The Securities and Exchange Commission SEC, Nigeria on behalf of West African Securities Regulators Association, WASRA has released the guidelines for the issuance of cross-border fixed income securities in West African sub region, April 15,2020.
SEC said that the WASRA guidelines which have been issued as a policy document would set the rules for any cross-border fixed income securities which may be issued by capital market operators for corporate
organisations.
Highlights of the guidelines include full disclosures of impact and continuing actions by issuers to mitigate the effects of covid19 on their businesses. Issuers are expected to be largely guided by the rules and regulations of host countries aside other regulations by other countries on which the securities are also listed.
Cross border listing of securities among countries in the West Africa is expected to deepen economic ties among the countries.This would also form a key plank in plans to integrate the economies of these countries. With growing cross border banking services led by Nigerian banks with branches in member states the new securities guidelines with assist to grow cross border investment.
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