CENTER FOR LAWS OF NIGERIA: RULES OF COURTS
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RULES OF COURTS/TRIBUNALS OF NIGERIA
INVESTMENT & SECURITIES TRIBUNAL (PROCEDURE) RULES 2014
TABLE OF CONTENTS
PART A
ORDER 1: PRELIMINARIES
Rule 1 Citation, application & interpretation
Rule 2 Overriding objective
Rule 3 Application by the Tribunal of the overriding objective
Rule 4 Alternative dispute resolution
PART B – ORDER 2: COMMENCEMENT OF PROCEEDING
Rule 1 Notice of appeal and reason for appeal
Rule 2 Originating application to the Tribunal
Rule 3 Fees for notice of appeal or originating application
Rule 4 Application for extension of time
Rule 5 Reference to the Tribunal by the Commission
Rule 6 Acknowledgment of appeal or application
Rule 7 Publication of originating application
Rule 8 Distribution of documents by the Chief Registrar
Rule 9 Receipt of notice of appeal
Rule 10 Action by defendant on receipt of originating application
Rule 11 Additional parties
Rule 12 New parties to proceedings
Rule 13 Persons with interest
PART C
ORDER 3: PROVISIONS RELATING TO ALL APPLICATIONS, APPEALS & REPLIES
Rule 1 Additional matters
Rule 2 Front loading of documents
Rule 3 Amendment of notice of appeal or originating application or reply
Rule 4 Notice that appeal or originating application is misconceived
Rule 5 Death of appellant or respondent or defendant
Rule 6 Withdrawal of appeal or application
PART D
ORDER 4: MANAGEMENT POWERS OF THE TRIBUNAL
Rule 1 Decision before or at hearing
Rule 2 Disclosure and inspection of documents and other materials
Rule 3 Documents relating to proceedings before the Tribunal
Rule 4 Pre-hearing reviews
Rule 5 Preliminary issues
Rule 6 Hearing bundles
Rule 7 Case management powers
Rule 8 Representative parties with the same interest
Rule 9 Representative of interested persons who cannot be ascertained
Rule 10 Interpreters
Rule 11 Directions
Rule 12 Direction as to respondents or defendants reply
Rule 13 Varying or setting aside of directions
Rule 14 Failure to comply with direction
Rule 15 Group proceedings directions (GPD)
Rule 16 Effect of GPD
Rule 17 Case management of GDP issues
Rule 18 Removal from Group register
Rule 19 Test appeals or applications
Rule 20 Consolidation of appeals or applications
Rule 21 Test cases
PART E
ORDER 5: EVIDENCE
Rule 1 Summoning of witness
Rule 2 Evidence of witness – general rule
Rule 3 Evidence by telephone video link and other means
Rule 4 Use of witness statement at hearing
Rule 5 Form of witness statement
Rule 6 Witness summaries
Rule 7 Use of witness statement, witness summaries and affidavit for other purposes
Rule 8 Availability of witness statement, witness summaries and affidavit for Inspection
Rule 9 Tribunal’s power to restrict expert evidence
Rule 10 Expert overriding duty to the Tribunal
Rule 11 Form and content of expert’s report
Rule 12 Discussion between experts
Rule 13 Evidence by joint experts
Rule 14 Written questions to experts
Rule 15 Filing of expert’s report
Rule 16 Tribunal’s power to obtain assistance of experts
PART F
ORDER 6: HEARING
Rule 1 Notice of Date, time & Place
Rule 2 Alteration of date, time, place and adjournments
Rule 3 Procedure
Rule 4 Absence of member of the Tribunal
Rule 5 Hearing in public or private
Rule 6 Legal representation
Rule 7 Persons entitled to be present at private hearing
Rule 8 Persons disrupting proceedings
Rule 9 Failure of parties to attend
Rule 10 Inability to attend
PART G
ORDER 7: DECISION
Rule 1 Power to decide appeal or application without hearing
Rule 2 Decision of the Tribunal
Rule 3 Publication
Rule 4 Review
Rule 5 Further consideration
Rule 6 Orders for costs and expenses
Rule 7 Interest
PART H
ORDER 8: APPEALS FORM THE TRIBUNAL
Rule 1 Appeals to the Court of Appeal
Rule 2 Reference of appeals remitted for re-hearing
PART I
ORDER 9: PRELIMINARY OBJECTION
Rule 1 Respondent’s right to preliminary objection
PART J
ORDER 10: POWERS OF THE TRIBUNAL TO AMEND RULES AND ISSUE PRACTICE DIRECTIONS
Rule 1 Power of the Tribunal
PART K
ORDER 11: MISCELLANEOUS AND DEFINTIONS
Rule 1 Disqualification
Rule 2 Power of the Chairman
Rule 3 Performance of Chief Registrar’s functions
Rule 4 The Registrar
Rule 5 Reference by the Tribunal to the Court of Appeal of Questions of law
Rule 6 Irregularities
Rule 7 Complaints
Rule 8 Signatures of documents
Rule 9 Proof of documents and decisions
Rule 10 Methods of sending or delivery of documents etc
Rule 11 Substituted sending or delivery of documents
Rule 12 Supply of documents from the Tribunal’s records
Rule 13 Defaults of process
Rule 14 Relisting
Rule 15 Time limit for oral address
Rule 16 Electronic recording of proceedings
Rule 17 Appeal bond
Rule 18 Notice of a party
Rule 19 Definitions
INVESTMENTS AND SECURITIES TRIBUNAL (PROCEDURE) RULES 2014
In exercise of the powers conferred by section 290 of the Investments and Securities Act, 2017, and all other powers enabling in that behalf, I, Dr. Ngozi Udodirim Chiamakwalam Honourable Chairman, the Investments and Securities Tribunal hereby make the following Rules:
PART A
ORDER 1 – PRELIMINARIES
RULE 1: CITATION, Application, Commencement and Interpretation
(1) These Rules may be cited as the Investments and Securities Tribunal (Procedure) Rules 2014 and shall come to force on 1st of September, 2014.
(2) These Rules shall apply to all proceedings including part-heard causes and matters in respect of steps to be further taken in such causes and matters for attainment of a just, efficient and speedy dispensation of justice.
(3) These Rules shall apply to all proceedings before the Tribunal in respect of:
(a) actions instituted against, or appeals from any decision of the Securities and Exchange Commission pursuant to section 289 (1) of the Act;
(b) disputes and controversies arising under the Act;
(c) matters referred to under section 284 of the Act;
(d) applications made to the Tribunal under section 36(4)(a) of the Act; and
(e) any other matter that may by any law or Act be conferred on the Tribunal.
(4) These rules shall be interpreted in accordance with the Interpretation Act Cap 1, 23 LFN 2004.
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LAWS AND CASES OF NIGERIA