The Financial Services Commission of Mauritius (FSC) and the Securities and Exchange Commission (SEC) of Nigeria signed last week a bilateral Memorandum of Understanding (MoU) on co-operation, consultation and exchange of information.
The agreement was signed by the Chief Executive of the FSC, Ms. Clairette Ah-Hen and the Director General of the SEC, Ms. Arunma Oteh, in the margin of the annual conference of the International Organisation of Securities Commissions (IOSCO) which was held last week in Beijing.
The MoU establishes a common framework of cooperation between both regulatory bodies to foster mutual assistance and facilitate exchange of information in their respective duties. Through the MoU, both the FSC and the SEC acknowledge the importance of regional co-operation into developing and maintaining a sound domestic financial services industry in Mauritius and Nigeria.
It also underlines the importance of increasing international activities in the supply of financial services and the corresponding need for mutual co-operation and sharing of information with regard to the administration, enforcement of laws, regulations and rules in the financial services industry of the two countries.
According to Ms Ah-Hen the MoU with the SEC of Nigeria reinforces FSC’s commitment to ensure effective cross-border cooperation, information sharing and capacity building with its African counterparts. She pointed out that the FSC has collaborated closely in the past with members of the Africa/Middle East Regional Committee (AMERC) Sub-Committee of the IOSCO adding that the MoU will further strengthen cooperation in this field.
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