Section 103: Securities dealers to give priority to client's orders

(1) A securities dealer shall not, except as permitted by subsection (3) of this section, whether as principal or on behalf of a person associated with him, enter into a transaction of purchase or sale of securities to be traded on the floor of a securities exchange or capital trade point if a client of the securities dealer who is not associated with the securities dealer has instructed the securities dealer to purchase or sell, respectively, securities of the same class and the dealer has not complied with the instruction.
(2) A securities dealer who contravenes the provisions of this section commits an offence and is liable on conviction to a fine of not less than N100,000 and not more than N500,000.
(3) The provisions of subsection (1) of this section shall not apply in relation to the entering into of a transaction by a securities dealer as principal or on behalf of a person associated with him if:
(a) the instruction from the client of the securities dealer requires the purchase or sale of securities on behalf of the client to be effected only on specified conditions at which the securities were to be purchased or sold and the dealer has been unable to purchase or sell the securities by reasons of those conditions; or
(b) the transaction is entered into in prescribed circumstances.