Nigeria’s apex capital market regulator, Security and Exchange Commission (SEC) has sought to clarify the new rules and guidelines for Collective Investment Schemes (CIS) also known as mutual funds. This is the sequel to an earlier publication of new rules relating to the collective investment schemes in December 2019.
The Security and Exchange Commission stated this in a circular that was released to the investing public on June 22.

All Fund Managers of Collective Investment Schemes are required to comply with the provisions of the new Rules and file evidence of compliance on or before September 30 2020
The application of the new total expense ratio and incentive fee computation takes effect from the beginning of Q3,2020, i.e. July 2020
Incentive fees should not be factored into total expense ratio computation and shall be assessable and payable on an annual basis
The Fund Managers Association of Nigeria (FMAN) shall submit acceptable benchmarks for Money Market Funds, Balanced Funds and Ethical Funds at the beginning of each year commencing Q3. 2020

SOURCE:https://brandspurng.com/2020/06/29/sec-issues-clarifications-on-new-rules-on-mutual-funds/