Breaking News

SEC Gets AfDB’s Grant For Risk-Based Supervision Framework

Ebuka Daniel

The Securities & Exchange Commission(SEC) says it has received a grant from the African Development Bank Group (AfDB) to finance the Risk-Based Supervision Framework Implementation and Capacity Development Project.

According to SEC, the principal objectives of the project would include the provision of technical assistance and capacity building on selected areas of the Commission’s operations, support implementation of Risk-Based Supervision framework amongst others.

SEC disclosed that the Risk-Based Supervision Framework Implementation and Capacity Development Project would strengthen the Commission’s supervisory tools as well as its capacity to achieve its mandate of investor protection and minimizing systemic risk.

“The principal objectives of this project are to Provide technical assistance and capacity building on selected areas of the Commission’s operations, Support implementation of Risk-Based Supervision framework, Improve the Securities Markets regulatory environment and broadening of market instruments that will help deepen the Capital Markets in Nigeria Strengthen the Commission’s supervisory tools as well as its capacity to achieve its mandate of investor protection and minimizing systemic risk.

“Risk-based Supervision Framework Implementation – This component will involve the development of best practice risk-based supervision inspection manuals, tools and guidelines for the market. The activities include 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.

“Capacity building in the area of risk-based supervision will focus on enhancing the Recipient’s approach in carrying out its monitoring and supervisory role overall capital market operators namely fund management, exchanges, stockbrokers and issuing houses. The Nigeria Capital Market Master Plan 2015-2025 (CMMP) recognizes capacity and skills development as a core aspect and as a catalyst to enhance the Recipient’s readiness to effectively play its securities market regulator role and promote the growth of the domestic capital markets.”

About Editor

Check Also

NDPHC Awards Power Installation Contract For Owerri Substation

Ebuka Daniel The Niger Delta Power Holding Company (NDPHC) Limited has awarded the contract for …

Leave a Reply