“Admitted Company” means any entity that has been categorized and admitted on the NASD Market tiers;
“Admitted Security” means any security introduced by a Participating Institution and admitted by NASD to be traded on the Market. Trading constitutes public trading within the meaning of the Investments and Securities Act (“ISA”);
“Authorised Representative” means any person nominated by a Participating Institution to act on its behalf in its dealings with NASD;
“Authorised Trader” means an accredited person who, on behalf of a Participating Institution is granted access to the Market and is authorised to enter bid and offer orders;
“Block Trade” means a transaction in an Admitted Security that is equal to or exceeds 5% of the shares in issue;
“Board” means the Board of Directors of NASD;
“Broker” means an entity registered with the Commission and licensed by NASD to buy and sell securities on behalf of a third party but not on its own account;
“Broker/Dealer” means an entity registered with the Commission and licensed by NASD to buy and sell securities on the Market for the General Public and also trade for its own account or make market.
“Central Securities Depository (CSD)” means any CSD approved by the Commission for NASD transactions;
“Code of Conduct” means the procedural rules of conduct contained in Schedule I of these Rules;
“Completion of the Transaction” has the same meaning as defined in the rules and regulations of the Commission;
“Customer” means any member of the general public who transacts securities business with a Participating Institution;
“Defaulting Member” means any Participating Institution whose name is included in the defaulter’s list;
“Disciplinary Committee” means the committee appointed by the Board to hear complaints and determine disciplinary actions against erring members and their employees;
“Accredited Issuing House” means any entity registered by Commission and recognized by NASD to provide advise about participation on the Market;
“Investment and Securities Act” means the Investments and Securities Act 2007;
“Issuer” means any entity or investment vehicle allowed by law to raise capital or issue securities to the general public;
“Leased trading engine” means the trading capacity leased from a third party trading engine.
“Participating Institution” means any entity duly registered with the Commission and licensed with NASD to participate in the Market;
“Market” means the securities exchange licensed by the Commission to establish and manage Over the Counter transactions in the Nigerian Capital Market;
“Market Maker” means a Broker/Dealer registered with the Commission and licensed with NASD to make market under its Rules;
“Market tier” means the Pink and Blue tiers where Admitted Companies are ranked and placed;
“NASD” means NASD PLC, a company incorporated under the laws of the Federal Republic of Nigeria;
“Notice” means any circular or written communication labeled “Notice”, issued and delivered by registered mail, email or facsimile to a Participating Institution or posted on the NASD website;
“Order” means a request for the purchase or sale of securities by an Authorised Trader;
“Order Book” means a component of the trading system that holds all the bids and offers consummated by Authorised Traders;
“OTC Bulletin Board or OTCBB” means a web based application with multiple user access that allows trades to be conducted and consummated between Authorised Traders. It is located on a secure internet portal and can be accessed through a unique web address;
“Rules" means the Rules and Regulations of the Market as approved by the Commission;
“Security” means types of securities registered with the Commission that can be traded on the Market;
“SEC or the Commission” means the Securities & Exchange Commission of Nigeria;
“Trader Identification Code” means specific log-in protocols and password assigned to Authorised Traders to access the Trading Network;
“Trading Network” means the trading platforms comprising of the OTC Bulletin Board, access to the Leased trading engine and software provided by NASD to facilitate transactions on the Market;
“Working Day” means any day other than a public holiday and weekends in Nigeria on which NASD is open for trading.
