CHARTERED INSTITUTE OF STOCKBROKERS ACT
Act · Trade
An Act establishes the Chartered Institute of Stockbrokers to regulate stockbroking in Nigeria by setting standards for admission, training, and professional conduct. It targets registered stockbrokers, securities dealers, and investors. This aims to maintain high standards and protect investors in the capital market.
CHARTERED INSTITUTE OF STOCKBROKERS ACT
What Is This Policy?
An Act establishing the Chartered Institute of Stockbrokers (CIS) as the professional body regulating the practice of stockbroking in Nigeria, setting standards for admission, training, and professional conduct.
Who Does It Target?
Registered stockbrokers and securities dealers Capital market operators seeking stockbroking accreditation Securities and Exchange Commission as the overseeing regulator Investors dealing through registered stockbrokers
What Does It Aim to Achieve?
Maintain high professional standards in stockbroking, protect investors through the quality of registered brokers, and promote the development of the Nigerian capital market.
Key Features
Professional Registration: Persons practising as stockbrokers must be registered members of CIS and comply with its rules. Examinations: CIS administers professional examinations for admission to the stockbroking profession. Continuing Education: Mandates continuing professional development for all registered stockbrokers. Disciplinary Powers: CIS may investigate and discipline members for professional misconduct.
Current Status
Rollout Stage: Active Coverage: Nigerian capital market Beneficiaries: Investors; capital market integrity Funding: Member subscriptions; examination fees
How to Access
Hold an approved academic qualification Pass CIS professional examinations Register with CIS and pay annual practising subscription Application method: Apply for membership with the Chartered Institute of Stockbrokers.
Important Terms
Practising as a stockbroker without CIS registration is illegal Registration must be renewed annually Serious misconduct may result in removal from the register
Official Resources
Website: https://www.cisnigeria.org Contact: Chartered Institute of Stockbrokers (CIS)
Legal Framework
Enacted under the legislative powers of the National Assembly as the Chartered Institute of Stockbrokers (CIS) Act (Cap C12 LFN 2004). Operates alongside the Investments and Securities Act 2025 (formerly ISA 2007), the Securities and Exchange Commission (SEC) Rules and Regulations, and the NGX Exchange Membership Rules. Aligns with IOSCO principles on securities market intermediary regulation.