The Vice Chairman, Senate Committee on Capital Market, Senator Festus Ogwuma, has assured that on-going review of the Investment and Securities (ISA) Act, on demutualization of the Nigerian Stock Exchange (NSE), and other bills aimed at enhancing globalisation of the capital market would be accorded priority by the National Assembly.
He added that the Bill to expand the scope of operations of the Chartered Institute of Stockbrokers (CIS), to serve as the hub of all professional associations in Nigeria would be passed very soon.
Senator Ogwuma, who was a guest at the 2017 National Workshop of the CIS in Abuja, on Tuesday, also explained that the CIS Bill has passed two readings, and the third reading would be done any moment from now.
With regard to the review of the ISA, he said the committee would make provisions for arbitration window and normal window, which would allow for 90 days to give room for redress.
Corroborating him, the President, CIS, Oluwaseyi Abe said the Institute had established strategic alliance with the Chartered Institute for Securities & Investment (CISI) U.K. and other bodies, and reviewed its curriculum in order to produce professionals that can cope with the ever-changing dynamics of the global market.
Abe also announced that the CIS Council had endorsed a Stand-Alone-Certification Programme, to enable prospective stockbrokers specialize in critical areas of operations such as Equity Dealing, Fixed Income, Share Registration and Custodianship, Portfolio Management and Financial Advisory.
He added that when the Bill on transforming the CIS into the CISI is passed into law, it will broaden its functions and enable the Institute become the umbrella body for all professional associations in Nigeria, and would also entail the change of name to CISI in Nigeria.
Already, the CIS had signed a Memorandum of Understanding (MOU) with CISI U.K. for enhanced capacity building among others.
This comes as the Finance Minister, Mrs Kemi Adeosun,assured stockbrokers of the Government’s continuous support for them as distribution agents in the value chain of financial intermediation.
Adeosun, who commended the Institute for leveraging the workshop in support of efforts to transform the economy, explained that Federal Government had embarked on the initiative to generate more revenue from taxation through creative approaches.
She underscored the essence of creating a more conducive way of doing business in Nigeria in order to attract investment.