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Financial Services Regulation
Coordinating Committee (FSRCC)
The CBN in April 1994 undertook to facilitate a formal framework for the co-ordination of regulatory and supervisory activities in the Nigerian financial sector by establishing the Financial Services Coordinating Committee (FSCC) to address more effectively, through consultations and regular inter-agency meetings, issues of common concern to regulatory and supervisory bodies. On 27th May, 1994, the name of the Committee was changed to Financial Services Regulation Coordinating Committee (FSRCC).
The Committee was accorded legal status by the 1998 amendment to Section 38 of the CBN Act 1991 and formally inaugurated by the Governor of the CBN in May 1999.
Membership
- Central Bank of Nigeria (Chairman)
- Securities and Exchange Commission
- National Insurance Commission
- Corporate Affairs Commission
- Federal Ministry of Finance
In order to enhance the effectiveness of the Committee, the Nigeria Deposit Insurance Corporation, The Nigerian Stock Exchange and National Board for Community Banks were co-opted as observers.
Objectives
The objectives of the reconstituted Committee were to:
- Coordinate the supervision of financial institutions;
- Cause the reduction of arbitrage opportunities usually created by differing regulatory and supervisory standards among supervisory authorities in the country;
- Deliberate on problems experienced by any member in its relationship with any financial institution;
- Eliminate any information gap encountered by any regulatory agency in its relationship with any group of financial institutions;
- Articulate the strategies for the promotion of safe, sound and efficient practices by financial intermediaries
- Deliberate on such other issues as may be specified from time to time.
The Committee operates through five sub-committees
- The Financial Sector Distress Sub-Committee
- The Harmonisation and Coordinating Sub-Committee
- The Information Sharing Sub-Committee
- The Legal and Enforcement Sub-Committee
- The Financial Market Development Sub-committee
