Zubair Seeks Strong, Competitive Regional Capital Market
By Modupe Gbadeyanka
Acting Director General of the Securities and Exchange Commission (SEC), Mr Abdul Zubair, has advocated for a strong and competitive capital market in West Africa that will rank at par with the markets of other regions of the world.
The SEC Nigeria boss made this call at the fourth Executive Council meeting of the West African Securities Regulators Association (WASRA) held recently in Rabat, Morocco.
The meeting was precisely held on the sidelines of the 40th annual meeting and conference of the African Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO).
Mr Zubair noted 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 were devoted to achieving the set targets.
According to him, efforts should be made to boost transparency, disclosure, efficiency, accountability and indeed, investor protection.
During the meeting, chaired by Mr Mory Soumahoro, Executive Secretary of Le Conseil Regional de l’Epargne Publique et des Marches Financiers (CREPMF) Abidjan, participants focused on important issues including a review of the association’s charter to reflect current market dynamics to meet emerging realities and improved liaison between the association and stakeholders, including the Economic Community of West African States (ECOWAS), West African Capital Market Integration Council (WACMIC) and West African Monetary Institute, towards ensuring the required inclusiveness for a successful integration process; harmonization of the regulatory framework of member states for ease of cross border transactions and supervision, and capacity building.
The council also reiterated its resolve to ensure a strong and workable structure to boost the integration aspiration, forestall regulatory arbitrage and enhance the orderly growth and development of the markets in the sub region.
Bearing in mind the relevant principles of IOSCO, the global standard setter for securities regulation, the council sought, in addition to the foregoing major plans, to ensure transparent, fair and efficient markets, strengthen investor protection and confidence, and reduce the incidence of systemic risks within the sub region.
It resolved to speed up all necessary steps towards increased cross border transactions between players in the respective member countries. It noted the progress achieved so far, with satisfaction, and resolved to rededicate its energy towards improved collaborations between market players in the sub region in 2018.
Business Post gathered that WASRA, established in 2015, is the recognized forum for capital markets regulators in the West African sub region.