SEC NIGERIA / CAPITAL MARKET AUTHORITY, KENYA SIGN MoU
The Securities and Exchange Commission (SEC) Nigeria, apex regulator of the Nigerian capital markets, has signed a bilateral Memorandum of Understanding, MoU with the Capital Markets Authority of Kenya, regulator of Kenya’s capital markets. The MoU is intended to boost investment in Africa, fight financial crime across regional markets and improve co – operation between the two markets in knowledge / information sharing and capacity building. The MoU will counter financial crime by ensuring that an erring market operator in one jurisdiction is precluded from practicing in the other.
SEC Nigeria’s Director General, Arunma Oteh who signed on behalf of Nigeria remarked that the partnership would enable Nigeria benefit from the integrated East African market. She captures the essence of the MoU thus: “We are glad to be a part of this forum aimed at discussing cross – cutting issues among capital markets and financial sector regulators on regulation, market development and more importantly, co –operation in promoting financial stability in the region”.
She stressed that, “This partnership is a great opportunity for both countries to solidify relationships, and it is an opportunity to learn from each other. It is an avenue for fighting financial crime and protecting the integrity of our markets”. Describing the capital market as a veritable tool for transforming economies and societies, Oteh observed that Nigeria’s business interest was on the rise in Kenya and the East African region in general and the MoU is a mechanism for protecting the integrity of regional markets.
Stella Kilonzo, CEO of Capital Markets Authority, Kenya asserts that, “The MoU is part of effort to deepen co – operation with other capital market regulators on the African continent; the MoU under – pines recognition of the importance of international co – operation to the development and maintenance of an open, fair, orderly and sound financial services industry”.
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