Library / Gas Trading and Settlement Regulations 2023
Gas Trading and Settlement Regulations 2023

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(4)  The gas exchange or clearing house, as applicable, shall invest the
proceeds of the Settlement Guarantee Fund in safe liquid investments or in
money market instruments issued by the Central Bank of Nigeria with maturity
of less than one year.
(5)  The Settlement Guarantee Fund shall be retained by the gas exchange
as long as the Settlement Guarantee Fund is maintained by the gas exchange
and in the case of hiving off of the clearing function to a separate clearing
house, the Settlement Guarantee Fund shall be transferred to the clearing
house.
(6)  The contribution of fund towards the Settlement Guarantee Fund by
a gas exchange shall be replaced by the clearing house to maintain the minimum
balance of the Settlement Guarantee Fund.
(7)  A gas exchange shall incorporate the provisions relating to the
Settlement Guarantee Fund in detail in the bye-laws of the gas exchange.
(8)  A gas exchange or clearing house, as the case may be, shall submit
the details of investment of the Settlement Guarantee Fund to the Authority
annually along with its annual report.
(9)  The Authority may direct the requirement of additional prudential
norms and incremental requirement of the Settlement Guarantee Fund upon
introduction of derivatives, forward and future contracts as provided in these
Regulations, and such directives shall be complied with by the gas exchange
and clearing house.
33.—(1)  A gas exchange or clearing house shall ensure equal,
unrestricted, transparent and fair access to all persons without any bias towards
its associates or affiliates.
(2) Where any issue arises in rendering non-discriminatory access to
services of a gas exchange or clearing house, the Authority’s decision thereon
shall be final in that regard.
34.  Subject to the provisions of any other law for the time being in
effect, a gas exchange or clearing house shall maintain and preserve applicable
books of account and documents for a minimum period of seven years.
35.  A gas exchange or clearing house shall submit to the Authority its
annual report along with its audited financial statements of the immediate
preceding financial year, which shall include income statement, balance sheet,
cash flow and notes to financial statements, not later than 30th of April every
year.
Equal, fair
and
transparent
access
Maintenance
of books of
accounts and
records
Submission
of annual
financial
statements
and returns