The Vice Chairman, Senate Committee on the Capital Market, Senator Festus Ogwuma, has announced that the bill to expand the scope of operations of the Chartered Institute of Stockbrokers (CIS) to serve as the hub of all professional associations in Nigeria was on the verge of being passed into law.
This was as the Finance Minister, Mrs Kemi Adeosun, assured stockbrokers of the government’s continuous support for them as distribution agents in the value chain of financial intermediation.
Senator Ogwuma who was a guest at the 2017 National workshop of the CIS in Abuja also explained that on-going review of the Investment and Securities Act (ISA), Bill 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 the second readings and the third reading would be done any moment soon. 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 U.K. 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 the CIS’ Council had endorsed a Stand-Alone-Certification Programme to enable prospective Stockbrokers specialise in any of the following critical areas of operations including Equity Dealing, Fixed Income, Share Registration and Custodianship, Portfolio Management and Financial Advisory.
Commenting on the CISI bill, a participant stated that when passed into law, the bill on transforming the CIS into the Chartered Institute of Securities and Investment (CISI) is expected to broaden its functions and enable the Institute become the umbrella body for all professional associations in Nigeria. It would also entail the change of its name to CISI in Nigeria.
Already, the CIS had signed a Memorandum of Understanding (MOU) with CISI, United Kingdom for enhanced capacity building among others.
Adeosun who commended the Institute for leveraging the workshop as a support for the federal government’s efforts to transform the economy explained that government had embarked on the initiative to generate more revenue from taxation through creative approach.