Business

CIS, 3 others to float investment institute

The Chartered Institute of Stockbrokers (CIS) in collaboration with three other professional bodies has signed a Memorandum of Understanding (MoU) to establish Chartered Institute of Securities and Investment Management (CISIM) to bring securities dealers and investment managers in Nigeria under one umbrella. The CISIM’s Bill, which is currently with the National Assembly, will replace the Chartered Institute of Stockbrokers Act 105 of 1992 when passed into law. At the last count, apart from the CIS, the three other professional bodies that signed the MoU are the Association of Investment Advisers and Portfolio Managers (AIPM) The Fund Managers Association of Nigeria (FMAN), Association of Issuing Houses of Nigeria (AIHN) with ASHON’s Chairman, Chief Onyenwechukwu Ezeagu as an observer. 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 shall 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. “We share common goals and there is a need for standardisation to enhance our advocacy. The Association of Investment Advisers and Portfolio Managers (AIPM) subscribes to the ideals of the proposed Chartered Institute of Securities and Investment Management (CISIM) in Nigeria. “Our collaboration will bring about rapid development of the entire financial system. Nigeria is in dire need of funds for infrastructure development. Substantial part of the fund can be mobilised from the capital market.

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