The West African Securities Regulatory Authorities (WASRA) at the weekend agreed to converge existing rules of capital market regulatory agencies within the region as a strategic option of ensuring cross-border listing of companies
The move is to allow foreign companies carry out their businesses within the region and assist in deepening the West African sub-regional capital markets.
To achieve this objective, the body is finalizing guidelines on cross border trading and settlement of securities.
These were some of the high points of the meeting of the body held in Budapest, Hungary, on Sunday at the sidelines of the 43rd Conference/Meeting of the International Organisation of Securities Commissions (IOSCO).
The Chairman of WASRA and Executive Secretary of Le Conseil Regional de l’Epargne Publique et des Marches Financiers (CREPMF), Abidjan, Mr. Mory Soumahoro, who hinted on the planned measure, said that on the planned establishment of a regional bond issuing framework for infrastructure financing, issuance will be done across borders.
This is even as he also confirmed that work had commenced on the modalities, including the rules that will guide the issuance.
Similarly, the body is working towards building relationship between WASRA and ECOWAS Commission; the integrated supervision model needed for the establishment of cross border transaction and issuers; the development of the WASRA website and the monitoring framework and review and recommendation of appropriate risk management framework for the supervision cross border issuances in the region.
In her remarks, the Acting Director General, SEC Nigeria, Ms. Mary Uduak commended WASRA members on their determination to building a strong and competitive regional market that will be competitive with the markets in other regions globally, and more importantly, in the areas of transparency, disclosure, efficiency, accountability and indeed, investor protection.
The SEC boss also restated the commitment of the commission to achieve the objectives of WASRA.
She noted the imperative of a cohesive collaboration between the relevant regulators, operators and other stakeholders in West Africa, and the need to ensure that adequate resources are devoted.
The attendees at the meeting include the representative of the , Ag. Executive Commissioner Operations of the SEC, Mr. Isyaku Tilde, DG SEC-Ghana, Rev. Daniel Obgarmey Tetteh and Mr. Mory Soumahoro, the Secretary General of CEPMF (Chairman WASRA).
Others are, the Board Chairman SEC Ghana, Dr. Yeboa Amoa, Members of the Technical Committee (TC) from SEC Ghana Mr. Jacob Aidoo, Mr. Emmanuel Appiah, the Secretariat, Mr. Harouna Ouedraogo and three observers from SEC Nigeria, Mr. Tony Iloka, Mrs. Efe Ebelo and Ms. Nneka Okonkwo.
WASRA, which was established in 2015, is a regional organization for West African countries that aims to fashion out modalities and to establish an umbrella body as mutually acceptable basis for cooperation and consultations aimed at fostering market integration in the region.