The Nigerian Securities and Exchange Commission (SEC) has signed a Memorandum of Understanding (MoU) with its counterpart agency in Morocco, the Autorite Marocaine Du Marche Des Capitaux (AMMC) as part of the bilateral talks held between the two countries during the visit of Moroccan monarch, His Majesty, King Mohammed VI of Morocco.
The MoU will serve as a platform for regulatory cooperation and information sharing between the two capital market regulators and is a first step towards achieving an effective cross border market policing between the two jurisdictions and enhanced market development through leveraging mutual comparative advantages, according to a SEC press release.
The SEC seeks to use this agreement as an opportunity to understudy the advancements made by the AMCC n growing the green capital markets which was the fulcrum of the COP22 conference recently held in Marrakech which focused on fostering green capital markets in emerging economies.
It is also expected that the MoU will also engender mutual recognition of regulations related to public offerings and professional certifications to facilitate dual listings and mobility of capital and labor between the two markets.
Nigeria already has similar agreements in place with Angola, China, Ghana, Kenya, Malaysia, Mauritius, South Africa, Tanzania and Uganda.