments and securities Act 2007, appeal against such decision on points of law or mixed law and facts to the Court of Appeal upon giving notice in writing to the Chief Registrar to the Tribunal within 90 days after the date on which such decision was given.
(2) A notice of appeal filled pursuant to paragraph (1) of this Rule shall clearly state all the grounds of law on which the appellant’s case is based.
(3) Upon receipt of a notice of appeal under Paragraph (1) of this Rule, the Chief Registrar to the Tribunal shall cause the notice to be delivered to the Chief Registrar of the Court of Appeal along with all the exhibits tendered at the hearing before the Tribunal within 90 days the date to which such decision was given.
Rule 2: Reference of Appeal Remitted for Rehearing
(1) The Rules of this Order apply where the Court of Appeal remits a reference to the Tribunal for rehearing and determination.
(2) These Rules, so far as relevant, shall apply to the rehearing as they did the original hearing of the appeal or originating application.
(3) The Tribunal shall, within 30 days of the remittal, give directions in relation to the rehearing.
PART I
ORDER 9: PRELIMINARY OBJECTIONS
Rule 1: Respondent’s Right to Preliminary Objection
(1) Any respondent may, at the hearing of any application or appeal, raise any point of law as preliminary objection, provided always that such preliminary matter.
(2) Every preliminary objection, so raised shall only be argued in the respondent’s final brief of argument.
PART J
ORDER 10: POWERS OF THE TRIBUNAL TO AMEND RULES AND ISSUE PRACTICE DIRECTIONS.
(1) Whenever additional provisions are made to these Rules or any part there are amended or modified, the Tribunal may issue directives for addition, publication or reprint of supplements to these Rules.
(2) Whenever the Tribunal makes amendment or modification to these Rules shall be sufficient to publish same as supplemental provisions without the necessity of new body of rules except when necessary.
(3) The Tribunal shall have the power to issue practice directions, protocols, directives and guidance towards the realisation of speedy, just and effective administration of justice.
(4) Such practice directions, protocols, directives and guidance shall be published and be given effect towards the realisation of the fundamental objective of these Rules.
PART K
ORDER 11: MISCELLANEOUS AND DEFINITIONS
Rule 1: Disqualification
A person shall not sit as a member of the Tribunal in considering an appeal or originating application if, at the time the decision or transaction the subject matter of the appeal or originating application took place, he participated in the decision being appealed against or was an employee or officer or has represented any of the parties in respect of the appeal or originating application.
Rule 2: Power of the Chairman
(1) Any act required or authorized by these Rules may be done by the Chairman of the Tribunal except:
(a) the deciding of an appeal or originating application;
(b) the deciding of any question on a preliminary hearing other than the giving of direction for such a hearing to be held, or
(c) the making of an order disposing of the appeal or originating application following a review under Order 7 Rule 4.
(2) In the event of the death or incapacity of the Presiding Chairman following the decision of the Tribunal in any matter, the functions of the Presiding Chairman for completion of the proceedings, including any review of the decision, may be exercised by the Chairman of the Tribunal or any other person acting in that capacity.
Rule 3: Performance of Chief Registrar Function
Any function of the Chief Registrar, save as regards the functions referred to in Order 3 Rule (4) and Order 4 Rules (4), (7) and (11) may be performed by any member of the staff of the Tribunal authorized for the purpose by the Chairman or the Chief Registrar.
Rule 4: The Register
(1) A register shall be kept at the principal office of the Tribunal and shall be open for the inspection of any person on payment of a prescribed fee at all reasonable hours.
(2) Details of all decisions of the Tribunal shall be included in the registrar including the reasons for the decisions.
(3) Where a connection or entry is made in the register as a consequence of a decision by the Court Appeal, the Chief Registrar shall send copies of correction or entry to all persons to whom copies of the original entry have been sent.
(4) The Chief Registrar shall include in the register a list of all appeals or originating applications giving the names and addresses of the parties, brief details of the subject matter of the appeal or application, if an oral hearing withhold, the date, time and place fixed for the hearing and, if not, the date the appeal or originating application is to be decided without a hearing.
(5) Subject to Paragraph (6), the Chief Registrar shall make provision for inspection at all reasonable hours of the list referred to in Paragraph (4) by any person on payment of the prescribed fee.
(6) The Chairman of the Tribunal may exclude from inspection under Paragraphs (1) and (5) particulars of any decision or appeal or originating application in the interest of morals, public order or national security, the protection of the lives of the parties, or to the extent strictly necessary in the opinion of the Tribunal in special circumstances where publicity would prejudice the interest of justice.
(7) Any person who pays the prescribed fee may, during office hours, search for, inspect and take a copy of the following documents:
(a) a notice of appeal or originating application;
(b) any direction given, or order or decision made, by the Tribunal in public;
(c) any other document if the Tribunal gives leave.
Rule 5: Reference by the Tribunal to the Court of Appeal of question of Law
(1) Where any question of law arises in a case before the Tribunal and the Tribunal decides to refer that question to the Court of Appeal for its decision, the Tribunal shall cause to be sent to the Court of Appeal and every party to the proceedings, a submission in writing signed by the Chairman of the Tribunal, which shall include a statement of the question and the facts on which it arises.
(2) If the case is remitted to the Tribunal following reference to the Court of Appeal, the Tribunal whether or not consisting of the same members who constituted the Tribunal when the reference was made:
(a) shall proceed upon the facts stated in the submission made to the Court of Appeal, and
(b) may receive such further evidence and find such further facts as, having regard to the decision of the Court of Appeal, is necessary for the purpose of giving its decision on the case.
Rule 6: Irregularities
(1) Any irregularity resulting from failure to comply with any provision of these Rules or of any direction of the Tribunal before the Tribunal has reached its decision shall not of itself render the proceeding void.
(2) Where any such irregularity comes to the attention of the Tribunal, the Tribunal may give any directions it deems fit before reaching its decision to cure or waive the irregularity.
(3) Clerical mistakes in any document recording a direction or decision of the Tribunal, or errors arising in such a document from an accident slip or omission, may be corrected by the Tribunal by certificate in writing.
Rule 7: Complaints
The Tribunal shall establish a policy and procedure for the prompt handling of complaints from members of the public and take necessary steps to ensure that it is brought to the attention of the complainant.
Rule 8: Signature of Document
Where any of these Rules or any provision in the Investments and Securities Act requires a document to be signed by any of the parties, that requirement shall be satisfied if the signature or thumb print of the party concerned is written or affixed, or produced by computer or other mechanical or electronic means and, in any case, the name of the signatory appears beneath the signature or the thumb print in such a way that he or she may be identified.
Rule 9: Proof of Document and decision.
(1) Any document purporting to be a document duly executed or issued by or on behalf of the Tribunal shall, unless the contrary is proved, be deemed to be a document so executed or issued as the case may be.
(2) A document purporting to be certified by the Chief Registrar to be a true copy of any entry of a decision in the register shall, unless the contrary is proved, be sufficient evidence of the entry and of the matters contained in it.
Rule 10: Method of Sending or delivering Documents, etc
(1) Any document or thing required or authorized by these Rules to be sent or delivered to any person shall be duly sent or delivered to that person:
(a) if it is sent to that person’s proper address by post in a registered letter or by recorded delivery;
(b) if it is sent to him at that address by fax or telex or other means of electronic communication which produces text of the document in which event the document shall be regarded as sent when the text of it is received in legible from;
(c) if it is delivered to him or left at his or her proper address;
Provided that a document will only be duly sent by fax or other means of electronic communication if the recipient consents to the use of that means.
(2) For the purposes of the proviso to Paragraph (1) a legal representative shall be deemed to consent if the reference or address for the means of electronic communication is shown on the legal representative’s notepaper.
(3) Where a notice of appeal or an originating application is sent by registered post or recorded delivery, it shall be treated as received on the date it is actually received at the office of the Tribunal.
(4) The proper address for the Chief Registrar of the Tribunal is the address of the office of the Tribunal.
(5) Any document or thing required or authorized to be sent or delivered to an incorporated company or body shall be duly sent or delivered to the Secretary or clerk of the company or body at its principal place of business.
(6) The proper address of any person to whom any document or thing is to be sent or delivered shall, in the case of a Secretary or clerk of any other incorporated company or body and other case, be the last known address of the person in question.
Rule 11: Substituted Sending or Delivery of Documents.
(1) If any person to whom any document is required to be sent or delivered for the purpose of these Rules cannot be found or has no known personal representative, or is out of Nigeria, or if for any other reason sending or delivering to that person cannot be readily effected, the Chairman may dispense with the sending or delivering to that person or may give a direction for substituted sending or delivery to another person or in any other form (whether by advertisement in a newspaper of otherwise) which the Chairman may deem fit.
(2) Any document required to be served outside Nigeria shall be sealed with the seal of the Tribunal and shall be transmitted to the Solicitor General of the Federation by the Chief Registrar together with a copy thereof translated into the language of that country. The request shall be in Form 15 with such modification or variation as the circumstances may require.
Rule 12: Supply of Documents from Tribunal Records
(1) Any party to proceedings may be supplied from the records of the Tribunal with a copy of any document relating to those proceedings including documents filed before the proceedings were commenced), if the party seeking the document:
(a) makes written request or oral application for the document; and
(b) pays any prescribed fee.
(2) Any person who pays the prescribed fee may, during office hours, search for, inspect and take a copy of the following documents:
(a) a notice of appeal or originating application;
(b) any direction given, or order or decision made, by the Tribunal in public;
(c) any other document if the Tribunal gives permission.
(3) An application for permission under Paragraph (2) (c) may be made without notice to the parties to the proceedings in which the document was filed.
(4) Where a person makes search for the documents mentioned in Paragraph (2), that search may be conducted by means of a computer, if the Tribunal office has a computer with the appropriate search facility and when the document searched for is identified and on payment of the prescribed fee, the document shall be produced for inspection by a member of the Tribunal staff.
(5) If, in the course of a computer search, the computer identifies documents held on the Tribunal file, other than those which the person searching is entitled to inspect, that person may not, without the Tribunal’s permission. Inspect, take a copy or make any note of, or relating to, those documents.
(6) The Tribunal may exclude from the application of Paragraph (2) any document in the interests of public order or national security, the protection of the lines of the parties to the proceedings in which the document was filed or created, or to the extent strictly necessary in the opinion of the Tribunal in special circumstances where publicity would prejudice the interests of justice.
(7) The Tribunal may exclude from the application of Paragraph (1) of this Rule any document in the interest of public order or national security, the protection of the lives of the parties to the proceedings in which the document was filed or created, or to the extent strictly necessary in the opinion of the Tribunal in special circumstance where publicity would prejudice the interest of justice.
Rule 13: Default of Processes
1. After the service of an originating application or a notice of appeal with an ‘appellant’s brief of argument’, if the respondent, in the case of originating application, fails to file his reply or in an appeal, a reply with the ‘respondent’s brief of argument’, within the stipulated time under the Rules of the Tribunal, the Claimant or Appellant apply for the case to be set down for hearing.
2. At the hearing of any originating application, if the Tribunal is satisfied that the defendant has been duly served but defaults in filing his reply, it may give a further directive or fix a time for hearing of the substantive matter and upon such hearing, the Tribunal may proceed to give judgment.
3. Any judgment of the Tribunal given pursuant to Order 7 Rule 1(2), if an originating application, when evidence is led in proof of the case or in an appeal a hearing, cannot be set aside as a default judgment. This is without prejudice to an appeal by the respondent on any other grounds to the Court of Appeal.
4. Pursuant to the provisions of this Rule, a respondent on whom service of process is made may bring an application for extension of time within which to reply, stating reasons for the delay.
Provided that such application shall not be countenance, unless in the case of originating application, it is accompanied with the respondent’s reply and witness statement on oath to which all the documents referred to in the reply are annexed, and if an appeal, a reply with a respondent’s brief. The application shall contain a prayer to deem the processes as properly filed and served.
5. The respondent’s application for extension of time may be granted upon such terms as the Tribunal may deem fit in meeting the justice of the case.
6. If the time allowed under the Rules of the Tribunal for a respondent to reply has expired without any reaction to the non filing of reply by the respondent from the claimant or appellant, the Tribunal shall issue a dismissal notice on such claimant or appellant, inviting him to show cause why his case should not be dismissed by the Tribunal for want of diligent prosecution.
Rule 14: Re-Listing
Where any cause or matter has been struck out before judgment, whether on appeal or originating application, that cause or matter may be re-listed within a reasonable time subject to payment by the applicant of the prescribed fees.
Rule 15: Time Limit for Oral Address
When parties to an appeal or originating application or an interlocutory application have filed their written address, oral address of not more than 10 minutes shall be allowed for each party to address salient issues while any reply by counsel on points of law shall be for a period not exceeding 10 minutes, except the Tribunal otherwise directs.
Rule 16: Electronic Recording of Proceeding.
(1) All proceedings in the Tribunal shall be recorded by electronic recording device save where the device is defective or unavailable.
(2) Compilation of record of proceedings from this Tribunal shall be from a typewritten transcript made from the electronic recording device.
(3) Counsel shall properly identify themselves and parties they represent at the start of each case and conduct all their examinations in front of a microphone.
Rule 17: Appeal Bond
(1) Notwithstanding the prescribed fees for the compilation of the record of proceedings of the Tribunal to the Court of Appeal, the appellant shall file a bond stating that he shall diligently prosecute the appeal. The bond shall form part of the condition of appeal.
(2) Every originating application shall be accompanied y a witness statement, documents referred thereto and within 7 days of the close of evidence file a written address, provided that in all originating applications where the parties seek the interpretation of any law they shall be required to file their originating application together with their written address.
(3) Every deponent to an affidavit, witness statement or such other deposition shall attach his passport photograph with his name and the suit number clearly written at the back and signed.
Rule 18: Notice to a Party
(1) Notwithstanding the provision in Order 4 Rule 7 (3) (K) and (1) and Order 9 Rule (1) of these Rules, notice to a party shall not be limited to written notice but shall include any order of the Tribunal prior to the next adjourned date and this shall be deemed to mean sufficient notice to the party.
(2) Counsel shall within 2 days of the order of the Tribunal notify the other counsel of the adjournment by letter, e-mail fax or such other electronic means and show proof that the other counsel has been notified.
(3) Where both counsel are absent, the Chief Registrar shall within 2 days notify them of the order of the Tribunal.
Rule 19: Definitions
(1) “Appellant” means a person who files an appeal to the Tribunal under sections 284 or 289 of the Investments and Securities Act (ISA) 2007, and shall include a legal personal representative of a person entitled to make an appeal or a person appointed under Order 3 Rule 5 institute or proceed with the appeal on behalf of a person entitled to make an appeal.
“Approved form” means forms approved by the Tribunal.
“Chairman” means the Chairman of the Tribunal, or a person nominated or appointed to act as Chairman in the absence of the Chairman.
“Presiding Chairman” means a member appointed to preside over any hearing pursuant to section 276 of the Investments and Securities Act (ISA) 2007.
“Chief Registrar” means the person appointed as Chief Registrar of the Tribunal pursuant to section 282 of the Investments and Securities Act, 2007.
“Claimant” means a person who files an originating application to the Tribunal under section 284 or 289 of the Investments and Securities Act, 2007 and shall include a legal personal representative of a person entitle to make such an application or a person appointed under Order 3 Rule 5 to proceed with the application on behalf of a person entitled to make such an application;
“Decision” means a ruling or judgment of the Tribunal.
“Defendant” means any person against whom an originating application is brought.
“Direction” means any order or other determination by the Tribunal other than a decision, and in relation to interim proceedings includes an order and a witness summons.
“Disputed decision” means the decision of the Commission against which an appeal is brought under these Rules.
“Expert” means a person having special skill, knowledge in respect of the subject matter he has been instructed to give or prepare evidence or report for the purpose of the proceedings before the Tribunal.
“Hearing” means a sitting of the Tribunal for the purpose of enabling the Tribunal to reach or announce a decision other than such a sitting in exercise of the power to decide an appeal without an oral hearing or in interim proceedings.
“Party” means in the case of appeal, the appellant, the Commission and any person joined to the proceedings as a respondent; and in the case of originating application, the claimant or defendant.
“Pre-hearing review” means a review of the appeal or application as provided in Order 4 (4) in preparation for a hearing.
“Register” means the register of appeals or originating applications and decisions kept in accordance with these Rules.
“Reply” means a response or answer by a respondent or defendant as provided in Order 2 Rules 9 and 10 of these Rules.
“The Tribunal” means the Investments and Securities Tribunal established under section 274 of the Investments and Securities Act, 2007.
(2) Common Form provisions
(a) In these Rules, any reference to an Order is a reference to an Order in these Rules, and in any Rule a reference to paragraph or sub-paragraph is, unless the context requires otherwise, a reference to a paragraph or sub-paragraph in the Rule.
(b) Where the time prescribed by these Rules for doing any act expires on a Saturday, Sunday or public holiday, the act shall be in time if done on the next following day which is not a Saturday, Sunday or public holiday.
FIRST SCHEDULE
FORM NO IST 1
Order 2 (1)
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT ………………………
APPEAL NO………………………….
NOTICE OF APPEAL
Between
A.B………………………………………………………………………….APPELLANT
And
C.D………………………………………………………………………..RESPONDENT
To: The Chief Registrar of the Tribunal
This is to give you notice of appeal from the decision
……………………………………………………………………………………………………………..
Dated the ……………………………….day of…………………………..20…………………….
PART OF THE DECISION COMPLAINE OF
GROUNDS AND PARTICULARS OF APPEAL
Appellant’s address for service:
……………………………………………………………………………………………………………..
……………………………………………………………………………………………………………..
Legal Practitioner representing appellant (if any)
Name……………………………………………………………………………………………………………..
Address……………………………………………………………………………………………………………..
……………………………………………………………………………………………………………..
Regulatory body/Organizations which made the disputed decision:
Name……………………………………………………………………………………………………………..
Address ……………………………………………………………………………………………………………..
……………………………………………………………………………………………………………..
Representative of the Appellant (if any)
Name……………………………………………………………………………………………………………..
Address ……………………………………………………………………………………………………………..
……………………………………………………………………………………………………………..
Profession ……………………………………………………………………………………………………………..
State whether the Tribunal should send replies or notices concerning the Appeal to the representative instead of the Appellant:
……………………………………………………………………………………………………………..
……………………………………………………………………………………………………………..
……………………………………………………………………………………………………………..
Respondent or Respondent’s representative affected by the appeal:
Name ……………………………………………………………………………………………………………..
Address……………………………………………………………………………………………………………..
……………………………………………………………………………………………………………………….
This notice of appeal is given by the Appellant:
Signature or mark of Appellant……………………………………………………………………………………..
Signature of Legal
Practitioner……………………………………………………………………………………………………………..
(Ignore if not required)
Note: this notice of appeal must be filed with the Chief Registrar of the Tribunal before the expiration of 30 days after the day the dispute decision was received by the appellant.
FORM NO. ISR 2
Order 2 Rule 2
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT ……………………………….
SUIT NO………………………………
ORIGINATING APPLICATIONN
Between
A.B………………………………………………………………………………………………………CLAIMANT
And
C.D…………………………………………………………………………………………..DEFENDANT
To C.D of………………………………In the ……………………………………………………………of
You are hereby commanded within 21 days after the service of this originating application and other processes on you; inclusive of the day of such service you do send or deliver to the Chief Registrar a written reply to the originating application. You shall attach to the reply your witness statement and all other documents relevant to the case at the suit of A.B; Take notice that in default of your so doing the Claimant may proceed therein and award/judgment may be given in our absence.
DATED this……………………………………….day of ……………………………………….20………………………………
ENDORSEMENT TO BE MADE ON THE ORIGINATING APPLICATION BEFORE ISSUE THEREOF
CLAIMS OF THE CLAIMANT AND REASONS FOR CLAIMING
(State here contents of your application as set out in Order 2 Rule 2 (2) of the Investments and Securities Tribunal (Procedure) Rules.
(a) The name and address of the Defendant.
…………………………………………………………………………………………………………….. ……………………………………………………
…………………………………………………………………………………………………………….. ……………………………………………………
…………………………………………………………………………………………………………….. ……………………………………………………
…………………………………………………………………………………………………………….. ……………………………………………………
(If the defendant is a body corporate, partnership or sole trader, the address of its principal place of business)
(b) (State the name and address and the profession of the representative of the Claimant, if any, and whether the Tribunal should send replies or notices concerning the application to the representative instead of the Claimant)
Name…………………………………………………………………………………………………………….. ………………………………………
Address…………………………………………………………………………………………………………….. …………………………………
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
Profession…………………………………………………………………………………………………………….. ……………………….
Do you want processes in this matter to be sent to the representative instead of the Claimant(Yes or No?)
(c) The name of Claimant’s Solicitor is:
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
(d) Such other information as may be useful to the Tribunal
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
ENDORSEMENT TO BE MADE ON COPY OF ORIGINATING APPLICATION FORTHWITH AFTER SERVICE
This originating application was serve by me at…………………………..on the defendant……………………………….on the ……………………………………..day of
(here insert mode of service)……………………………………………………20……………….
Endorsed the …………………………Day of ………………………20……………
Dated this……………………………………………….
………………………………………………..
CHIEF REGISTRAR
Investments & Securities Tribunal
FORM NO IST 3
Order 2(10)
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT …………………………………….
SUIT NO……………………………..
DEFENANT’S REPLY ACKNOWLEDGING
RECEIPT OF ORIGINATING APPLICATION
Between
A.B
…………………………………………………………………………………………………………….. ………………………………………CLAIMANT
And
C.D…………………………………………………………………………………………………………….. …………………….DEFENDANT Reply
I………………………………………..acknowledge that on the ……………….ay of ……………………….20…………at
(state full names)
(time and place) received the following documents:
(a) …………………………………………………………………………………………………………….. ………………………………………
(b) …………………………………………………………………………………………………………….. ………………………………………
(c) …………………………………………………………………………………………………………….. ………………………………………
I also acknowledge that I am the person referred to in the sealed copy of the originating process
State whether you intend to contest the originating application:
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
If you intend to contest the originating application state the reasons upon which you are contesting it:
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
State whether you intend to be present or represented:
…………………………………………………………………………………………………………….. ………………………………………
If you are going to be represented, state the particulars of the representative:
Name …………………………………………………………………………………………………………….. ………………………………………
Address…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
Profession…………………………………………………………………………………………………………….. ………………………………………
State whether you want the Tribunal to send further notices concerning the originating application and other processes in the case to you or your representative:
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
…………………………………………………………………………………………………………….. ………………………………………
If notices should be sent to you, state your address for service if different from the one on the originating application:
Address of service…………………………………………………………………………………………………………….. ………
…………………………………………………………………………………………………………….. ………………………………………
TAKE NOTICE that your reply to the originating application and other processes served herewith must be delivered to the Chief Registrar not later than 21 days of receipt.
I/We believe that facts stated in this form are true and I am/We are duly authorize to sign this statement.
Signed:……………………………………………………….
Full names of the
Defendant/Solicitor………………………………………………………………………………
Position or office held …………………….(if signing on behalf of firm, company or corporation)
FORM NO IST 4
ORDER 3(6)
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT ………………………………………….
APPEAL/SUIT NO………………………………………..
NOTICE TO WITHDRAW APPLICATION/APPEAL
Between
A.B……………………………………………………………… CLAIMANT/APPEALANT
And
C.D ………………………………………………………………… DEFENDANT/RESPONDENT
To the chief Registrar of Tribunal:
The claimant(s)/Appellant(s) (as the case may be) withdraw this originating Application/Appeal against the Defendant/Respondent.
I certify that I have served a copy of this notice on every other party to the proceeding.
Dated the………………………… day of ……………………………….. 20………………….
Signed:……………………………………………………..
Name of Claimant/Appellant or legal practitioner:……………………………………………..
Position or office held ………………………………………..(If signing on behalf of a company or firm)
FORM NO IST 5
Order 4 (4)
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT ………………………………….
SUIT NO …………………………………..
PRE-HEARING NOTICE
Between
A.B …………………………………………… CLAIMANT
And
C.D……………………………………………… DEFENDANT
To (insert name of parties)
Take Notice that you are required to attend the Tribunal’s sitting on the ……………………… day of ………………………. 20 …………………… at 9o’clock or so soon thereafter in the forenoon or soon thereafter for pre –hearing review for the purpose set hereunder:
1, (a) Disposal of non-contentious matters which must or can be dealt with on interlocutory application;
(b) Giving such directions as to the future course of the action as appear best adopted to secure its just, expeditious and economical disposal;
(c) Promoting amicable settlement of the case or adoption of alternative dispute resolution; and
(d) Such other steps in pursuance of the investment and securities tribunal (procedure) rules and overriding objectives.
Take Notice:
(i) That if you do not attend in person or by legal Practitioner at the time and place mentioned, such proceedings will be taken and such order will be made as the tribunal may deem just and expedient.
(ii) That the Tribunal will at the pre-hearing review use the information which you and the other party/parties provide to conduct a pre – hearing review and will give such directions which appears necessary or desirable in the conduct of the appeal or application.
(iii) That subject to the provision of its Rules that tribunal may make an order or such directives disposing the originating application/appeal if in the opinion of the tribunal substantial determination of any question of fact or law in the case at the preliminary hearing disposes of the whole proceeding.
Dated this ………………………. Day of……………………. 20…………………
………………………………………………………………….
CHIEF REGISTAR
Investments &Securities Tribunal
Take Notice:
(i) That if you do not attend in person or by legal Practitioner at the time and place mentioned, such proceedings will be taken and such order will be made as the tribunal may deem just and expedient.
(ii) That the Tribunal will at the pre-hearing review use the information which you and the other party/parties provide to conduct a pre – hearing review and will give such directions which appears necessary or desirable in the conduct of the appeal or application.
(i) That subject to the provision of its Rules that tribunal may make an order or such directives disposing the originating application/appeal if in the opinion of the tribunal substantial determination of any question of fact or law in the case at the preliminary hearing disposes of the whole proceeding.
Dated this ………………………. Day of……………………. 20……………………………..
………………………………………………………………….
CHIEF REGISTAR
Investments &Securities Tribunal
FORM NO IST 6
Order 4 Rule 15
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT…………………………………………..
APPEAL/SUIT NO …………………………………………….
NOTICE OF APPLICATION FOR 5A GROUP PROCEEDINGS DIRECTIONS (GPD)
Between
A.B …………………………………………………………. CLAIMANT/APPEALANT
And
C.D………………………………………………………………… DEFENDANT/RESPONDENT
TAKE NOTICE that on ……………………… the………………. Day of …………………… 20 ……….. at the hour of 9.00 clock in the forenoon or so soon thereafter this tribunal will give a group proceedings directions (GPD) in respect of the underlisted appeals or applications giving rise to common or related issues of fact or law;
(a) Number of appeals or originating application
……………………………………………………………………………………………….
…………………………………………………………………………………………………
………………………………………………………………………………………………….
(b), Summary of the nature of the appeal’s or originating applications
…………………………………………………………………………………………..
…………………………………………………………………………………………..
……………………………………………………………………………………………
(c), The number and nature of the appeals or originating applications already made
……………………………………………………………………………………………..
…………………………………………………………………………………………..
…………………………………………………………………………………………..
(d) The number of parties likely to be involved
……………………………………………………………………………………………..
…………………………………………………………………………………………….
……………………………………………………………………………………………….
(e) The common issues of fact and (the GPD Issues) that are likely to arise in the proceedings
………………………………………………………………………………………………………………….
……………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………..
(f) State whether there are matters that distinguish smaller groups of appeals or originating applications within the wider group
…………………………………………………………………………………………………….
………………………………………………………………………………………………………
………………………………………………………………………………………………………
DATED this …………………………. day of ………………… 20 ……………………..
……………………………………………….
CHIEF REGISTRAR
Investment & Securities Tribunal
FORM NO IST 7
Order 4 Rule 20
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT …………………………..
APPEAL/SUIT NO …………………………………………
NOTICE TO CONSOLIDATE – APPEAL/ORIGNATING APPLICATION
Between
A.B …………………………………………………………………………. CLAIMANT/APPELANT
And
C.D ……………………………………………………………………………… DEFENDANT/RESPONDENT
To: ………………………………………………………………………………………..(insert name of party)
Of ……………………………………………………………………………………………………………
TAKE NOTICE that on ……… the ………………day of ………………………….. 20……………. At the hour of 9 o’clock in the forenoon or so soon thereafter the tribunal will give directions for the consolidation of the following appeals or originating applications: (list appeals or originating applications) ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… and you are required to make representations(s) to same as you may deem fit at the sitting of the tribunal.
DATED this ………………………. Day of …………………………. 20 ……………………..
…………………………………….
CHIEF REGISITAR
FORM NO IST 8
Order 5(1)
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT ……………………………………………………
APPEAL/SUIT NO…………………………………………….
WITNESS SUMMONS
Between
A.B ……………………………………………………………………………………… CLAIMANT/APPELLANT
And
C.D ………………………………………………………………………………………….. DEFENDANT/RESPONDENT
TO:…………………………………………………………..(insert name of party of person being summoned) of …………………………………………………………………………………………………………………………
You are summoned to attend before this tribunal at ………………………………… (State location of tribunal) on ………………………..the …………………….. day of ……………………….. 200… at the hour of 9’oclock in the fore noon or so soon thereafter, and so from day to day until the above application (or appeal) is heard to give evidence on behalf of the …………………………………………………………………………………. and also (insert name of party on whose behalf witness is to give evidence) to answer any questions or to bring with you and produce at the time and place aforesaid …………………………………………………………………………………….. (Specify the documents) in your custody or control which relate to any matter in question in the appeal or application.
DATED this ………………………………. Day of …………………………………. 200…………………….
…………………………………………………….
PRESIDING CHAIRMAN
Investments Securities Tribunal
FORM NO IST 9
Order 5 Rule 5
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT ……………………………………………………..
APPEAL/SUIT NO …………………………………………….
WITNESS STATEMENT
Between
A.B………………………………………………………………………………. CLAIMANT/APPELLANT
And
C.D ……………………………………………………………………………… DEFENDANT/RESPONDENT
STATEMENT of the parties to the proceedings:
…………………………………………………………………………………………………
…………………………………………………………………………………………………
……………………………………………………………………………………………………
………………………………………………………………………………………………..
Name of witness:…………………………………………………………………….
Place of Residence:………………………………………………………………..
Address at which the witness works if making the statement in his or her professional, business or other occupational capacity ……………………………………………………………………………………………………..
……………………………………………………………………………………………………………………………………………
Position the witness bolds:………………………………………………………………………………………….
Name of firm or employer:…………………………………………………………………………………………….
Occupational capacity: ……………………………………………………………………………………………………………………………………………………………
Position the witness holds:……………………………………………………………………….
Name of firm or employer:…………………………………………………………………………………
Occupation or description: ……………………………………………………………………………………………………………………………………………
State whether witness is or has been a party or is the employee of such a party:
……………………………………………………………………………………………………………………..
……………………………………………………………………………………………………………………..
Statements made from witness’s own knowledge: ……………………………………………
…………………………………………………………………………………………………………………………..
……………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………….
………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………….
…………………………………………………………………………………..(insert such statements)
Sources of the information: …………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………..
……………………………………………………………………………………………………………………….
DATED this………………………………………. Day of………………………………20………………………
……………………………………
Deponent
SWORN TO at the investments and securities Tribunal
Registry this ………………. Day of …………….. 20………………….
BEFORE ME
…………………………………………………
COMMISSIONER FOR OATH
FORM NO IST 10
Order 6 Rules 1
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT ………………………………………………………………
APPEAL/SUIT NO………………………………
NOTICE OF HEARING
Between
A.B ……………………………………………………………………………………….. CLAIMANT/APPELANT
And
C.D…………………………………………………………………………………………. DEFENDANT/RESPONDENT
TO:……………………………………………………………………………………..(insert name of party)
………………………………………………………………………………………………………………………………
……………………………………………………………………………………… in the above – named application.
This originating Application/Appeal will be listed for …………… the ………… day of …………… 20…… at 9.0clock in the forenoon or so soon thereafter and will come to be heard on that day if the business of the Tribunal permits or otherwise on the next adjourned date of which you will receive no further notice.
If either party desires to postpone the hearing he must apply to the Tribunal as soon as possible for that purpose; and such a party shall adduce cogent and compelling reasons to the satisfactions of the Tribunal to warrant the granting of such adjournment.
The parties are warned that at the hearing they are required to bring forward all the evidence by witnesses or documents which each of them seek to rely on in support of his case and in contradiction of that of his opponent. The proof will be required at the hearing, and not on a subsequent day, and parties failing to bring other evidence forward at the proper time may be precluded from adducing it at all, or at best only allowed to do so on payment of substantial costs to the other side, and on such other terms as the Tribunal thinks fit.
Parties seeking to enforce the attendance of witnesses should apply at once to the Tribunal to issue one or more summonses for the attendance of the witnesses required. The application should be made so as to allow time for reasonable notices to the witnesses required.
If the witness is required to bring books or papers or such documents, they must be particularized in the summons sufficiently to enable him understand what is required.
Any party summoning a witness through the Tribunal thereby becomes liable to pay such witness a reasonable amount of money to be fixed by the Tribunal for his expense and loss of time.
The Tribunal may refuse to enforce the attendance of a witness unless such sum as has been fixed is deposited in the Tribunal.
66
If either party seeks to use in evidence at the hearing, any book or document in the possession or power of the other party, he must give the other party reasonable notice in writing to produce it at the hearing, failing which he will not be allowed to give any secondary evidence of its contents.
DATED this……………………………. Day of……………………………. 200………………………
BY ORDER OF THE TRIBUNAL
…………………………………………….
CHIEF REGISTRAR
Investments & securities Tribunal
FORM NO IST 11
Order 7 Rule 4
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT…………………………………………………………….
APPEAL/SUIT NO…………………………………
NOTICE OF INTENTION TO REVIEW DECISION
Between
A.B……………………………………………………………….. CLAIMANT/APPELANT
And
C.D …………………………………………………………………… DEFENDANT/RESPONDENT
To:………………………………………………………………………….(insert name of party)
Address for service …………………………………………………………………………………….
…………………………………………………………………………………………………………………..
TAKE NOTICE that the decision of this tribunal made on the ………………………………….
Day of ……………….20…………….. is to be reviewed by the tribunal on the ………………………..
Day of ………………………20……………..
DATED this …………………………… day of ………………………. 200….
……………………………………………….
CHIEF REGISTRAR
Investments &securities Tribunal
FORM NO IST 12
Order 9 Rules (10) and (11)
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT ………………………………………..
APPEAL/SUIT NO………………………………………….
PROOF OF DELIVERY OF DOCUMENTS
Between
A.B…………………………………………………………………………………. CLAIMANT/APPELLANT
And
C.D ……………………………………………………………………………………. DEFENDANT/RESPONDENT
On the ……………………………. Day of ……………………… 20………………………… the ………………………………….
(insert title or description of document served) a copy of which is attached to this notice was served on (insert name of person served including position)
……………………………………………………………………………………………………………………………………….
……………………………………………………………………………………………………………………………………..
by…………………………………………………………………………………(state mode of service) at ………………………………………………………………………………………(insert address where service was effected) being the Defendant(s) Respondent(s) residence or registered office or place of business, etc.
The date of service is therefore deemed to be
……………………………………………………………………………………………………..(insert date)
I confirm that at the time of signing this proof of delivery of documents, the documents have not been returned to me as undelivered.
Signed…………………………………… ……………………………………………..
Position or office held if signing on behalf of a firm or company
Claimant/Respondent’s or solicitors
Date………………………………………………..
FORMS NO IST 13
Order 9 Rule 11(2)
IN THE INVESTMENTS AND SECURITIES TRIBUNAL
HOLDEN AT……………………………………………………….
REQUEST TO THE MINISTER OF FOREIGN AFFAIRS TO
TRANSMIT TRIBUNAL’S PROCESS TO A FOREIGN
GOVERNMENT
The Chairman of the investments and Securities Tribunal presents his compliments to the Minister of foreign affairs, and encloses herewith an originating application issues in the case of AB…………………………………………….. Vs……………………………………………………….. CD pursuant to order, out of the …………………………………………….. Judicial division of the tribunal for transmission to the Nigerian High Commission through the Ministry of foreign affairs in ……………………………………. (name of country) with the request that the same be served personally upon ……………………………………….(name of defendant to be served) against who proceedings have been taken in the ……………………………………. Judicial division of the investments and securities Tribunal and with the further request that such evidence of the service of the same upon the said defendant may be officially certified to the investments and securities tribunal or declared upon oath, or otherwise, in such manner as is consistent with the usage or practice of the courts of the ………………………………..(name of country) improving service of legal process.
The chairman further requests that in the event of efforts to effect personal service of the said process proving ineffectual the government or court of the said country be requested to certify the same to the investments and securities tribunal.
Dated………………………………. this………………………..day of………………….20…………….
………………………………………….
CHIEF REGISTRAR
Investments &securities Tribunal
SECOND SCHEDULE
REGULATIONS OF FEES
A) Pursuant to Order 2 Rule 3 of these Rules:
i. No person shall, except by special order of the tribunal; be issued any process unless:
(a) all fees payable thereon as provided shall have been paid, and
(b) an account thereof initialed as received shall have been set forth by the officer issuing the process both in the margin and in the counter foil thereof.
ii, Every document, for or in respect of which any fee or fees shall have been paid bear endorsement initialized by the chief registrar or other authorized official showing the amounts of the fees so paid and the recipe referring to the payment, provided that when any form of process specified the fees thereof, it ……………. sufficient for the chief registrar or other authorized officer to initial the ……………… such fees appearing thereon, and to quote the number of receipt.
FEES PAYABLE
In pursuance of the said power, and subject to any directive by the tribunal, the following schedule of fees represents the authorized fees payable at the investments and securities Tribunal.
N: K
1, Where amount claimed by the claimant is not more than N100,000.00 – 2,000.00
2. Where amount claimed is not more than N1,000,000.00 – 5,000.00
3. Where amount claimed by the Claimant is above N1,000,000.00 and not more than N2,000,000.00 -10,000.00
4. Where amount claimed by the claimant is above N2, 000,000.00 and not more than N5, 000,000.00 – 25,000.00
5. Where amount claimed by the claimant is over N5,000,000.00 but not more than N10,000,000.00 – 50,000.00
6. Where amount claimed by the claimant is over N10,000,000 but not more than N1billion – 0.5% of amount claimed
7. where amount claimed is above N1billion but less than N10billion – 0.25% of amount claimed
8, where amount claimed is above N10billion – 0.1% of amount
9, where no monetary claim is made by the claimant – 5,000.00
B. Penalties N : K
1, Where penalty imposed by the Commission or SRO is not more than N500,000.00 2,000. 00
2. Where penalty imposed by the Commission or SRO is above N2,000,000.00 and not more than N2,000,000.00 – 5,000. 00
3. Where penalty imposed by the Commission or SRO is above N2,000,000.00 and not more than N5,000,000.00 – 25,000. 00
4. Where penalty imposed by the Commission or SRO is over N5,000,000.00 but not more than N10,000,000.00 – 50,000 . 00
C. Motion on Notice
a. Motion on notice 500. 00
b. Oaths 200.00
c, One exhibits 100.00
E. Other Fillings
a. Application 200.00
b. Affidavits 200.00
c,. Drawing up of orders 500.00
d. undertakings 500.00
e. Subpoena 500.00
F. any other processes not specifically provided for 500.00
G. For searching the archive: for each period of six Months or part thereof 500.00
H. Certified true copy of transcript of proceeding per page 500.00
I, Certified true copy of any other process or document per page 50.00
J, Tape of proceeding per copy 1,000.00
K. On warrant for prisoner to give evidence 1,000.00
L. On commission to take evidence 50.00
M. For the service of any document or process
(a) Within location of the Tribunal
(i) Initial location 1,000 .00
(ii) Each subsequent location 500. 00
(b) Outside location of the Tribunal but within Nigeria; minimum of 5,000 .00
(c) For service outside the country (subject to prevailing air rates)
(c) Courier charges
(i) Within Nigeria (subject to prevailing courier rates)
(ii) Outside Nigeria (subject to prevailing courier rates)
N. Condition of appeal
i. Initial copy of record including certificate of the record per page 50. 00
ii. Subsequent copy of record including certification per page 20. 00
iii. Binding: per copy of record 500.00
iv. Appeal bond 1,000 .00
GUIDELINE FOR FILING PROCESSES
1. Submission of fifteen (15) copies of every process plus such number of copies for parties to the suit to be served.
2. Clean and clear copies of processes and annexures.
3. Payment of the prescribed fees.
4. Payment for service by Bailiffs and/or courier service (outside the zone) and in the case of a counsel desiring to undertake personal service in filings other than originating processes, by giving an undertaking in writing on all the processes filed (provided that such service shall not be valid until affidavit of service of the process is filed).
5. Where counsel is not within jurisdiction of the Tribunal, an address within location shall be furnished for service and other correspondence.
6. Every motion must be filed at least 4 (four) days before the date of hearing while every counteraffidavit must be filed at least 48 (forty eight) hours before the date of hearing. No process in respect of any matter set for hearing shall be received on the set date.
7. Every motion must be accompanied by a written argument/submission intended to be relied upon at the hearing of the motion.
8. Every counter affidavit must be accompanied with a written argument intend to be canvassed in opposition at the hearing of the motion to which the counteraffidavit is filed.
9. Every originating application should be accompanied with a letter of complaint first written to SEC. Where SEC fails or neglects to address the complaint, a fourteen (14) ay Pre-action Notice should be given to the Commission. A copy of this notice should be attached to the application, showing evidence of statutory compliance.
10. Every originating application should be accompanied with a witness statement on oath and every document referred to in the originating application/reply.
11. Every appeal from a decision of SEC must be accompanied with a fourteen (14) day Pre-action Notice earlier served on the Commission.
12. Every appeal is to be accompanied by
(i) the disputed decision,
(ii) record of proceedings of the decision or bundle of documents relating to the trial being appealed against, and
(iii) a brief of argument. (The requirement in relation to brief of argument may however be overlooked at the stage of first filing until the record of proceeding is received if same has not been received from the trial body). Where the decision being appealed against is from an all parties meeting, it should be accompanied with the certified copy of the minutes of the meeting.
After compliance with all the above, the process has to be duly assessed to ensure compliance with the provisions of the Investments & Securities Tribunal (Procedure) Rules 2014.
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GET OTHER LAWS, RULES AND REGULATIONS OF THE INVESTMENT AND SECURITIES TRIBUNAL AND THE SECURITY AND EXCHANGE COMMISSION
[You may directly obtain PDF copies of any listed document in singles (N1,000) or as a compendium (N8,000) by CLICKING HERE. Online copies are freely accessible]
1. Compendium of SEC/IST Laws, Rules and Regulations listed below – N8,000 [DOWNLOAD PDF READ ONLINE]
2. Investment and Securities Act – N1,000 [DOWNLOAD PDF READ ONLINE]
3. Investment and Securities Tribunal, IST, Rules 2014 – N2,000 [DOWNLOAD PDF READ ONLINE]
4. Investment and Securities Tribunal, IST, Rules Relating to the Complaints Management Framework of the Nigerian Capital Market [DOWNLOAD PDF READ ONLINE]
5. Securities and Exchange Commission Consolidated Rules and Regulations, 2013 – N2,000 [DOWNLOAD PDF READ ONLINE]
6. Securities and Exchange Commission Administrative Proceedings Committee Rules of Procedure [N1000] [DOWNLOAD PDF READ ONLINE]
7. Code of Corporate Governance for Public Companies, 4 April 2011 – [N2,000] [DOWNLOAD PDF – READ ONLINE]
8. 2018 Sundry Amendments to the Rules and Regulations of the Commission – N1000 [DOWNLOAD PDF READ ONLINE]
9. 2017 Compendium of New Rules and Sundry Amendments (Actual and Proposed) to the Rules and Regulations of Securities and Exchange Commission, 2007 (Batch 1 and 2) – N2,000 [DOWNLOAD PDF READ ONLINE]
10. Proposed amendment to Schedule II of the Commission’s Rules and Regulations- Insertion of penalty for diversion/misapplication of Issue Proceeds (Re-Exposure)) [DOWNLOAD PDF READ ONLINE]
11. 2015 SEC Regulations for Demutualisation of Securities – N1,000 [DOWNLOAD PDF READ ONLINE]
12. SEC Rules on Securitisation – N1,000 [DOWNLOAD PDF READ ONLINE]
13. SEC Rules on Trading in Unlisted Securities – N500 [DOWNLOAD PDF READ ONLINE]
14. SEC Rules on Infrastructure Funds, Foreign Collective Investment Schemes and Sundry Amendments, 12 May 2014 – [DOWNLOAD PDF READ ONLINE]
BOOKS
12. Investments & Securities Act, 2007, Investments & Securities Tribunal (Procedures) Rules 2014 and Exchange Commission Administrative Proceedings Committee (with NOTES and CASES)
RULES OF COURTS CONNECTED WITH NIGERIA
RULES OF COURTS OF THE 37 STATES/FCT OF NIGERIA
LAWS OF LAGOS STATE OF NIGERIA
LAWS OF THE FEDERAL REPUBLIC OF NIGERIA
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