Roles of Solicitors in Capital Market Transactions
A Legal Practitioner
R180 SEC RULES
1. Review Statutory Documents
A solicitor in a Capital market transaction should review the statutory corporate documents of an issuer and other transaction parties. This is to ensure that they have the necessary legal capacity and authority to enter into a transaction;
2. Due DIligence
Another role of a Legal Practitioner in Capital Market transactions is to carry out due diligence to ensure that all information material to a transaction are disclosed in the transaction documents;
3. Give Legal Advise
Advise on the legal structure of the transaction and on legal risks associated with it;
4. Negotiate, draft and review all legal documentations required for a transaction including but not limited to the prospectus, offer/scheme documents, trust deeds, vending agreements, powers of attorney/consents and underwriting agreements; 5. Advise parties on disclosure obligations and general observance of and compliance with sound corporate governance principles, rules and regulations as they relate to a transaction; 6. Advise on compliance with the requirements of CAC, SEC, the listing requirements of the NSE and other relevant industry specific regulatory requirements;
7. Certify or obtain certification of compliance with all statutory requirements by the issuer and other parties to a transaction;
8. Make all statutory filings and provide confirmations (legal opinion) as to the enforceability and effectiveness of transaction documents; 9. File necessary applications in court in support of transactions; and 10. Any other roles ancillary to any of the above.
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