By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’S Securities & Exchange Commission (SEC) Wednesday said it has signed a bilateral Memorandum of Understanding (MoU) with the Financial Services Commission of Mauritius at the ongoing IOSCO annual conference in Beijing, China.
SEC in a Statement by Yakubu Olaleye, Head, Media and made available to www.investadvocateng.com said the MoU signed on Tuesday is aimed at further strengthening regulatory cooperation between the two jurisdictions.
According to the Commission, the MoU is a veritable regulatory tool used by Securities Regulators to ensure effective regulation and strengthen Securities Markets worldwide.
“It is in line with the foregoing that IOSCO initiated a mandatory Multilateral Memorandum of Understanding (MMoU) ten years ago for its members to enhance cross border cooperation, information sharing and capacity building†the Commission said.
The Statement affirmed that the Organisation also encourages members to enter into bilateral memoranda of understanding to foster strong cooperation.
Nigeria’s SEC said the signing of the bilateral MoU with Mauritius brings to nine the number of MoUs so far entered into by the Commission with other jurisdictions.
“These include China, Ghana, India, Kenya, Malaysia, South Africa, Tanzania and Uganda. The two jurisdictions stand to mutually benefit from the collaborative agreement especially in the areas of combating cross border financial crimes, increased attraction of investments and enhanced profile†SEC said.
The Commission said other areas of benefit include enhanced information sharing and capacity building which have become critical following the global financial crisis.
This is coming on the heels of the re-election of Arunma Oteh, Nigeria’s SEC Director General (DG) as Chairperson of the Africa/Middle East Regional Committee (AMERC) at the ongoing 37th Annual Conference and meeting of the International IOSCO in Beijing China.
