SEC DG Tasks W’African Securities Bodies On Building Regional Market

Photo Caption: Securities and Exchange Commission, Ghana Representative, Rev. Daniel Tetteh, Chairman West African Securities Regulators Association, WASRA, Mory Soumahoro, Director General, SEC Nigeria, Dr. Abdul Zubair, Regional Council for Public Savings and Financial Markets (CREPMF) Ivory Coast, Harouna Onedraogo (CREPMF, Ivory Coast) and Director External Relations SEC Nigeria, Henry A. Rowlands during a meeting of WASRA in Morocco recently.

Acting Director General, of Nigeria’s Securities Exchange Commission, Dr. Abdul Zubair, has challenges relevant regulators, operators and other stakeholders in West Africa’s securities market to adopt a cohesive collaboration.
Speaking during the fourth Executive Council meeting in Rabat, Morocco on the sidelines of the 40th Annual meeting and conference of the African Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO) and the West African Securities Regulators Association (WASRA), Zubair spoke of the need to ensure adequate resources are devoted to building a strong and competitive regional market.
Such, he believes, must be capable of ranking it at par with the markets of other regions of the world, and more importantly, in the areas of transparency, disclosure, efficiency, accountability and indeed, investor protection.

A statement by SEC Nigeria, said WASRA reiterated its resolve to ensure a strong and workable structure to boost the integration aspiration, forestall regulatory arbitrage and enhance the orderly growth and development of the markets in the Sub Region.
This, the council said it is working at, bearing in mind the relevant principles of IOSCO, the global standard setter for securities regulation, the Council seeks.

Also, WASRA said it has major plans, to ensure transparent, fair and efficient markets, strengthen investor protection and confidence, and reduce the incidence of systemic risks within the sub Region.
The meeting which was in continuation of efforts towards building an enduring regulatory framework for the integration of the capital markets in the West African Sub Region, held with the full attendance of all the members of the Executive Council.

The council resolved to speed up all necessary steps towards increased cross border transactions between players in the respective member
The Council reiterated its resolve to ensure a strong and workable structure to boost the integration aspiration, forestall regulatory arbitrage and enhance the orderly growth and development of the markets in the Sub Region. Bearing in mind the relevant principles of IOSCO, the global standard setter for securities regulation, the Council seeks, in addition to the foregoing major plans, to ensure transparent, fair and efficient markets, strengthen investor protection and confidence, and reduce the incidence of systemic risks within the sub Region.

The council resolved to speed up all necessary steps towards increased cross border transactions between players in the respective member countries. It noted the progress achieved so far, with satisfaction, and resolved to rededicate its energy towards improved collaborations between market players in the Sub Region in 2018.

The session, chaired by Mr. Mory Soumahoro, Executive Secretary of Le Conseil Regional de l’Epargne Publique et des Marches Financiers (CREPMF) Abidjan, focused on important issues including a review of the Association’s charter to reflect current market dynamics to meet emerging realities and improved liaison between the Association and stakeholders, including the Economic Community of West African States (ECOWAS), West African Capital Market Integration Council (WACMIC) and West African Monetary Institute, towards ensuring the required inclusiveness for a successful integration process; harmonization of the regulatory framework of member states for ease of cross border transactions and supervision, and capacity building. Other members present at the meeting were the chief executive officers of the Securities and Exchange Commissions of Nigeria and Ghana, Dr. Abdul Zubair and Rev. Daniel Ogbarmey Tetteh respectively.
WASRA, established in 2015, is the recognized forum for capital markets regulators in the West African Sub Region.

http://investdata.com.ng/2018/02/sec-dg-tasks-wafrican-securities-bodies-building-regional-market/#more