Nigeria, Mauritius agree to cooperate on capital market regulation

Nigeria and Mauritius on Tuesday signed a bilateral Memorandum of Understanding (MoU) that would see both countries cooperate to strengthen their capacities towards effective regulation of their capital markets.

The MoU was signed between the Securities and Exchange Commission (SEC) and the Financial Services Commission of Mauritius at the on-going International Organisation of Securities Commissions (IOSCO) in Beijing, China.

This follows the announcement of the re-election by the delegates of Ms Oteh as Chairperson of the African/Middle East Regional Committee (AMERC).

Ms Oteh said at the signing of the MoU that the two countries agreed to work together based on the knowledge that such cooperation is a veritable regulatory tool 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,” she said.

She added that the organisation also encourages members to enter into bilateral memoranda of understanding to foster strong cooperation.

The signing of the bilateral MoU with Mauritius brings to nine the number of MoUs so far entered into by the SEC with other jurisdictions, including China, Ghana, India, Kenya, Malaysia, South Africa, Tanzania and Uganda.

The two countries 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. Other areas of benefit include enhanced information sharing and capacity building which have become critical following the global financial crisis.

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