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FAQs
What is NITTY?

FAQS FOR COMMERCIAL PAPERS

30

Definitions
What are Commercial Papers?
When and why were CPs introduced?
Who can issue a CP?
Who are the typical parties to a CP?
Who can act as an Issuing and Placing Agent (“IPA”)?
Who can act as a CPA?
Who can act as an Issuing, Placing, Paying and Collecting Agent (“IPCA”)?
Who can Invest in a CP?
Can CPs be traded in the secondary market?
Who can Sponsor the Registration and Quotation of a CP on the Exchange?
What are the relevant fees required for the Registration and Quotation of CPs on the Exchange?
What is the difference between a CP Programme and a Discreet Issuance?
What is the difference between the Registration and Quotation of CPs on the Exchange?
What is the standard timeframe for the Registration of a Programme or Discreet Issuance?
What is the minimum size of a CP?
What are the minimum and maximum tenors of a CP issue?
What terms under a registered CP Programme can be revised?
What is the rating requirement for the issuance of CPs?
Is there a minimum level of subscription for a CP issue?
Are CPs interest bearing or discount instruments?
Can CPs be held in dematerialised form?
How do investors redeem monies invested in CPs?
Are there specific requirements for Special Purpose Vehicles/Entities (“SPVs/SPEs”)?
Can CPs be accompanied with Liquidity and Credit Enhancement Structures?
Does FMDQ conduct pre – issuance reviews prior to the opening of a CP?
What is the standard timeframe for the Quotation of a CP?
Are there specific timelines for fulfilment of all requirements relevant for Quotation of a CP?
What type of post-quotation compliance obligations are required by the Exchange?
Does the Exchange impose sanctions for non-compliance with the Rules?

FAQS FOR NIGERIAN AUTONOMOUS FOREIGN EXCHANGE MARKET

10

What is the Nigerian Autonomous Foreign Exchange Market?
Who can participate in the NAFEM?

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What is NITTY?