The 37th annual conference of the International Organisation of Securities Commissions (IOSCO) was concluded on Thursday with panel discussions on market stability, development and integrity. The day also witnessed the signing of a Regional Memorandum of Understanding (MoU) by member-countries of the Africa/Middle East Regional Committee (AMERC) of the Organization. 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. At the signing ceremony, Chairman of the Board of the Securities and Exchange Commission (SEC) joined the Director General, Arunma Oteh, to sign the regional MoU on behalf of Nigeria.
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 MoU 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. IOSCO Memoranda of Understanding 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.
The Nigerian delegation to the conference consisted of Udoma Udo Udoma (Chairman, SEC Board), Arunma Oteh (Director General), Shaka Braimah (Head, International Relations) and Tunde Kamali (Senior Manager)