INVESTMENT AND SECURITIES TRIBUNAL (PROCEDURE) RULES 2014

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TABLE OF CONTENTS

PART A

ORDER 1: PRELIMINARIES

Rule 1                   Citation, application & interpretation

Rule 2                   Overriding objective

Rule 3                   Application by the Tribunal of the overriding objective

Rule 4                   Alternative dispute resolution

PART B – ORDER 2: COMMENCEMENT OF PROCEEDING

Rule 1                   Notice of appeal and reason for appeal

Rule 2                   Originating application to the Tribunal

Rule 3                   Fees for notice of appeal or originating application

Rule 4                   Application for extension of time

Rule 5                   Reference to the Tribunal by the Commission

Rule 6                   Acknowledgment of appeal or application

Rule 7                   Publication of originating application

Rule 8                   Distribution of documents by the Chief Registrar

Rule 9                   Receipt of notice of appeal

Rule 10        Action by defendant on receipt of originating application

Rule 11        Additional parties

Rule 12        New parties to proceedings

Rule 13        Persons with interest

PART C

ORDER 3: PROVISIONS RELATING TO ALL APPLICATIONS, APPEALS & REPLIES

Rule 1                   Additional matters

Rule 2                   Front loading of documents

Rule 3                   Amendment of notice of appeal or originating application or reply

Rule 4                   Notice that appeal or originating application is misconceived

Rule 5                   Death of appellant or respondent or defendant

Rule 6                   Withdrawal of appeal or application

PART D

ORDER 4: MANAGEMENT POWERS OF THE TRIBUNAL

Rule 1                   Decision before or at hearing

Rule 2                   Disclosure and inspection of documents and other materials

Rule 3                   Documents relating to proceedings before the Tribunal

Rule 4                   Pre-hearing reviews

Rule 5                   Preliminary issues

Rule 6                   Hearing bundles

Rule 7                   Case management powers

Rule 8                   Representative parties with the same interest

Rule 9                   Representative of interested persons who cannot be ascertained

Rule 10        Interpreters

Rule 11        Directions

Rule 12        Direction as to respondents or defendants reply

Rule 13        Varying or setting aside of directions

Rule 14        Failure to comply with direction

Rule 15        Group proceedings directions (GPD)

Rule 16        Effect of GPD

Rule 17        Case management of GDP issues

Rule 18        Removal from Group register

Rule 19        Test appeals or applications

Rule 20        Consolidation of appeals or applications

Rule 21        Test cases

PART E

ORDER 5: EVIDENCE

Rule 1                   Summoning of witness

Rule 2                   Evidence of witness – general rule

Rule 3                   Evidence by telephone video link and other means

Rule 4                   Use of witness statement at hearing

Rule 5                   Form of witness statement

Rule 6                   Witness summaries

Rule 7          Use of witness statement, witness summaries and affidavit for other purposes

Rule 8                   Availability of witness statement, witness summaries and affidavit for Inspection

Rule 9                   Tribunal’s power to restrict expert evidence

Rule 10        Expert overriding duty to the Tribunal

Rule 11        Form and content of expert’s report

Rule 12        Discussion between experts

Rule 13        Evidence by joint experts

Rule 14        Written questions to experts

Rule 15        Filing of expert’s report

Rule 16        Tribunal’s power to obtain assistance of experts

PART F

ORDER 6: HEARING

Rule 1                   Notice of Date, time & Place

Rule 2                   Alteration of date, time, place and adjournments

Rule 3                   Procedure

Rule 4                   Absence of member of the Tribunal

Rule 5                   Hearing in public or private

Rule 6                   Legal  representation

Rule 7                   Persons entitled to be present at private hearing

Rule 8                   Persons disrupting proceedings

Rule 9                   Failure of parties to attend

Rule 10        Inability to attend

PART G

ORDER 7: DECISION

Rule 1                   Power to decide appeal or application without hearing

Rule 2                   Decision of the Tribunal

Rule 3                   Publication

Rule 4                   Review

Rule 5                   Further consideration

Rule 6                   Orders for costs and expenses

Rule 7                   Interest

PART H

ORDER 8: APPEALS FORM THE TRIBUNAL

Rule 1                   Appeals to the Court of Appeal

Rule 2                   Reference of appeals remitted for re-hearing

PART I

ORDER 9: PRELIMINARY OBJECTION

Rule 1                   Respondent’s right to preliminary objection

PART J

ORDER 10: POWERS OF THE TRIBUNAL TO AMEND RULES AND ISSUE PRACTICE DIRECTIONS

Rule 1                   Power of the Tribunal

PART K

ORDER 11: MISCELLANEOUS AND DEFINTIONS

Rule 1                   Disqualification

Rule 2                   Power of the Chairman

Rule 3                   Performance of Chief Registrar’s functions

Rule 4                   The Registrar

Rule 5                   Reference by the Tribunal to the Court of Appeal of Questions of law

Rule 6                   Irregularities

Rule 7                   Complaints

Rule 8                   Signatures of documents

Rule 9                   Proof of documents and decisions

Rule 10        Methods of sending or delivery of documents etc

Rule 11        Substituted sending or delivery of documents

Rule 12        Supply of documents from the Tribunal’s records

Rule 13        Defaults of process

Rule 14        Relisting

Rule 15        Time limit for oral address

Rule 16        Electronic recording of proceedings

Rule 17        Appeal bond

Rule 18        Notice of a party

Rule 19        Definitions

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 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)

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA

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