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SEC receives grant from African Development Bank to finance Risk Based Capital Markets Initiative

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The Nigerian Securities and Exchange Commission (SEC) has received a grant from the African Development Bank Group/Capital Markets Development Trust Fund to fund the Risk-Based Capital Markets Initiative.

This was disclosed in a circular by the commission titled, ”General Procurement Notice – Risk-Based Supervision Framework Implementation And Capacity Development Project.”

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The project’s main goals are to provide technical help and capacity building in specific areas of the commission’s operations, as well as to assist with the implementation of the Risk-Based Supervision framework, broadening and improving the Securities Markets Regulatory Environment.

This would bolster the Commission’s supervisory powers and capabilities to fulfil its goals, also, investor protection and systemic risk minimization are two of the core mandates this project brings to the table.

READ: What the SEC licenses mean for the Nigerian FinTech Space

Key takeaways

  • This project improves the capacity building on prudential risk-based supervision approach such as the development or update of relevant risk matrices and models for data analysis and interpretation as well as expansion of existing Anti-Money Laundering (AML) /Combating the Financing of Terrorism (CFT) matrix.
  • The project intends to improve the technical and regulatory capabilities of SEC personnel in the area of derivatives, which is a relatively underdeveloped component of the Nigerian capital markets.
  • Furthermore, it would enhance in-house capacity building and training for staff of the Securities & Exchange Commission and the Nigerian Exchange Group (NGX) to strengthen their capacity to oversee regulation, registration, listing, trading, verification, monitoring, etc for green bonds and green finance.

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