Apex capital market regulators within the West African region under the aegis of the West African Securities Regulatory Authorities (WASRA) have agreed to fashion a set of rules that would guide seamless cross-border listing within the sub-region.
A statement by the Nigeria’s Securities & Exchange Commission (SEC) said the body saddled with the responsibility is at the verge of concluding the assignment of producing a mutually acceptable basis for cooperation and consultations in a bid to foster market integration in the region.
The rules on cross border trading and settlement of securities, which is among the highpoints of a meeting of WASRA in Budapest, Hungary, Sunday on the sidelines of the 43rd Conference/meeting of the International Organisation of Securities Commissions (IOSCO).
It would, among others, allow foreign companies carry out their businesses within the region, while helping to deepen capital markets.
The statement quoted Chairman of WASRA and Executive Secretary of Le Conseil Regional de l’Epargne Publique et des Marches Financiers (CREPMF), Abidjan, Mory Soumahoro, as announcing the decision, just as he spoke of plans for establishment of a regional bond issuing framework for infrastructure financing.
Work on modalities of the bond which may become the first cross-border instrument issued in the sub-region, he noted, has commenced.
WASRA said it is working towards building relationship between WASRA and ECOWAS Commission; the integrated supervision model needed for the establishment of cross border transaction and issuers; the development of the WASRA website and the monitoring framework and review and recommendation of appropriate risk management framework for the supervision in the region (issuance of cross border).
Commenting on the bond issuance, Acting Director General, SEC Nigeria, Ms. Mary Uduk commended WASRA members on the desire to building a strong and competitive regional market that will rank 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.
She expressed the commitment of SEC Nigeria to help achieve the objectives of WASRA, stressing the imperative of a cohesive collaboration between the relevant regulators, operators and other stakeholders in West Africa, and the need to ensure that adequate resources are devoted.
The meeting was attended by the SEC’s Acting Executive Commissioner, Operations, by Isyaku Tilde, who represented Uduk; DG SEC-Ghana, Rev. Daniel Obgarmey Tetteh and Mory Soumahoro, the Secretary General of CEPMF (Chairman WASRA). Others include the board Chairman of SEC Ghana, Dr. Yeboa Amoa; members of the Technical Committee (TC) from SEC Ghana, Jacob Aidoo, Emmanuel Appiah, the Secretariat, Harouna Ouedraogo and three observers from SEC Nigeria: Tony Iloka, Mrs Efe Ebelo and Ms Nneka Okonkwo.
WASRA is a regional organization for West African countries that aims to fashion out modalities and to establish an umbrella body as mutually acceptable basis for cooperation and consultations aimed at fostering market integration in the region. WASRA, established in 2015, is the recognized forum for capital markets regulators in the West African Sub Region
Photo Caption: Ag. Executive Commissioner Operations, Securities and Exchange Commission Nigeria (SEC), Isyaku Tilde; Board Chairman SEC Ghana, Dr. Yeboa Amoa, Chairman WASRA and Executive Secretary of Le Conseil Regional de l’Epargne Publique et des Marches Financiers (CREPMF), Abidjan, Mr. Mory Soumahoro and DG SEC-Ghana, Rev. Daniel Obgarmey Tetteh at the meeting of WASRA in Budapest, Hungary.