The West African Securities Regulatory Authorities (WASRA) yesterday agreed to converge existing rules of capital market regulatory agencies within the West Africa to ensure seamless cross border listing of entities in the sub-regional capital markets.

According to the body, the move is to allow foreign companies carry out their businesses within the region and assist in deepening capital markets within the West African sub region.

To ensure that this objective is realized, the body is concluding work on guidelines on cross border trading and settlement of securities.

These were some of the high points of the decisions reached by the leaders of the body at the meeting held on Sunday in Budapest, Hungary, at the sidelines of the 43rd Conference/Meeting of the International Organisation of Securities Commissions (IOSCO).

The chairman of WASRA and Executive Secretary of Le Conseil Regional de l’Epargne Publique et des Marches Financiers (CREPMF), Abidjan, Mr. Mory Soumahoro, who gave these hints, said that on the planned establishment of a regional bond issuing framework for infrastructure financing, issuance will be done across borders.

Soumahoro also confirmed that work had commenced on the modalities, including the rules that will guide the issuance.

This is even as the body is working towards building relationship between WASRA and ECOWAS Commission; the integrated supervision model needed for the establishment of cross-border transaction and issuers; the development of the WASRA website and the monitoring framework and review and recommendation of appropriate risk management framework for the supervision in the region (issuance of cross-border)

The Acting Director-General, SEC Nigeria, Ms. Mary Uduak, in her remarks commended WASRA members on their determination to build a strong and competitive regional market that would rank at par with the markets of other regions of the world, and more importantly, in the areas of transparency, disclosure, efficiency, accountability and indeed, investor protection.

Uduak also expressed the commitment of the SEC Nigeria to ensure the sub-regional body achieves its objectives.

She emphasised the imperative of having a cohesive collaboration among the relevant regulators, operators and other stakeholders in West Africa, and the need to ensure that adequate resources are devoted.

The attendees at the meeting include the Ag. Executive Commissioner Operations of the SEC, Mr. Isyaku Tilde, DG SEC-Ghana, Rev. Daniel Obgarmey Tetteh and Mr. Mory Soumahoro, the Secretary-General of CEPMF (Chairman WASRA).

Others are the Board Chairman SEC Ghana, Dr. Yeboa Amoa, Members of the Technical Committee (TC) from SEC Ghana Mr. Jacob Aidoo, Mr. Emmanuel Appiah, the Secretariat, Mr. Harouna Ouedraogo and three observers from SEC Nigeria, Mr. Tony Iloka, Mrs. Efe Ebelo and Ms Nneka Okonkwo.

WASRA is a regional organization for West African countries that aims to fashion out modalities and to establish an umbrella body as mutually acceptable basis for cooperation and consultations aimed at fostering market integration in the region.

Capital market regulators in the West African sub-region came together to establish a mutually acceptable basis for cooperation and consultations in a bid to foster market integration in the region.