By Dipo Olowookere
Regulatory agencies in the different West African nations have agreed to work together to allow cross border listing.
The agencies, under the aegis of West African Securities Regulatory Authorities (WASRA), stated that they were rounding up work on guidelines on cross border trading and settlement of securities.
Chairman of WASRA and Executive Secretary of Le Conseil Regional de l’Epargne Publique et des Marches Financiers (CREPMF), Abidjan, Mr Mory Soumahoro, disclosed further that there was a plan in place to establish a regional bond issuing framework for infrastructure financing,
When this is done, foreign companies would have the opportunity to carry out their businesses within the region and assist in deepening capital markets within the West African sub region.
On Sunday, WASRA met in Budapest, Hungary on the sidelines of the 43rd Conference/Meeting of the International Organisation of Securities Commissions (IOSCO).
Mr Soumahoro disclosed that his association was working towards building relationship between WASRA and ECOWAS Commission to integrate supervision model needed for the establishment of cross border transaction and issuers.
He pointed out further that there was a plan ongoing to create a website for WASRA and also monitor framework and review and recommendation of appropriate risk management framework for the supervision in the region (issuance of cross border).
Already, he said, work has commenced on the modalities, including the rules that will guide the issuance.
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 Capital market regulators in the West African sub region came together to establish a mutually acceptable basis for cooperation and consultations in a bid to foster market integration in the region.
Also speaking at the conference, the acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduak, commended WASRA members on their determination 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 the SEC Nigeria in assisting to achieve the objectives of WASRA, noting that 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.
