Full Meaning of the Compliance Status Indicators
BLS, DIP, AWR just three of the eleven Compliance Status Indicators you see scrolling across the screen appended to stock prices, what do they mean, what are they for? A Compliance Status Indicator is an Acronym used to describe the Compliance status of a listed company relative to their adherence to the Nigerian Stock Exchanges (NSE) post-listing requirements.
See full Table with CSI Codes and Description below
|CSI CODES||CODE NAME||CODE DESCRIPTION|
|1||BLS||Below Listing Standard||Comprises of all deficiencies regarding Continuing Non-Financial Disclosures such as free float deficiency|
|2||MRF||Missed Regulatory Filing||Issuer Missed Regulatory Filing Deadline|
|DWL||Delisting Watch-list||These are companies that have been served with delisting notice but the delisting process has been put on hold because they have received a stay of action from The Exchange for a defined period during which they undertake to cure the issues that led to the issuance of the delisting notice. If they fail to cure within the defined period or any extension thereof, the hold on the delisting process will be lifted.|
|DIP||Delisting in Progress||These are companies that are in the delisting process, mandatory or voluntary. The delisting process commences with a notice of intention to delist from The Exchange to an issuer (mandatory) or to The Exchange from an issuer (voluntary).|
|AWR||Awaiting Regulatory Approval||These are companies that are awaiting the approval or no objection of their primary or another government regulator before releasing their audited financial statements.|
|6||RST||Restructuring.||These are companies that are in the undergoing restructuring.|
|7||BMF||Below Listing Standard and Missed Regulatory Filing||Missed Regulatory Filing and Below Listing Standard|
|8||BAA||Below Listing Standard and Awaiting Regulatory Approval||Below Listing Standard and Awaiting Regulatory Approval|
|9||BRS||Below Listing Standard and Restructuring||Below Listing Standard and Restructuring|
|MRS||Missed Regulatory Filing and Restructuring||Missed Regulatory Filing and Restructuring|
|BMR||Below Listing Standard, Missed Regulatory Filing and Restructuring||Below Listing Standard, Missed Regulatory Filing and Restructuring|
FREQUENTLY ASKED QUESTIONS ON THE COMPLIANCE STATUS INDICATOR (CSI)
1. Q. What is the objective of the CSI?
A. To improve the quality and timeliness of information available to the investing public and increase the awareness of issuer’s compliance to the post-listing requirements of the NSE. This will work in tandem with the NSE’s X-Compliance Report which can be viewed online via the NSE website.
2. Q. How would the Compliance Status Indicator (CSI) code be implemented?
A. This will be implemented by appending the respective non-compliant code to the security short name in X-Stream and will flow through to the downstream systems (e.g. NSE website, display ticker and FIX market data feeds)
3. Q. What is the impact on a company’s security Symbol currently in use?
A. The NSE has ensured that the company’s security symbol is not affected by this change. We have put the new tag in a separate field to avoid any impact it may have on any downstream systems. Please note that a company whose compliance status is normal, will not be appended with a CSI code.
4. Q. What is the effective implementation date for the CSI code?
A. 9th May, 2016
5. Q. Which NSE Report will indicate the Compliance Status of an Issuer?
A. The X-Compliance Report which can be found on the NSE Website and is updated every Friday.
you can download the table above in PDF Format below
For more information or concerns, please send your enquiries to [email protected] or visit http://www.nse.com.ng/Issuers-section/corporate-disclosures/x-compliance-report