Gwarzo Re-Elected AMERC Chair | Independent Newspapers Limited
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Gwarzo Re-Elected AMERC Chair

Posted: Mar 16, 2016 at 1:00 am   /   by   /   comments (0)

Director General of Nigeria’s Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, has been unanimously re-elected to continue providing leadership to the Africa Middle East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO) as its chairman.

The AMERC comprises securities regulators who are IOSCO members within the Middle East and North Africa as well as sub-Saharan African regions.

He would serve for another term of two years.

Mr. Gwarzo’s re-election is not only a clear testament to Nigeria’s growing influence and improved image in the international community, but also a strong indication of the overwhelming support he enjoys among peer regulators following a very successful first tenure.

It would be recalled that in February 2015 members of the regional body elected Mr. Gwarzo as chairman of AMERC during their 34th annual meeting in Muscat, Oman to complete the outstanding term of his predecessor. Upon his election, Mr. Gwarzo had outlined to members his agenda for the regional committee, pledging to focus on advancing issues that improve voice, visibility and inclusiveness for

African/Middle Eastern markets while working towards more cooperation, especially to boost capacity building and cooperation.

This agenda aims to tackle three major challenges facing the frontier and emerging markets within the AMERC region which are dearth of capacity, inadequate visibility and poor level of integration. By this unanimous re-election, members have expressed desire to see Mr. Gwarzo continue to lead the committee to keep addressing these challenges.

For example, AMERC members had for years been yearning for the inclusion of Arabic as one of the official languages of IOSCO since about 50% of the member countries within the AMERC region are Arabic-speaking nations.

Knowing that adopting Arabic will engender greater visibility and participation in IOSCO’s decision-making, Mr. Gwarzo promised to vigorously advocate its adoption by the IOSCO board. He persuasively argued on the importance of the systemically important Arabic-speaking member jurisdictions who regulate capital markets worth trillions of dollars in combined capitalization. His argument has been effective as the IOSCO board recently considered and approved the adoption of Arabic as one of its official languages, a decision that pleases countries like Saudi Arabia and the UAE but also elevates the inroads non-interest finance could begin to have on the global financial system.

In the area of capacity building, Mr. Gwarzo’s tenure has been even more remarkable. He has championed ideas within the IOSCO board that will enhance the capacity of AMERC markets, especially tapping from their more developed counterparts in Asia, Europe and North America.