NASS set to pass Bill expanding the scope CIS

VICE Chairman, Senate Committee on the Capital Market, Senator Festus Ogwuma, has disclosed that the Bill to expand the scope of operations of the Chartered Institute of Stockbrokers (CIS) would be passed very soon. In a similar vein, the Finance Minister, Mrs. Kemi Adeosun has 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, weekend, explained that on-going review of the Investment and Securities Act (ISA), bill on demutualization of Nigerian Stock Exchange and other bills aimed at enhancing globalization of the capital market would be accorded priority by the National Assembly.

According to him, the CIS Bill has passed two readings and the third reading would be done any moment from now. He also noted that under the review of the ISA, there would be two windows, namely: arbitration window and normal window. The arbitration window is regarded as the internal mechanism for cases to be redressed by the Institute, while normal window is the external mechanism for cases to be addressed by the law court.

Corroborating him, the President, CIS, Mr. Oluwaseyi Abe said the Institute had established strategic alliance with Chartered Institute of Securities and Investment (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 CIS’ Council had endorsed a Stand-Alone-Certification Programme to enable prospective stockbrokers specialize in any of the following critical areas of operations: Equity Dealing, Fixed Income, Share Registration and Custodianship, Portfolio Management and Financial Advisory.

Commenting on the CIS Bill, a participant stated that when passed into law, the Bill on transforming the CIS into the 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.

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