The Securities and Exchange Commission (SEC) has received a special financial grant from the African Development Bank (AFDB) to strengthen its regulatory capacity, especially in the areas of investor protection and minimising systemic risk.
The grant from the AfDB Group/Capital Markets Development Trust Fund is to finance risk-based supervision framework implementation and capacity development project.
According to the SEC, the principal objectives of the project are to provide technical assistance and capacity building on selected areas of the commission’s operations, support implementation of risk-based supervision framework, improve the securities markets regulatory environment and broadening of market instruments.
The commission stated that the mode of procurement to be adopted for the project, is Quality and Cost Based (QCBS), while the risk-based supervision framework implementation component would involve the development of best practise risk-based supervision inspection manuals, tools and guidelines for the market.
