By , 06.22.2010 

 

The Securities and Exchange Commission (SEC) will soon sign a Memorandum of Understanding (MoU) with the Moroccan Securities and Exchange Commission (Conseil Déontologique des Valeurs Mobilières-CDVM) on securities regulatory cooperation,   information obtained by THISDAY has indicated.

 

 

The Chairman of SEC, Senator Udoma Udo Udoma had recently told THISDAY that the Commission was forging more alliances with foreign regulators that would bring mutual benefits to the markets.CDVM in a report obtained last Monday confirmed that it was about to sign two MoUs with Nigerian SEC and Iran. “The two countries-(Nigeria and Iran) from their sides have expressed interest in such collaboration given the benefits that might be derived in terms of sharing information and strengthening regulation,” CDVM said.

 

 

Nigeria and Morocco are both members of the International Organisation of Securities Commission (IOSCO) and  MoUs among IOSCO’s members are meant to exchange  information for the purpose of enforcing, and securing compliance with the laws and regulations applicable in their respective jurisdictions.Market analysts said that if eventually signed, the MoU will enhance cross border regulatory cooperation and facilitate the exchange of information that boosts sound development of the capital markets in Nigerian and Morocco.

 

 

SEC Nigeria has already signed MoUs with seven countries including South Africa, Malaysia, Uganda, Tanzania, China, Ghana and India.It was gathered that CDVM recently created an external Affairs Office to work towards enhancing investor protection by promoting international and assisting in the adoption of international financial scene. On its part, SEC has intensified its regulatory efforts. Udoma disclosed recently the the IOSCO annual conference afforded  officials of  the Commission  the opportunity to  have fruitful discussions with securities regulators  from other developed and emerging markets.

 

 

“We have entered into discussions with some leading regulators who have agreed for exchange of expertise with Nigeria. We discussed with Chile, Malaysia among others. And do not forget United  States of (US) SEC is already assisting Nigeria in some areas. By the time we firm other discussions, we believe our market will benefit from it,” he had said.

 

(Source:ThisDay)