SEC Gives Fund Managers January 31 Deadline To Pay Regulatory Fees

The Securities and Exchange Commission has reminded all fund managers that payment of the annual supervisory fee to the Commission must be made on or before 31st January 2022.

This was contained in a Circular released by the Commission seen by THE WHISTLER.

The Circular stated that the payment for 2021 annual supervisory fee must be based on the value of Net Asset Value (NAV) as of December 31st 2021 and Annual Regulatory fee for Discretionary and Non-Discretionary Funds/portfolios

According to the Circular, annual supervisory fee for Collective Investments Schemes (CIS) under Management must be 0.2 per cent of the Net Asset Value (NAV) of CIS under management and must be computed and accrued daily for each CIS.

The Circular also stipulated that all Fund Managers must pay the annual supervisory fee to the Commission not later than 31st January of every year and that the payment for 2021 annual supervisory fee must be based on the value of NAV as at December 31st 2021.

On annual regulatory fee for Discretionary and Non-Discretionary Funds/portfolios, the SEC stated that every Fund/Portfolio manager must pay not later than 31st January of every year annual regulatory fees to the Commission.

It said, “The fees are 0.25 per cent of the NAV of all discretionary and non-discretionary funds/portfolios (other than CIS) under the management of the Fund/Portfolio manager for retail investors and 0.01 per cent of the NAV of all discretionary and non-discretionary funds/portfolios (other than CIS) under the management of the Fund/Portfolio manager for qualified investors.

“Accordingly, Funds/portfolio managers should note that late payment will attract a penalty of N100,000 and a daily sum of N5,000 for every day of default, or such other stiffer penalty as the Commission may determine”