Regulatory Laws Flashcards
What does the Companies and Allied Matters Act (CAMA) provide for?
CAMA makes provisions for the incorporation of companies, registration of business names, incorporation of trustees, company officers, company constitution, management, and winding up procedures.
What is the purpose of the Investment and Securities Act (ISA) 2007?
The ISA regulates the activities of the Nigerian capital market, including investments and securities business, and regulates all offers of securities by public companies.
What does the Nigerian Investment Promotion Commission Act aim to achieve?
This Act regulates and promotes investment in the Nigerian economy by both Nigerian and non-Nigerian investors.
What does the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 2004 provide for?
It allows foreign investment by aliens to be done in convertible currency freely imported into Nigeria through an authorized dealer.
What are the requirements for aliens wishing to set up business in Nigeria according to the Immigration Act?
Aliens must obtain a Business Permit, Expatriate Quota, and Residence Permit to work in Nigeria.
What does the National Office for Technology Acquisition and Promotion Act require?
Contracts involving the transfer of foreign technology to Nigerian partners must be registered with NOTAP within 60 days of execution.
What is the Companies Income Tax Act about?
This Act provides the income tax payable upon the profits of any company in each year.
What exclusive jurisdiction does the Constitution of the Federal Republic of Nigeria confer?
The Federal High Court has exclusive jurisdiction in civil cases arising from the operation of CAMA or other enactments regulating incorporated companies.
What does the Banks and Other Financial Institutions Act regulate?
This Act regulates the banking sector of the economy.
What is the role of the Corporate Affairs Commission (CAC)?
CAC administers CAMA, regulates the formation, incorporation, registration, management, and winding up of companies.
What is the function of the Securities and Exchange Commission (SEC)?
SEC regulates investment and securities business in Nigeria, including offers of securities by public companies.
What does the Nigerian Investment Promotion Commission (NIPC) do?
NIPC encourages, promotes, and coordinates investment in Nigeria and monitors investment promotion activities.
What is the function of the National Office for Technological Acquisition and Promotion (NOTAP)?
NOTAP registers contracts for the transfer of foreign technology and acts as a catalyst between research institutions and industries.
What is the role of the Nigerian Deposit Insurance Corporation (NDIC)?
NDIC insures banks and financial institutions, monitors their activities, and manages failing banks.
What are the functions of the Asset Management Corporation of Nigeria (AMCON)?
AMCON resolves liquidity problems in the financial sector and manages toxic assets of Nigerian banks.
What powers does the Federal High Court have regarding companies?
The court may wind up a company, appoint or remove a liquidator, cancel alterations of a company’s objects, and order rectification of the register of members.
What does the Federal Competition and Consumers Protection Commission (FCCPC) regulate?
FCCPC regulates mergers and other business combinations in Nigeria.
What is required for legal practitioners to apply for accreditation with CAC?
Legal practitioners must apply to CAC for accreditation to conduct official transactions related to CAMA.
What is the procedure for accreditation with CAC?
Fill Accreditation Form A or B, pay the registration fee, and submit the form with required documents.
What documents are needed for SEC registration?
Documents include bank statements, police clearance, partnership deed, firm profile, and a sworn undertaking.
