The Acting Director-General, Securities and Exchange Commission (SEC), Nigeria, Mr. Mounir Gwarzo, has been elected the Chairman, Africa/Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO).
SEC, in a statement, said that Gwarzo’s election took place at the ongoing annual conference of the regional body in Muscat, Oman.
Gwarzo, it said, would hold the office for two years.
It also said that Gwarzo would serve on the Executive Committee of IOSCO, the highest decision making organ of the global securities regulatory organisation.
The statement also quoted Gwarzo as commending AMERC members for the vote of confidence reposed on him, adding that his election would enable him to build on the foundations laid in advancing IOSCO and AMERC.
It quoted Gwarzo as saying that there was still a lot of work to be done in spite of the progress recorded by IOSCO in global securities regulation.
The statement said that the new Chairman advocated improved participation of AMERC members in IOSCO to enhance confidence and visibility.
“The essence of our membership of this organisation is not limited to setting standards only.
“As critical as standard setting may be to IOSCO objectives, we also have a responsibility to build the required capacity and be able to deploy these standards for optimum results.
“We shall also find ways to take full advantage of the numerous opportunities which abound within IOSCO, either in the area of capacity building, enforcement cooperation and information sharing,” the statement added.
Gwarzo, it said, pledged that AMERC members would continue to deepen discussions and debates on topical issues, including long term financing, financial inclusion and literacy, risk-based supervision, corporate bonds market and regional integration.
Meanwhile, the Nigerian and Angolan securities regulators have signed a Memorandum of Understanding (MOU).
The MoU covers technical support and information sharing between the two countries.
IOSCO is the leading international policy forum for securities regulators.
The organisation’s members regulate more than 95 per cent of the global securities markets in over 100 countries.