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CHARTERED INSTITUTE OF STOCKBROKERS BILL ON SCOPE OF OPERATION TO RECEIVE SENATE ASSENT SOON

CHARTERED INSTITUTE OF STOCKBROKERS BILL ON SCOPE OF OPERATION TO RECEIVE SENATE ASSENT SOON
Th e Chairman, Senate Committee on the Capital Market, Senator Festus Ogwuma, has said that the Bill to expand the scope of operations of the Chartered Institute of Stockbrokers (CIS) to serve as the hub of all professional associations in Nigeria would be passed very soon. Senator Ogwuma , who was a guest at the 2017 National Workshop of the CIS 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 which would allow for 90 days to give room for redress. In the same vein, the Finance Minister, Mrs Kemi Adeosun assured the stockbrokers of the government’s continuous support for them as distribution agents in the value chain of fi nancial intermediation. Corroborating him, the President, CIS, Mr Oluwaseyi Abe said the Institute had established strategic alliance with 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-AloneCertifi cation 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 Chartered Institute of Securities and Investment (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.






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