WASRA Guidelines on Cross-border Issuance Ready, Says SEC – TheNigerialawyer

The draft guidelines on cross border issuance of fixed incomes
and Mutual Recognition Agreement drawn up by the West African
Securities Regulatory Authorities (WASRA ) for the sub-region is
ready, the acting Director General, Securities and Exchange
Commission (SEC), Ms. Mary Uduk, has disclosed.

These were the high points of a meeting of WASRA held in Sydney,
Australia on the sidelines of the 44th conference/meeting of the
International Organisation of Securities Commissions (IOSCO).

According to a statement issued by SEC, Uduk, who spoke in an
interview, said members discussed the guidelines and others
extensively at the meeting with the aim of giving a final approval
in their next Executive Council meeting.

“Recall that WASRA had also consented to the convergence of
existing rules of capital market regulatory agencies within the
region in a bid to ensure that cross-border listing is carried out
with little or no hitches.

“This is expected to allow foreign companies carry out their
businesses and assist in deepening capital markets within the West
African sub-region,” she said.

The SEC DG disclosed that the body is working towards building
the relationship between WASRA and ECOWAS Commission; working on
the integrated supervision model needed for the establishment of
cross-border transaction and issuers; the monitoring framework and
recommendation of appropriate risk management framework for the
supervision in the region (issuance of cross border).

She therefore commended WASRA members for their determination to
build a strong and competitive regional market that would rank at
par with the markets of other regions of the world, and more
importantly, in the areas of transparency, disclosure, efficiency,
accountability and investor protection.

Uduk also disclosed that the Africa and Middle East Regional
Committee, AMERC met during the meeting and deliberated on the
findings of a report on listings as a challenge in the region; and
members agreed to engage consultants to implement the
recommendations of the report.

“The Growth and Emerging Market Committee (GEMC) also
deliberated on its work carried out on Sustainable Financing. This
is an area considered by the GEMC to be critical and urges the
capital market regulators to engage the industry largely to promote
sustainable financing in the region.

“The aim of these meetings was to foster the growth of capital
markets in the region through integration and deepening of the
markets by sharing information and experiences from different
jurisdictions,” she added.

Highlights from these meetings, she said, included high-level
discussions on Emerging Risks in the region; margin requirements,
Leveraging on Asset Management Investment Funds, Market
Fragmentation, Fintech, Crypto Assets and Sustainable Finance.

Uduk said notes will be issued after due consultation with the
various regional committees for purpose of direction and
harmonization of standards.

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