Govt to expand CIS scope of operations

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The Federal Government is making efforts to expand the scope of operations of the Chartered Institute of Stockbrokers, the Vice Chairman, Senate Committee on the Capital Market, Senator Festus Ogwuma, has said.

 He said the bill to expand the scope of operations of the CIS to serve as the hub of all professional associations in Nigeria would be passed very soon.

Also, the Minister of Finance, Mrs. Kemi Adeosun, has assured the stockbrokers of the government’s continuous support for them as distribution agents in the value chain of financial intermediation.

Ogwuma, who was a guest at the 2017 National Workshop of the CIS in Abuja on Tuesday, also explained that an ongoing review of the Investment and Securities Act on demutualisation of the Nigerian Stock Exchange and other bills aimed at enhancing globalisation of the capital market would be accorded priority by the National Assembly.

According to him, the CISI Bill has passed two readings and the third reading would be done any moment from now. He also noted that under the review of the ISA, there would be two windows namely arbitration window and normal window which would allow for 90 days to give room for redress.

Corroborating him, the President, CIS, Mr. Oluwaseyi Abe, said the Institute had established strategic alliance with CISI United Kingdom 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 to specialise in any of the following critical areas of its operations: equity dealing, fixed income, share registration and custodianship, portfolio management and financial advisory.

Already, the CIS had signed a Memorandum of Understanding with CISI, UK for enhanced capacity building, among others.

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