Home Business SEC Ag. DG Elected AMERC Chair, Signs MoU with CMC Angola

SEC Ag. DG Elected AMERC Chair, Signs MoU with CMC Angola

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The Ag. Director General of the Securities and Exchange Commission, Mounir Gwarzo, was appointed the Chairman of The African/Middle East Regional Committee (AMERC) of the International organisation of Securities Commissions (IOSCO) at the 34th Annual Meeting/Conference in Muscat, Oman.

This was posted on the commissions website last week, According to the release, Mr. Gwarzo, assumed the position of the Chairman after a vote of ‘no objection’ from the members. this election is in line with the IOSCO By-Laws. By virtue of his position as AMERC Chair, Gwarzo automatically qualifies for a seat on the IOSCO Board, which is the highest decision making body of the organization.

IOSCO is recognized as the leading international policy forum for securities regulators.  The organization’s membership, including SEC Nigeria, regulates more than 95 percent of the world’s securities markets in over 110 jurisdictions.

AMERC is one of the four regional committees constituted by IOSCO to focus on regional issues relating to securities regulation and presently has 24 member countries.

Meanwhile, as AMERC Chair, he brings on board a wealth of practical experience and excellent leadership skills having being in the capital market for several years.

In his acceptance speech, Gwarzo said there was still a lot to work to be done despite the progress made so far by IOSCO and therefore called on members to continue to render the mutual support and cooperation of the past years for the benefit of investors, markets and indeed the world economy.

In another development, the Securities and Exchange Commission (SEC) coming on the sidelines of the 34th IOSCO AMERC Annual Meeting/Conference held in Muscat, Oman on 24th February 2015, a memorandum of Understanding (MoU) was signed between the Nigerian Securities and Exchange Commission and the Angolan Comissao do Mercado de Capitais (CMC).

The MoU covers areas of technical support and information sharing between the two countries and seeks to further facilitate exchange of information on issues of common interest between regulators; promote the identification and discussion on specific issues of common interest as well as encourage signatories to develop their markets.

The signing of the MoU was witnessed by the IOSCO Secretary General, Mr. David Wright.

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