Section 161: Registration of units or securities of a scheme.

(1) It shall not be lawful for any person, directly or indirectly to deal in units or securities of a scheme (described whether as units, securities or otherwise) unless such units or securities have been duly registered with the Commission.
(2) A scheme, or any other arrangement may be registered pursuant to this Act by the issuer filing an application with the Commission in accordance with the provisions of this part of this Act and the rules and regulations thereunder.
(3) Any application for registration of units or securities of a scheme or any other arrangement, filed pursuant to this section shall become effective on the sixtieth day after filing or such earlier date as the Commission may determine having due regard to the adequacy of the information contained in such application and registration shall be deemed effective only as regards the units or securities specified therein as proposed to be offered.
(4) The Commission shall establish and maintain a register of units or securities and collective investments schemes (in this part of this Act referred to as the "register").
(5) Any person who contravenes the provisions of this section is liable to a fine of not less than N100,000 and a further sum of N5,000 for everyday the contravention continues.