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

Page 7 of 31
B 149
9.—(1)  The Authority shall, after due diligence, approve qualification
requirements for membership and participation on a gas exchange.
(2) The categories of participants or members on an exchange are —
(a)  trading members,
(b)  clearing members,
(c)  trading and clearing members,
(d)  proprietary members, or
(e)  transportation, transmission and storage members (logistics
providers) :
Provided that the Authority may authorise the introduction of new membership
categories to perform other functions as may be required.
PART II — GAS TRADING LICENCE AND CLEARING HOUSE AUTHORISATION
10.—(1)  A person shall not establish or operate a gas exchange without
a gas trading licence issued by the Authority in accordance with these
Regulations.
(2)  A person shall not act as a clearing house for a gas exchange without
the prior authorisation of the Authority.
(3)  A qualified person under these Regulations shall only be entitled to
participate in the exchange where the person holds a valid and appropriate
licence or permit issued by the Authority.
11.   An application for a gas trading licence or clearing house authorisation
shall be submitted to the Authority in the form as prescribed in guidelines
issued by the Authority, subject to compliance with these Regulations.
12.—(1)  An application for a gas trading licence in these Regulations
shall comply with the rules of the Securities and Exchange Commission in
relation to commodities trading.
(2)  An applicant for a gas trading licence shall —
(a)  be a company limited by shares ;
(b)  be demutualised ;
(c)  ensure its directors are fit and proper persons as specified in these
Regulations ;
(d)  satisfy the requirements relating to the ownership and governance
structure specified in these Regulations and other appropriate government
regulations ;
(e) satisfy financial and technical capabilities ;
(f ) have the necessary infrastructure for the orderly execution of trades ;
(g)  have an online screen-based trading system ;
Category of
members at
gas exchange
Duty to
obtain
licence or
authorisation
Application
for Licence
or
Authorisation
Conditions
for granting a
gas trading
licence