Compleo Legal

CBN’s Risk-Based Cybersecurity Framework and Guidelines for OFIs

Compleo Legal — Tue, 12 Jul 2022 08:14:15 +0000

The Central Bank of Nigeria has issued the Risk-Based Cybersecurity Framework and Guidelines (the Guidelines) for Other Financial Institutions (OFI). These guidelines provide for the minimum safety requirements to be put in place by OFIs, having regard to the increasing number of sophisticated cyber security threats against financial institutions and most especially OFIs.

The objectives of the Guidelines are:

to create a safer and more secure environment that supports information system security and promote stability of the OFI sub-sector;
to contribute towards the prevention and combating of cybercrime in the OFI sub-sector;
to promote the adoption and implementation of best practices and appropriate cybersecurity standards by OFIs;
to promote and maintain public trust and confidence in the OFI sub-sector; and
to promote a cybersecurity culture and awareness through continuous capacity building and skills development.

A framework for cybersecurity governance, risk management system, resilience assessment, operational resilience, cyber-threat intelligence, metrics, monitoring and reporting, among others has been established, and the effective date for full compliance with the provisions of the Guidelines is January 1 2023.

Please click here to access the Guidelines.

You can contact us at contact@compleolegal.com or +234 802 360 4638 for any enquiries on the Guidelines or any other technology, finance or regulatory related issue.

Eid el-Kabir

Compleo Legal — Sat, 09 Jul 2022 09:47:10 +0000

Compleo Legal wishes all our Muslim faithfuls a happy Eid el-Kabir celebration. We pray that this celebration brings blessings, peace and joy to you all.

#compleolegal#eidmubarak#muslims#lawyers#legal#finance

#technology#corporate

NITDA’s Draft Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries

Compleo Legal — Sun, 19 Jun 2022 13:40:43 +0000

The National Information Technology Development Agency (NITDA) has released the draft code of practice for interactive computer service platforms/internet intermediaries (Code) to the public for review and input. This Code is released further to NITDA’s mandate in section 6 of the NITDA Act 2007, to standardize, coordinate and develop regulatory frameworks for all information technology practices in Nigeria.

The Code is aimed at “protecting fundamental human rights of Nigerians and non-Nigerians as well as define guidelines for interacting on the digital ecosystem. This is in line with international best practices as obtainable in democratic nations.” This Code was developed in collaboration with the Nigerian Communications Commission, the National Broadcasting Commission, civil society organisations and input from interactive computer service platforms such as Twitter, Facebook, WhatsApp, Instagram, Google, and Tiktok among other stakeholders.

The objectives of the Code are; to set out best practices required of interactive computer service platforms/internet intermediaries; to set out best practices that will make the digital ecosystem safer for Nigerians and non-Nigerians in Nigerians, to set out measures to combat online harms such as hate speech, cyber-bullying, disinformation and misinformation, to adopt and apply a co-regulatory approach towards implementation and compliance.

The Code is also set to recalibrate the relationship of online platforms with Nigerians in order to maximise mutual benefits for Nigeria, while promoting a sustainable digital economy.

Please click here to access the Code.

You can contact us at contact@compleolegal.com or +234 802 360 4638 for any enquiries on the Code or any other technology related issue.

#wearecompleo #technology #digital #development #cyber #communications #informationtechnology #civil #civil #society #nigeria #law

Central Bank of Nigeria’s Operational Guidelines for Open Banking in Nigeria

Compleo Legal — Wed, 01 Jun 2022 15:24:24 +0000

The Central Bank of Nigeria (CBN) as part of its measures to enhance competition and innovation in the banking sector has issued a regulatory framework for open banking in Nigeria. The CBN has issued the operational guidelines for open banking in Nigeria (Guidelines).

The objectives of the Guidelines are:

a.    to provide clear responsibilities and expectations for the various participant categories;
b.   to ensure consistency and security across the open banking system;
c.    to stipulate safeguards for financial system stability under an open banking regime;
d.   to promote competition and enhances access to banking and other financial services; and
e.    to outline minimum requirements for participants.

Open banking is a banking practice in which banks and non-bank financial institutions give third party financial service providers access to customer banking, transaction, and other financial data through application programming interfaces (APIs).

The Guidelines apply to banking and other related financial services as categorised and determined by the CBN in the Guidelines.

Please click here to access the Guidelines

You can contact us at contact@compleolegal.com or +234 802 360 4638 for any enquiries on the Guidelines and any other banking or finance related issue.

SEC New Rules on Issuance, Offering Platforms and Custody of Digital Assets

Compleo Legal — Fri, 20 May 2022 20:06:52 +0000

The Securities and Exchange Commission (SEC) which is the regulator of the Nigerian capital market has issued new guiding rules on the issuance and custody of digital assets in Nigeria. These guidelines titled “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” (the Rules) are made by SEC to encourage the adoption of cryptocurrencies in the country.

The Rules is divided into five parts which covers the following:

Rules on Issuance of Digital Assets as Securities;
Rules on Registration Requirements for Digital Assets Offering Platforms (DAOPs);
Rules on Registration Requirements for Digital Asset Custodians (DACs);
Rules on Virtual Assets Service Providers (VASPs); and
Rules on Digital Assets Exchange (DAX).

The Rules shall apply to all issuers seeking to raise capital through digital asset offerings. It also requires all cryptocurrencies issuers or sponsors to register their digital assets with the SEC.

Please click here to access the Rules.

You can contact us at contact@compleolegal.com or +234 802 360 4638 for any enquiries on the SEC Rules and any other finance or technology related issue.

Insolvency Regulations 2022

Compleo Legal — Thu, 12 May 2022 11:07:47 +0000

The Corporate Affairs Commission (CAC), further to the powers conferred on it in section 867 of the Companies and Allied Matters Act (CAMA) 2020 has made the Insolvency Regulations 2022 (the Regulation). The Regulation shall apply to all insolvency proceedings under the CAMA, and these proceedings includes receiverships, company voluntary arrangements, administrations, administration, winding up, arrangement and compromise, winding up and dissolution of incorporates trustees.

The CAC has stated that the Regulation shall not apply to rules of court relating to insolvency applications. The Regulation which took effect on April 25 2022 has also repealed clause 24 of the Company Regulations 2021.

Click here to access the Insolvency Regulations.

For further enquiries on the Insolvency Regulations or any other insolvency information, please contact us on contact@compleolegal.com or +234 802 360 4638.

Happy Eid al-Fitr

Compleo Legal — Mon, 02 May 2022 20:47:40 +0000

Compleo Legal wishes all our Muslim faithfuls a happy Eid el-Fitr celebration. May all your good deeds be accepted.

Happy Workers’ Day

Compleo Legal — Sun, 01 May 2022 15:46:35 +0000

We appreciate our workers today and always. The work you do is indispensable.

Happy Workers’ Day!

# wearecompleo#workersday2022#employee

World Intellectual Property Day

Compleo Legal — Tue, 26 Apr 2022 20:40:15 +0000

World Intellectual Property (IP) Day 2022’s theme is ‘IP and Youth Innovating for a Better Future.’ This theme is focused on how the energetic and innovative activities of creatives are driving positive change.

At Compleo Legal, we recognize the work of inventors and creators and we play a vital role in helping them achieve their objectives and generate income. We are involved in all stages of IP rights protection for innovator and creators towards a better future.

Happy World IP Day!

#wearecompleo
#worldipday
#April26
#ipday2022
#ipandyouth

Happy Easter Celebration

Compleo Legal — Sun, 17 Apr 2022 21:10:15 +0000

We join everyone in celebrating the resurrection of Christ. May our hope be renewed this season.

Happy Easter from all of us at Compleo Legal.

#weareCompleo#eastercelebration#heisrisen#legal