Thursday, June 21, 2018 11:50 AM / CIIA
The move towards enhanced and more effective protection of investor interests in the Nigerian financial market took a new and significant turn towards realization when the Securities and Exchange Commission (SEC) approved on April 20, 2018, the registration of the official trade group for registered investment advisers in the country.
By this new development, all 160 (one hundred and sixty) SEC registered corporate and individual investment advisers in Nigeria are expected to adopt and adhere to the professional code of ethics and standards of practice of the ASSOCIATION OF CORPORATE AND INDIVIDUAL INVESTMENT ADVISERS - CIIA.
CIIA, as a trade group, is driven by the strong ideology of the Operator’s fiduciary responsibility to the investor - to ensure professional conduct at all times - and by this is launching out with the fundamental objective of building and protecting investor TRUST on the four pillars of its PETS project.
CIIA expects that in the not too distant future, every registered investment adviser shall ensure that their services are provided strictly in line with the following key (PETS) principles:
1. Professionalism in investment analysis;
2. Elimination of conflicts in investment recommendations;
3. Transparency in investment actions and;
4. Standardisation of investment performance reporting.
In its inaugural council meeting held Tuesday 12th of June 2018, President and Chairman of Council, Mrs. Oluwatoyin Sanni, emphasised that retail and institutional investors in our market are yet to enjoy the best of what advisory services can offer, highlighting the programmes of the new body. She underscored the urgent need to restore and build TRUST, being the most important ingredient in the overall investment management industry.
According to her, the CIIA Project has been on the design table for a while and the enthusiasm to get it up and running was heightened after recent financial market crisis.
The CIIA is an offshoot of the Association of Investment Advisers and Portfolio Managers, IAPM, a body that has been developing investment professionals and protecting investor interests through various initiatives such as capacity building programmes and investor seminars and conferences since 1982.
The CIIA also aims to raise industry standards of engagement with the retail investor community.
According to the Vice President, Mr. Akin Adeniyi, CIIA will also be partnering with financial market regulators through different initiatives to improve financial literacy within the Nigerian public.
He added that the association's forthcoming activities include a special members' forum slated for September this year, details of which will soon be circulated.
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