SEC gets AfDB’s grant for risk-based supervision

The Securities and Exchange Commission (SEC) has received financing from the African Development Bank towards the cost of regulatory capacity improvements under the risk-based supervision framework.

The grant from the AfDB Group administered/Capital Markets Development Trust Fund is to finance the Risk Based Supervision Framework Implementation and Capacity Development Project.

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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 broaden market instruments that will help deepen the capital markets in Nigeria.

For the project, the mode of procurement to be adopted is Quality and Cost Based (QCBS) and the risk-based supervision framework implementation component would involve the development of best practice risk based supervision inspection manuals, tools and guidelines for the market.

“The envisaged activities also include capacity building on prudential risk-based supervision approach including the development or update of relevant risk matrices and models for data analysis and interpretation as well as expansion of existing AML/CFT matrix,” SEC stated.