Regulatory Framework

Listing Rules & Regulations

The National Securities Exchange of Somalia (NSES) maintains rigorous standards to ensure market integrity, investor protection, and corporate transparency.

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01. Eligibility Criteria

Financial Track Record

Issuers must demonstrate profitable operations for at least 3 consecutive years with audited financial statements by NSES-approved auditors.

check_circle Minimum capital of $10M USD equivalent
check_circle Positive EBITDA for the last 2 fiscal cycles

Shareholder Structure

Ensuring sufficient market liquidity through a diverse shareholder base and a mandatory public float.

check_circle Minimum 25% public shareholding
check_circle At least 500 distinct public shareholders

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02. Disclosure Requirements

Immediate Disclosure Matrix

Mandatory real-time reporting for events affecting share value

Event Category	Timeline	Requirement
Financial Results	Quarterly / Annually	Audited results within 45 days of period end.
Material Contracts	Immediate (T+0)	Public announcement of contracts exceeding 10% of revenue.
Board Changes	24 Hours	Notification of any resignation or appointment of directors.

“Transparency is the cornerstone of trust. Our regulations are designed to provide a fair and level playing field for all market participants.”
— NSES Regulatory Oversight Committee

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03. Governance Standards

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Board Composition

At least 1/3 of the board must consist of independent non-executive directors to ensure unbiased oversight.

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Audit Committee

Mandatory establishment of an Audit Committee chaired by an independent finance professional.

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Code of Conduct

Adoption of a comprehensive ethical code governing all employees and executive management.

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04. Compliance Obligations

Ongoing Monitoring

The NSES Surveillance Unit performs continuous automated and manual monitoring of all listed entities to detect unusual trading patterns or regulatory breaches.

warning Critical Notice

Failure to notify the exchange of a pending merger or acquisition within 2 hours of board approval will result in immediate trading suspension.

1
Annual Compliance Certificate Submitted by the CEO/CFO annually confirming rule adherence.
2
Shareholder Meetings Notification of AGMs at least 21 days in advance.
3
Insider Trading Registry Monthly submission of the insider trading log and prohibited periods.

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Version 4.2.0 | Updated January 2024