The Chartered Institute of Stockbrokers has defended the floating of the Chartered Institute of Securities and Investment Management to replace the Chartered Institute of Stockbrokers.
The President of CIS, Olatunde Amolegbe, in a statement, said: “The CISIM’s bill is currently with the National Assembly and will replace the CIS Act 105 of 1992 when passed into law. Investment and Securities Act, ISA provides for individual operators that deal in securities to be certified by the CIS and that is why we are moving for the replacement.”
Meanwhile, the CIS in collaboration with three other professional bodies has signed a Memorandum of Understanding to establish CISIM to bring securities dealers and investment managers in Nigeria under one umbrella.
Apart from the CIS, the three other professional bodies that signed the MoU are the Association of Investment Advisers and Portfolio Managers, the Fund Managers Association of Nigeria, Association of Issuing Houses of Nigeria with ASHON’s Chairman, Chief Onyenwechukwu Ezeagu, as an observer.
Amolegbe said, “The Chartered Institute of Stockbrokers Act 105 of 1992, which established the CIS provides that individual operators that deal in securities, including stocks, treasury bills, bonds, commodities, etc will be trained and certified by the institute. At the moment, certain gaps in the Act are exploited by some individuals to deal in securities without any form of certification and requisite training.
“Therefore, the CISIM Bill when passed into law, will bring capital market professionals under a common objective without encroaching on one another’s business, make regulation easier, and enhance global competitiveness. The proposed bill was nothing unusual, commended the professional bodies that signed the MOU for sincerity and unity of purpose.”
