By InvestAdvocate
Lagos (INVESTADVOCATE)-Udoma Udoma, Chairman Nigeria’s Securities & Exchange Commission Thursday joined Arunma Oteh, Director General (DG) of the Commission to sign a Memorandum of Understanding (MoU) by Member-Countries of the Africa/Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO).
This is contained in a Statement by Nigeria’s SEC and made available to www.investadvocateng.com.
“This is the first time that a regional MoU is being signed and highlights the importance that the AMERC region attaches to cooperation as a key response to the global financial crisis†the Statement said.
The Statement affirmed that the 37th annual conference of IOSCO was concluded on with panel discussions on Market Stability, Development and Integrity.
According to SEC, the regional MoU is intended to foster regulatory cooperation, capacity building, and information exchange within the region.
“The MoU further complements and reinforces the IOSCO MMoU and bilateral MoUs being entered into by Securities Markets Regulators worldwide. It facilitates regulatory checks on cross border financial crimes and money laundering among others thereby engendering market transparency, investor confidence and growth†the Statement said.
The Commission further affirmed that IOSCO Memoranda of Understandings are minimum regulatory requirements for international, regional and bilateral collaborations among Securities Regulators. “This has enhanced global cooperation and enforcement, and made it difficult to commit Market Infractions in an increasingly borderless world†SEC said.
This is coming on the heels of Embattled Oteh; Tuesday re-elected as Chairperson of the AMERC at the ongoing 37th Annual Conference and meeting of IOSCO in Beijing China.
Also, on Wednesday SEC said it has signed a bilateral MoU with the Financial Services Commission (FSC) of Mauritius at the just concluded IOSCO annual conference in Beijing, China.
