WASRA Guidelines on the Issuance of Fixed Income Securities


The Nigerian Securities and Exchange Commission (SEC or the Commission) recently published Guidelines for the Issuance of Fixed Income Securities by Statutory Bodies in West Africa Securities Regulators Association (WASRA) member countries (the Guidelines). The Guidelines were issued by the WASRA in collaboration with the West African Capital Market Integration Council (WACMIC) and are a step towards integrating and deepening capital markets across the West African sub-region3.

In issuing the Guidelines, the WASRA and WACMIC followed in the steps of other regional communities, including the Southern African Development Community (SADC) and the Association of Southeast Asian Nations (ASEAN), all of which have relatively harmonized/integrated capital markets.

In sum, the Guidelines set out the regulatory framework for public entities seeking to offer, register, list or admit to trading fixed income securities on a regulated market, in WASRA member countries (other than the issuer’s home market).

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