Securities and Exchange Commission SEC has revealed plans by the West African Securities Regulatory Authorities (WASRA) to harmonize existing rules used by the capital market regulatory agencies of the region in a bid to ensure that cross-border listing is carried out with little or no hindrances.
Securities and Exchange Commission, SEC, noted that this would be done to allow foreign companies carry out their businesses within the region as well as assist in deepening the capital markets of the sub-region.
Chairman of WASRA, Mr. Mory Soumahoro, revealed that the planned establishment of a regional bond issuing framework for infrastructure financing, issuance will be done across borders.
Soumahoro also confirmed that work has commenced on the modality including the rules that will guide the issuance.
Acting Director-General of SEC, Ms. Mary Uduk, stressed the importance of a cohesive collaboration between the relevant securities regulators, operators and other stakeholders in West Africa, and the need to ensure that adequate resources would be devoted to the goal.
WASRA was established in 2015, as the recognized forum for capital markets regulators in West Africa.
It is a regional organization for West African countries that aims to fashion out modalities and to establish an umbrella body for cooperation and consultations, as well as fostering capital market integration in the region.