{"id":29253,"date":"2021-03-29T07:50:20","date_gmt":"2021-03-29T06:50:20","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=29253"},"modified":"2021-10-07T00:24:33","modified_gmt":"2021-10-07T00:24:33","slug":"sec-releases-rules-on-warehousing-collateral-management","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/sec-releases-rules-on-warehousing-collateral-management\/","title":{"rendered":"SEC releases rules on warehousing, collateral management"},"content":{"rendered":"<p>Moses Uwagbale<\/p>\n\n\n<p>The Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management to ensure vibrant commodities trading.<\/p>\n\n\n<p>A statement by the commission in Abuja said that the move would translate into foreign exchange earnings for the country.<\/p>\n\n\n<p>According to SEC, every warehouse that stores commodities to be traded on a registered Exchange, shall apply to be registered by the commission.<\/p>\n\n\n<p>\u201dA warehouse applying for registration going by the rule, shall submit proof of ownership or registered-lease deed or rent agreement.<\/p>\n\n\n<p>\u201dThey will also come along with disclaimer from the owner of the warehouse\/property, providing waiver of ownership regarding commodities stored in such warehouse.<\/p>\n\n\n<p>\u201dIn the case of leased or rented warehouse;&nbsp; present evidence of construction in compliance with the National Building Code and have facilities appropriate for storage of commodities.<\/p>\n\n\n<p>\u201dThe rules also said that for a Collateral Management Company (CMC) to be registered by the commission, an application would be filed to SEC, accompanied by the relevant documents,\u201d it said.<\/p>\n\n\n<p>The commission listed some of the document required to include two sets of completed SEC forms to be filed by the sponsored individuals and a copy of the Certificate of Incorporation, certified by the Corporate Affairs Commission, among others.<\/p>\n\n\n<p>The rule according to the statement, further required Fidelity Bond representing 20 per cent of paid-up capital, sworn undertaken to keep proper records and render returns and evidence of minimum paid-up capital of N50 million.<\/p>\n\n\n<p>\u201dThe two principal officers of the CMC who shall be registered as sponsored officers, must have a minimum of a university degree or its equivalent with not less than 10 years relevant post-qualification experience,\u201d SEC stated.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-29253\" data-postid=\"29253\" class=\"themify_builder_content themify_builder_content-29253 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>Moses Uwagbale The Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management to ensure vibrant commodities trading. A statement by the commission in Abuja said that the move would translate into foreign exchange earnings for the country. According to SEC, every warehouse that stores commodities to be traded on a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,126],"tags":[182],"class_list":["post-29253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-trade-and-industry","tag-sec","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC releases rules on warehousing, collateral management - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/sec-releases-rules-on-warehousing-collateral-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC releases rules on warehousing, collateral management - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Moses Uwagbale The Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management to ensure vibrant commodities trading. 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