The Financial Services Commission, Mauritius (‘FSC’) and the Securities and Exchange Commission of Nigeria have signed a bilateral Memorandum of Understanding (MoU) on co-operation, consultation and exchange of information on 15 May 2012. The MoU was signed by the Chief Executive of the FSC, Ms. Clairette Ah-Hen and the Director General of the SEC, Ms. Arunma Oteh at the International Organization of Securities Commissions (IOSCO) Annual Conference held in Beijing.
The MoU establishes a common framework of cooperation between both Regulatory bodies to promote mutual assistance and facilitate exchange of information in their respective duties. The FSC and the SEC recognise, through this MoU, the importance of regional co-operation to develop and maintain a sound domestic financial services industry in Mauritius and Nigeria. It also underlines the importance of increasing international activity in the supply of financial services and the corresponding need for mutual co-operation and sharing of information in the administration, enforcement of laws, regulations and rules in the financial services industry of the two countries.
Following the signature, the FSC Chief Executive, Ms Clairette Ah-Hen stated that:
"The signature of this MoU with the SEC of Nigeria reinforces the FSC’s commitment to ensure effective cross border cooperation, information sharing and capacity building with its African counterparts. The FSC has collaborated closely in the past with members of the AMERC Sub-Committee of the IOSCO and we wish this collaboration to be further strengthened following this MoU."
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