By Chinyere Joel-Nwokeoma
Lagos, Aug. 11, 2021 The Securities and Exchange Commission (SEC) has begun the implementation of the regulatory capacity improvements under the risk-based supervision framework and capacity building project.
The commission said this in a statement on its website obtained by Naija247news .
The project, funded from the AfDB Group administered Capital Markets Development Trust Fund, is to finance the Risk-Based Supervision Framework Implementation and Capacity Development Project.
The statement said the project would provide technical assistance and capacity building on selected areas of the commission’s operations.
It added that it would support the implementation of risk-based supervision framework, improve the regulatory environment of securities markets and broaden market instruments that would help to deepen the capital markets in Nigeria.
According to the statement, the project will strengthen the commission’s supervisory tools as well as its capacity to achieve the mandate of investor protection and minimising systemic risk.
“The mode of procurement to be adopted is Quality and Cost Based (QCBS) and the risk-based supervision framework implementation component would involve the development of risk based supervision inspection manuals, tools and guidelines for the market.
“The envisaged activities also include capacity building on prudential risk-based supervision approach including the development or update of relevant risk matrices and models for data analysis and interpretation as well as expansion of existing AML/CFT matrix.
“Capacity building in risk-based supervision will focus on enhancing SEC’s approach in carrying out its monitoring and supervisory role over all capital market operators,” it added.