Regulatory Intelligence: SEC tightens disclosure timelines for listed issuers

New SEC rules cut interim-results filing window from 30 to 21 days and introduce a 48-hour materiality trigger for board-resolution disclosures. Effective Q4 2026.

The Securities and Exchange Commission published amended Rule 39 on 7 June, tightening continuous disclosure obligations for all listed issuers. Key changes: (i) Q1/Q3 unaudited results within 21 days (was 30); (ii) any board resolution affecting capital structure must be disclosed within 48 hours; (iii) new sanctions schedule scales from N5m to N50m for repeat breaches.

Issuers will need tighter close-the-books cycles and a documented materiality-assessment workflow. Audit committees should be briefed before the September issuer forum.

Source: SEC Nigeria