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NLS CORPORATE CAMA 2020 > OVERVIEW LEGAL FRAMEWORK > Flashcards

OVERVIEW LEGAL FRAMEWORK Flashcards

1
Q

LIST TEN REGULATORY FRAMEWORK FOR CORPORATE PRACTICE IN NIGERIA.

A

1.Companies and Allied Matters Act
2. Investments and Securities Act
3. Foreign Exchange (Monitoring and Miscellaneous Provisions) Act
4. Nigerian Investment Promotion Act
5. National Office for Technology Acquisition Promotion Act
6. Immigration m Act
7. National Agency For Food and Drugs Administration Control Act
8. Banks and Other Financial Institutions Act
9. Nigeria Export Processing Zone Act
10. Federal Competition and Consumer Protection Act

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2
Q

LIST TEN REGULATORY BODIES FOR CORPORATE PRACTICE IN NIGERIA

A
  1. Corporate Affairs Commission
  2. Securities and Exchange Commission
  3. National Office for Technology Acquisition Promotion Commission
  4. Asset Management Corporation of Nigeria
  5. Nigerian Investment Promotion Commission
  6. Federal Inland Revenue Service
  7. Financial Reporting Council of Nigeria
  8. Standard Organization of Nigeria
  9. National Office for Technology Acquisition Promotion
    10.Central Bank of Nigeria
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3
Q

Functions of SECURITIES AND EXCHANGE COMMISSION?

A
  1. Regulates the Nigerian Capital Market
  2. Regulates all offers for securities by public companies
  3. Registers securities for public companies
  4. Keeps and maintains a register of Foreign Investments (FDI & FPI)
    -Regulate capital market operators
  5. Reviews, approves and regulates mergers, take overs and acquisitions.
  6. Enter the premises of a person operating illegal capital market operations
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4
Q

What are the functions of the FEDERAL COMPETITION AND CONSUMER PROTECTION ACT?

A
  1. Promote and maintain competitive markets; controls monopoly and facilitates competition in the Nigerian business sector.
  2. Promotes economic efficiency.
  3. Promotes and protects the interest of consumers
  4. Prohibits restrictive or unfair business practices.
  5. Contributes to the sustainable development of the Nigerian Economy.
  6. It regulates mergers, acquisitions and some other forms of external restructuring in conjunction with SEC.
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5
Q

What are the functions of CENTRAL BANK OF NIGERIA?

A
  1. Ensure monetary and price stability
  2. Issue legal tender currency in Nigeria
  3. Maintain external reserves and safeguards international value of legal tender
  4. Promote a sound financial system in Nigeria
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6
Q

What is the function of AMCON?

A
  1. They dispose Non-Performing Loans in banks(i.e loans that have remained unpaid for 90 days) and other toxic assets
  2. They promote stability of banks and prevent bank failing.
  3. AMCON provides liquidity support to financial institutions
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7
Q

What are the divisions of CAMA 2020?

A

SEVEN PARTS!
PART A: Establishment and Functions of CAC
PART B: Incorporation of Companies and incidental matters
PART C: Limited Liability Partnership
PART D: Limited Partnership
PART E: Business names
PART F: Incorporated Trustees
Part G: deals with general provisions and the establishment of Administrative Proceedings Committee

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8
Q

What are the Functions of CAC?

A

a. Administer this Act, including the registration, regulation and supervision of – the formation, incorporation, management, striking off and winding up of companies,
• business names, management and removal of names from the register, and
• the formation, incorporation, management and dissolution of incorporated trustees;
b. Establish and maintain a company’s registry and office in each State of the Federation suitably and adequately equipped to perform its functions under this Act or any other law;
c. Arrange or conduct an investigation into the affairs of company, incorporated trustees or
business names where the interest of shareholders, members, partners or public so
demands;
d. Ensure compliance by companies, business names and incorporated trustees with the
provisions of this Act and such other regulations as may be made by the Commission;
e. Perform such other functions as may be specified in this Act or any other law;
f. Undertake such other activities as are necessary or expedient to give full effect to the provisions of this Act.
SEC 8 CAMA

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9
Q

Who is the head of CAC?

A

Registrar General

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10
Q

What are the Innovations of CAMA 2020?

A
  1. Pre Action Notice-SECT 17(2) CAMA
  2. Single shareholder company- SEC 18(2)
  3. Significant shareholders must disclose-SECT 120 CAMA
  4. Electronic Signature-SECT 860
  5. Statement of Compliance- SECT 40(1)
  6. Small companies are exempted from having a company secretary- SECT 330
  7. Minimum Share Capital- SECT 27(2)
  8. Company Seal is Optional- SECT 98
  9. Introduction of Limited Liability Partnership- SECT 746
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11
Q

Who are the Members of the CAC?

A
  1. The Chairman
  2. Representative of the business community
  3. Representative of the Legal profession
  4. Representative of the accountancy profession
  5. Representative of manufacturers association
    6.Representative of institute of chartered Secretaries and Administrators
  6. Representative of Securities and Exchange commission
  7. Representative of ministry of commerce
  8. Representative of ministry of Justice
  9. Representative of ministry of Industry, Trade and investment
    11.The Registrar General of the Commission
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12
Q

Who can registry a company under CAMA?

A
  1. Legal Practitioners
  2. Chartered Accountants; and
  3. Chartered secretaries & administrators
  4. Business Rescue & Insolvency Practitioners
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13
Q

WHAT ARE DOCUMENTS THAT WILL BE SUBMITTED TO CAC IN ORDER TO BE ACCREDITED?

A
  1. Obtain and submit Filled Form CAC MISC 01 (Accreditation Form)
  2. (2) Passport photograph
  3. Electronic signature
  4. LLB certificate
  5. National Youth Service Corps discharge certificate or exemption
  6. Qualifying Certificate of Call to Bar
  7. Payment receipt of the current year practicing fee
  8. Evidence of payment of the prescribed fee
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14
Q

Who are the Professionals that can register under SEC?

A
  1. Legal Practitioners
  2. Accountants
  3. Auditors
  4. Engineers
  5. Estate Valuers
  6. Property Manager, and
  7. Others as determined by SEC.
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15
Q

Qualifications for registering with SEC?

A
  1. 5 years post call experience, and 4 years’ experience in corporate practice
  2. Sufficient knowledge of capital market law and practice.
  3. Traceable law office address
  4. Payment of prescribed fees
  5. Pass the requisite test/exams
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16
Q

What are the functions of ISA?

A
  1. To regulate investments and securities business in Nigeria.
  2. To regulate all offers of securities by public companies and entities
  3. Register securities of public companies
  4. Render assistance to promoters and investors wishing to establish securities exchanges
  5. Keep and maintain a register of foreign portfolio investments
  6. Review, approve and regulate mergers, acquisitions, takeovers and all forms of business combinations
  7. To authorize and regulate cross border securities transactions
17
Q

What is the duty of CSCS?

A

It is a central depository for the shares of the quoted companies on the Nigerian Stock Exchange. What that means is that shareholding certificates of individual shareholders are captured into the depository

18
Q

What are the functions of NOTAP?

A
  1. They register foreign technologies in and outside Nigeria
    b. Promote a more efficient process for the identification and selection of foreign technology
    c. Assist incoming and existing investors by providing support services;
    d. Register contracts and agreement that are registrable under the Act
    e. Issues Certificate of Registration
19
Q

What is the effect of failure to register foreign technologies?

A

STANBIC IBTC V FRN
No capital repatriation through an authorized dealer.
The penalty for non-registration under the NOTAP Act is the prohibition of payments to the foreign recipient through authorized channels

20
Q

can firms be registered as CMO?

A

YES
Individuals
firms
companies can be registered with SEC as capital marker operators.

NLS CORPORATE CAMA 2020 (12 decks)

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