Section 70 Investments and Securities Act 2025

Section 70 of the Investments and Securities Act 2025 is about Particulars of register. It is under Part VI (Registration and Regulation of Capital Market Operators) of the Act. It provides as follows:

(1) A capital market operator to whom this Part applies shall in the prescribed form, give notice to the Commission of such particulars relating to the register of securities as may be prescribed including the location of the register.

(2) The notice required to be given under subsection (1) shall be given in —
(a) the case of a person who is required by this Act to hold the Commission’s registration; and
(b) any other case, within 14 days after becoming a person to whom this Part applies.

(3) A person to whom this Part applies shall, within 14 days of his ceasing to be such a person give to the Commission the notice required under subsection (1) and the notice of the cessation.

(4) A person who fails or neglects to give the notice required under this section commits an offence and is liable on conviction to a fine of not less than N1,000,000.

(5) The Commission may, in lieu of prosecution under subsection (4), impose a penalty of not less than N1,000,000 and a further sum of not less than N5,000 for every day the violation continues.