Library / B 143 Federal Republic of Nigeria Official Gazette No. 52
B 143 Federal Republic of Nigeria Official Gazette No. 52

Page 17 of 31
B 159
36.—(1)  A gas exchange shall, with the prior approval of the Authority,
make bye-laws and market rules for the administration of contracts, clearing
and settlement, which shall not be in conflict with the rules provided in the
Second Schedule to these Regulations.
(2)  A gas exchange may amend its market rules subject to prior approval
of the Authority.
37.—(1)  The payment and settlement in respect of a transaction between
the parties in a gas exchange shall be determined in accordance with the
netting or gross procedure as specified in the bye-laws of the gas exchange.
(2)  Payment and settlement in respect of a transaction between parties
as referred to in these Regulations, made under the bye-laws of a gas exchange
shall be final, irrevocable and binding on the parties.
(3)  When a settlement has become final and irrevocable, the right of the
gas exchange to appropriate any collaterals or deposits or margins contributed
by all the members of the gas exchange and their clients towards its settlement
or other obligations in accordance with the bye-laws of the gas exchange shall
take priority over any other liability of, or claim against, the member.
PART VI — INSPECTION, ENQUIRIES AND ENFORCEMENT
38.—(1)  The Authority may cause an investigation into the affairs of a
gas exchange or clearing house to maintain market oversight and surveillance
and to check market integrity
(2)  An investigation shall be conducted where the Authority reasonably
suspects that there has been —
(a) manipulative or attempted manipulative activity ;
(b) anti-competition and anti-competitive behaviour ;
(c) transactions that are misleading or deceptive, or are likely to mislead
or deceive ;
(d) unwarranted speculation leading to market volatility ;
(e) price distortions ;
(f ) any form of cartelisation ;
(g) any other form of market abuse ; and
(h) abuse of dominant position by any market participant.
(3)   The Authority may, after investigation issue directives, as it considers
appropriate to maintain market oversight and surveillance and to check market
integrity.
Bye-laws
and rules of
gas
exchanges.
Second
Schedule
Settlement
and netting
Market
oversight.