PenCom lifts ban on PFAs’ investment in commercial paper
04 December 2024 |
3:04 am
National Pension Commission (PenCom) has lifted the suspension placed on investment in commercial papers by Pension Fund Administrators (PFAs) in the country.
National Pension Commission (PenCom) has lifted the suspension placed on investment in commercial papers by Pension Fund Administrators (PFAs) in the country.
This was revealed in a statement, yesterday, by the commission, which said the SEC had developed draft rules and an amendment to Rule 8 (Exemptions) to regulate the issuance of Commercial Papers by its regulated entities.
“Accordingly, SEC is addressing PenCom’s concern about the role of non-bank IPAs in Commercial Paper transactions by bringing them within regulatory boundaries.
“Consequently, to facilitate capital raising and ensure continued market stability, PenCom has lifted the restriction on LPFAs investing in commercial papers, where capital market operators act as IPAs.
Nonetheless, LPFAs must ensure that appropriate legal and financial due diligence is undertaken on all Prospectus/offer Documents of all commercial papers before investment as stipulated in Section 2.9 of the regulation on Investment of Pension Fund Assets.”
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