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SEC: MoU with Morocco to Boost Asset Management, Green Capital Markets
The Memorandum of Understanding (MoU) recently signed by the Securities and Exchange Commission (SEC) Nigeria and Autorite Marocaine Du Marche Des Capitaux (AMMC) of Morocco will help to deepen the asset management space of the Nigerian capital market.
SEC and AMMC last week signed an MoU on the sidelines of the Nigerian- Moroccan bilateral talks during the visit of King Mohammed VI of Morocco. According to SEC, the MoU will serve as a platform for regulatory cooperation and information sharing between the two capital market regulators.
The commission said this is a first step towards achieving an effective cross border market policing between the two jurisdictions and enhanced market development through leveraging mutual comparative advantages.
SEC explained that for Nigeria, the MoU is a welcome development as it presents an opportunity to leverage the progress achieved in the Moroccan market to enhance especially the delivery of a few of the objectives of the 10 – year Capital Market Master plan.
“This for example is especially as relates to deepening the asset management space of the market, an area of comparative advantage for Morocco. The SEC Nigeria will also be understudying the advancements achieved by Morocco in growing the green capital markets which was the fulcrum of the COP22 conference recently held in Marrakech which focused on fostering green capital markets in emerging economies,” SEC said.
It noted that the signing of the MOU signals a strengthened cooperation framework between Nigeria and Morocco in areas of common interests as it will encourage cross investments in the respective capital markets.
“It will also engender mutual recognition of regulations related to public offerings and professional certifications to facilitate dual listings and mobility of capital and labor between the two markets. The signing of the MOU was a historic milestone for Nigeria as it is in clear tandem with moves around all regions of the world towards cooperation and market integration. Nigeria had earlier entered into such bilateral agreements with several other jurisdictions such as, Angola, China, Ghana, Kenya, Malaysia, Mauritius, South Africa, Tanzania and Uganda,” the commission said.
As members of the International Organisation of Securities Commissions (IOSCO) which holds cooperation and integration as a cardinal objective, Nigeria and Morocco ordinarily has a platform to enter into bilateral agreements such as this as provided in the 38 IOSCO principles.