Category: Capital Market

• Makanjuola retires

Shareholders of Vitafoam Nigeria Plc has approved the distribution of N1.9 billion as cash dividends for the 2022 business year.

At the annual general meeting (AGM) in Lagos, shareholders approved payment of a dividend per share of N1.52.

Chairman, Vitafoam Nigeria Plc, Dr Bamidele Makanjuola said the fundamentals of the company’s business remain strong as the growth in turnover in a volatile operating environment exemplified the unique strength and resilience of its brand.

He noted that while turnover grew substantially, profitability was hobbled by raw materials price inflation at both local and international markets.

He added that the company had to contend with many headwinds including a sharp decline in naira exchange rate relative to other major currencies, the paucity of foreign exchange, high inflation, poor purchasing power, and low disposable income of consumers among others.

He assured that with renewed confidence, efforts will be intensified to grow the business lines by expanding Vitafoam’s product offerings.

Makanjuola, who announced his retirement to the shareholders, after 10 years of service in line with the company’s tenure policy, commended the board, management and shareholders for their support throughout his tenure.

He assured that with the company’s team of innovative management and staff,  it shall continue to post strong earnings and generate shareholder value irrespective of vagaries in  the operating environment.

Shareholders celebrated and showered encomiums on Makanjuola for his exemplary leadership, characterised by integrity and dedication.

They noted that during his tenure, Vitafoam recorded exponential progression in virtually all performance indicators.

President, Noble Shareholders Solidarity Association (NSSA), Mr Mathew Akinlade said Makanjuola and Vitafoam deserved commendation as the company maintained strong growth during his tenure as chairman of the board.

“A peep at just the last five-year performance alone is quite revealing that Vitafoam under Dr Makanjuola had grown tremendously. For instance, the revenue grew from N19. 5 billion in 2018 to N46. 3 billion in 2022,  an increase of 137 per cent . The earnings per share moved from 57 kobo to N3.38, an increase of 493 per cent. The man deserves to be celebrated,” Akinlade said.

Group Managing Director, Vitafoam Nigeria Plc, Mr Taiwo Adeniyi attributed the company’s resilience to innovation and corporate culture of quality products and services.

“You may see two products looking so much alike in the market but they do not cost the same price. Intrinsic values in our products stand us out. We have created a niche market for ourselves. We don’t play in every market. We don’t run at the same pace with others. We invest heavily in research and development and we customise our products to address the needs of our diverse customers, including consideration for age and gender. This is what is standing us out in the market place. We produce well and price well,” Adeniyi said.

United Capital Plc rode on the back of increased revenue and profit to build up its balance sheet to about N602 billion in 2022.

Audited report and accounts of the investment bank and pan-African financial services group showed that United Capital maintained its growth trajectory in 2022. Gross earnings rose by 49 per cent to N26.90 billion by the year ended December 31, 2022. Profit before tax also increased by 13 per cent to N13.50 billion. Total assets grew by 33 per cent t5o N601.92 billion. Shareholders’ funds increased by eight per cent to N32.99 billion.

The board of directors of the company has recommended dividend per share of N1.50 in a show of confidence that underlined its stable profit margin.

Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, said the group navigated a difficult terrain in 2022 to sustain earnings growth and deliver decent returns to shareholders.

He said the group strengthened its organisational resilience to factors militating against business growth, particularly in emerging economies.

“Our operating environment despite the undulating landscape continues to present windows of opportunities for all our businesses in the locations we operate. This is accentuated by the 49 per cent growth in revenue to N26.90 billion which helped offset increased operating expenses resulting from very high inflation and severely impacted macroeconomic environment which we anticipated in fourth quarter 2022.

“We remain upbeat about sustaining our performance in 2023 having kicked off the year in a robust financial position with close to N1 trillion funds under management comprising trusts, mutual funds, and other professionally managed investments for our clients across diverse segments.

“The group is better positioned to deliver on our growth objectives while remaining competitive and sustainably profitable. We will continue to prioritize activities that create and preserve value for all our stakeholders into the foreseeable future,” Ashade said.

He noted that 2022 also marked the beginning of a new corporate strategy cycle poised to propel the company to new heights.

He said the new strategy has already begun to yield results, as evidenced by its financial performance, pan-African footprints, expansion into global markets, and strategic partnership with two leading Swiss investment banks.

He pointed out that the company was also recognized by Financial Times as one of Africa’s Fastest Growing Companies and received the 2022 Sectorial Leadership Award (Financial Services – Other Financial institutions) at the 2022 Pearl Awards.

He noted that United Capital was already on an accelerated path to success in the new year as the Central Bank of Nigeria (CBN) has granted it a microfinance banking license, allowing it to expand its business activities and potential earnings further.

The Nigerian Exchange Group (NGX Group) Plc grew its top-line by 10.3 per cent to N7.5 billion as its asset base also expanded by 50.7 per cent to N57.1 billion in 2021.

Key extracts of the audited report and accounts of NGX Group for the year ended December 31, 2022 showed that gross earnings rose from N6.80 billion in 2021 to N7.50 billion in 2022. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 70.6 per cent from N775.9 million in 2021 to N1.32 billion. Earnings before interest and tax also jumped by 74.2 per cent from N281.8 million to N772.7 million.

However, with higher finance costs and operating expenses, profit before tax dropped by 65.7 per cent from N2.40 billion to N823 million. After taxes, net profit dropped by 68.9 per cent from N2.25 billion to N698.5 million.

The balance sheet of the group emerged stronger as total assets rose by 50.7 per cent from N37.87 billion in 2021 to N57.06 billion. Shareholders’ funds inched up by 7.9 per cent from N34.11 billion to N36.82 billion.

Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr Oscar Onyema said the group has continued to bed-down its operations post demutualisation and restructuring.

According to him, despite the economic headwinds affecting the country, as demonstrated by the year- end results, the group has continued to create lasting value.

“Our top-line expansion drove a 70.6 per cent increase in Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) in 2022. In the same year, the group leveraged its strong equity position and strategically increased its investment in an associate company in order to drive growth, boost efficiency and further maximise overall shareholder value,” Onyema said.

He explained that the bottom-line operating performance slipped mainly due to the interest expenses resulting from borrowing to fulfil the strategic acquisition mentioned above.

He pointed out that the double-digit growth in the top line was because of the persistent growth in revenue and an impressive increase of other income. Revenue grew by 6.8 per cent to N6.2 billion from N5.8 billion driven largely by the 51.2 per cent growth in treasury investment income to N2.0 billion in 2022 as against N1.3 billion in 2021.

“Our growth will be driven by deepening value creation in subsidiaries and expansion into adjacent businesses. As an organisation, we remain committed to becoming Africa’s preeminent integrated market infrastructure group,” Onyema said.

Neimeth International Pharmaceuticals Plc at the weekend listed additional 2.374 billion ordinary shares.

The new listing boosted the company’s market capitalisation by N3.67 billion. 

With the additional shares, Neimeth’s paid yp share capital or outstanding issued shares increased from 1.889  billion shares to 4.273 billion ordinary shares of 50 kobo each. 

The newly listed shares arose from recent recapitalisation of the company by its shareholders. 

Neimeth had offered 2.374 billion ordinary shares of 50 kobo each to existing shareholders at N1.55 per share. The rights issue was pre-allotted to existing shareholders on the basis of five new shares for every four shares currently held. Application list for the rights issue opens on August 3, 2022. The offer was fully subscribed. 

Shareholders of the company had in March, 2022 at the 63rd annual general meeting (AGM) approved the creation of about 2.374 billion additional ordinary shares which would be allotted at the rate of five new shares for every  four shares currently held in the company. 

Chairman, Neimeth International Pharmaceuticals Plc, Dr. Ambrosie Orjiako, said the company was raising funds two key reasons of constructing a world-class factory compliant to World Health Organisation (WHO) current Standards of Good Manufacturing Practice (cGMP)  at Amawbia in  Anambra State and to boost its working capital.

He said the projects will not only sustain the current upbeat performance of the company but will give it a quantum leap into the league of leading global health care commodities producers.

Capital market regulators and operators are working to develop products that would make the market attractive to the younger generation.

This is to further deepen the market, where youths constitute less than 20 per cent of domestic retail investors. 

Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda stated this in at the weekend.

Yuguda, who was represented by the Head, Office of the Chief Economist of the SEC, Dr. Okey Umeano, stated that this is one of the provisions made in the revised capital market plan in a bid to make further products available to the populace.

“I must tell you that the demographic in our market is graying and it is a source of worry. That is one of the things we are covering in the Revised Capital market master plan. We are encouraging Capital Market operators to develop technology. The youths do not want to come in and start filling five page forms because they want to access the market, they want to pick their phones and make their investments. 

“That is why we are improving our Know Your Customers;we are improving so many things to make it easier for them. That is why we are introducing these Fintechs. We are allowing these Fintechs to come because we see the Fintech as an important gateway for youths to enter the market. We are conscious of that and we are working towards it,’’ he said. 

Yuguda said the youth must understand that the capital market is a viable platform for wealth creation assuring them that the SEC and the market is working on how best to serve them. 

“We are striving to improve the way we deliver our products, to improve market efficiency and to make the market attractive to them. Most importantly, we are doing all we can to ensure that investors are adequately protected in the market and that they are able to get the benefits of their investments,” he stated.

He further stated that the SEC is working to ensure that the commodities market gets all the support required to grow and support the economy.

“We have about six commodities exchanges and we are doing a lot to bring them up to standard. We cannot say that we want to grow the agricultural part of our economy if we do not have a market to support it and that is what we are doing. That market is growing in leaps and bounds, so that is another achievement.

“We are beginning to see some results of these our efforts in that area. Before now, when we did not have this market, farmers were not able to get good price discovery for their products. Therefore, if you have a good commodities exchange, it helps price discovery and it helps credit to flow to the farmers,’’ he said. 

Umeano stated that because there is good price discovery, people can now ascertain what they can get if they farm a particular produce within a particular period. That is what the value chain that commodities segment of the market is opening up.

“You will soon start seeing it. It is happening but you know it is a new area, it is growing and it is an area we are proud of. it is growing in leaps and bounds; you can see the percentage growth that we have. But I must tell you, it is still a small market compared to the size of the economy but then they said the journey of a thousand miles starts with a step and I can tell we have made many steps in that direction.

He said the SEC has increased the number of products in the market as the market now has derivatives and also started to support the non-interest capital market. 

“We are now getting issuances in the non-interest area and we are expanding the opportunities for everyone. We are also involved in integrating the capital markets across Africa and across West African region too, we are a pace setter there. We are also trying to expand what is available to people who are investors in Nigeria so these are things we have done. I am not saying that the SEC has done all that is possible to do but I know that we are on track,” he added.

The Nigerian Exchange (NGX) has reiterated its commitment to the development of Islamic finance as the Exchange admitted TajBank Limited’s N10 billion Sukuk Mudarabah for trading on its platform.

Speaking at the commemorative closing gong ceremony to mark the listing, Divisional Head, Capital Markets, Nigerian Exchange (NGX), Mr Jude Chiemeka said the Exchange remains committed to diversifying the capital market by providing broad portfolio of securities for various categories of investors.

He said NGX would continue to support companies  and governments by providing a platform of choice for capital raising and linking them with a diverse pool of investors.

“The Exchange is also committed to the development of Islamic financing in the Nigerian capital market and continues to implement initiatives to deepen its offerings,” Chiemeka said.

He commended the efforts of TajBank’s leadership and the parties to the issue: Greenwich Merchant Bank, Lead Issuing House; 117 Capital & Buraq Capital, Joint Sharia Advisers; and United Capital, Brokers, on the transaction.

TajBank’s N10 billion 15 per cent Series 1 Sukuk Mudarabah bond has both features of equity and debt. The N10 billion Sukuk Mudarabah Issuance is an additional Tier 1 capital with loss-absorbency and a first-of-its- kind in Nigeria which is being raised under the TajBank N100 billion Sukuk Mudarabah Programme aimed at strengthening the bank’s capital adequacy ratio.

Chief Executive Officer, TajBank, Hamid Joda reiterated the strategic importance of Islamic financing and how it can drive national development.

He also thanked NGX for its support and pledged to continue to collaborate with the Exchange for the development of Islamic finance in the country.

According to him, the Sukuk bond issuance by TAJ Bank is a very important milestone in the history of Nigeria’s capital market.

 ”I believe that after this issuance, we will see a number of companies in the Nigerian market coming out to issue Sukuk bonds and that will lead to the deepening of the non-interest mar ket and eventually economic development of Nigeria,” Joda said.

Joda noted that the bank’s issuance received interest from both retail and institutional investors, resulting in a subscription of 113.6, per cent, adding that the oversubscription of the Issuance demonstrated that the investment culture in the country is still vibrant and there is sustained confidence in Nigeria’s path to economic recovery and stability.

“Millions of investors have been yearning for non-interest or Islamic instrument. We believe this is an opportunity for them to invest in such an instrument. The funds raised will be deployed into high-impact sectors that create jobs in Nigeria’s economy and in that way, it will have high-impact opportunities for millions of Nigerians.

“I believe with this move; we have inspired many other corporates in the financial space to come on board and issue Sukuk for greater development of our dear country,” Joda said.

Chairman, TAJBank, Alhaji Tanko Gwamna said the listing of the Corporate Sukuk was what the capital market needs to enhance liquidity and further grow Nigeria’s economy.

He said the bank was considering investing the net proceeds from the Sukuk in the manufacturing and agriculture sectors.

 ”Manufacturing sector is the only sector that can take most of the youth out of the street and keep them engaged. Also, we are funding agriculture production and its value chain from start to finish. These two sectors are where we wanted to fund the Sukuk issuance.

 ”The listing on the Exchange is for investors to trade in the Sukuk and diversify their investment.

“We are setting the trend and I’m sure a lot of corporates will come along. We are making more offerings because the market is in need of corporate Sukuk. It was a transparent exercise and people can trade with our Sukuk and it will offer more liquidity for economic growth,” Gwamma said.

He added that the bank would soon be back in the capital market to raise more funds.

Commonly referred to as Islamic Bonds, Sukuk – a non-interest-bearing bond- has helped government diversify its sources of funding while offering ethical investors an opportunity to invest in government-issued securities. The instrument has not only helped the government achieve a higher level of financial inclusion but has served as a reference for pricing Sukuk issued by other bodies, especially the private sector.

Lagos Free Zone plans to access the capital market and list on the stock market as part of efforts to provide Nigerian investors with the wealth creation by the Zone.

Chief Executive Officer, Lagos Free Zone, Mr. Dinesh Rathi, said his firm has assisted in creating employment for more than 7,000 people and investment has also gone up by considerably since they commenced operations.

Rathi spoke during with Securities and Exchange Commission (SEC), Nigeria Export Processing Zones Authority and the Lagos Free Zone in Abuja.

Rathi expressed appreciation to the SEC management for the support and progress on the draft regulation to enable the Zone access the capital market.

“We hope the entire regulatory framework on Free Zone listing is completed by April. We solicit your support as this will pave the way for other operators who are having their own free zones to follow suit.

“Listing is not only a financial step, but will also help deepen the market and attracts more investors. Listing creates a lot of positivity. Once the Free Zone is listed, part of the port gets listed too. In future, there is a possibility of the port also coming to the market. It is very crucial in a lot of ways and the faster it is done the better for all. We want to get past the finishing line quickly,” Rathi said.

Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda enjoined the management of the Lagos Free Zone to step up their investor enlightenment campaign as the company prepares to access the capital market. 

He said there were a lot of ignorance among investors in this regard, stating that when companies are planning to access the market there is need for aggressive investor education to enable them make informed decisions.

“When you come to the market to list, you need to massively educate people. The reason why companies list is to be able to have access to a wide range of investors, from small to big. The key thing between companies is cash flow and if you have a positive cash flow over a long period of time it makes your company attractive to investors. If you add this to the fact that you are operating in NEPZA regulated Free Zone, that adds another layer.

“Investors would need to have as much information as possible about the operations of your company, especially since it operates within a free zone. They want to know how the NEPZA Act affects your cash flows, and what is available to investors. These are important so investors can see the value the companies in the free zone have over the ones that are not operating there. They also want to know what the goal of listing is as you need to erase those doubts and scepticism before listing,” Yuguda said.

He said that given the quantum of development and investment domiciled within the free zone, it holds the key to Nigeria’s future and commended the management for already contributing immensely to the economy by attracting international brands like Kellogg’s, Dano, BASF and Colgate to the Zone.

“Lagos Free Zone is enough to give domestic and international business communities the hope and courage to make valuable investments in Nigeria. You can imagine how much we spend travelling to buy goods abroad. With LFZ, I am convinced that we can transfer some of our demand to local production. I believe this is a bold step to bring back Nigeria’s industrial prowess,” Yuguda said.  

He then pledged the SEC’s backing to ensure that the free zone remains attractive to investors and all other stakeholders by providing prompt regulatory backing where necessary.

Managing Director, Nigeria Export Processing Zones Authority, Prof. Adesoji Adesugba stated that the aim of the free zone scheme was to bring companies that are faraway to operate within Nigeria where they can build their factories here, employ Nigerians and also export the products using the relevant laws beneficial to them. 

“To make it efficient, they are like a country within a country not subject to normal Nigerian laws. Since the SEC is efficient, we can allow you in to regulate these companies. People need to understand that investment into this enclave before now was an FDI, no tax and the investors can take away 100 per cent of their profit.

“They will be able to make reports to shareholders, the governance structure that is being utilized is as stipulated by the SEC. SEC stipulates the rules before listing is done,” Adesugba said. 

He said that as a Nigerian, he prefers that Nigerians also benefit from the profits of these companies operating within the country hence his support on the listing desire of the Lagos free zone.

“I would not want people to come here, develop a port and take away profit 100 per cent without Nigerians benefiting from it. We need to design the regulations in such a way that the funds that are coming from the capital market suits our purposes. It is like a foreign country, but it is still in Nigeria and Nigerians should be able to invest and get paid the dividends of their investments. The free zone is more efficient and does not allow those things that affect commerce ordinarily affect it,”  Adesugba said. 

He commended the SEC management on their efforts in ensuring the listing process is expedited. We need to finalise this work together and ensure that we meet the timelines

Downstream petroleum companies were the highest gainers at the Nigerian stock market yesterday as investors continued to take positions in oil and gas stocks with expectations that their strategic link in national energy distribution would lead to improved returns.

Gains by Conoil Plc and MRS Oil Nigeria Plc boosted the overall market position and helped to moderate losses by banking stocks. Conoil recorded nearly the highest allowable percentage change of 10 per cent with a gain of 9.98 per cent to close at N35.25 per share. MRS Oil Nigeria followed with a gain of 9.24 per cent to close at N23.

Benchmark indices at the equities market indicated average gain of 0.07 per cent, equivalent to net capital gain of N20 billion.

The All Share Index (ASI)- the common value index that tracks all share prices at the Nigerian Exchange (NGX), inched up from its opening index of 54,327.30 points to close at 54,364.67 points.

Aggregate market value of all quoted equities also rose simultaneously from its opening value of N 29.591 trillion to close at N29.611 trillion.

There were 18 gainers to eight losers. Other top gainers included Chams Holding Company, which rose by 8.0 per cent to close at 27 kobo per share; GlaxoSmithKline Consumer Nigeria rallied by 6.25 per cent to close at N6.80 while Champion Breweries appreciated by 6.22 per cent to close at N4.78 per share.

On the negative side, CWG led the losers with a drop of 9.18 per cent to close at 89 kobo. Fidelity Bank followed with a loss of 2.87 per cent to close at N5.42. Nigerian Aviation Handling Company (NAHCO) declined by 2.38 to close at N8.20 per share. FBN Holdings (FBNH) lost 1.69 per cent to close at N11.65 while Union Bank of Nigeria (UBN) dropped by 0.75 per cent to close at N6.65 per share.

The momentum of activities slowed down with total turnover dropping by 19.8 per cent to 140.841 million shares worth N3.159 billion in 3,553 deals. United Bank for Africa (UBA) topped the activity chart with 28.624 million shares valued at N239.736 million. Guaranty Trust Holding Company (GTCO) followed with 22.878 million shares worth N575.257 million. Access Holdings traded 14.743 million shares valued at N134.235 million. Zenith Bank recorded 12.598 million shares valued at N319.219 million while Chams Holding Company posted 5.451 million shares worth N1.456 million.

Analysts at United Capital said they expected the depressed interest rate environment to continue to favour the equities market in line with expectations for first quarter 2023.

“We note that the profit-taking activities seen during the week serve as a caution to market participants as the bears may fully resume,” United Capital stated.

Shareholders of Royal Exchange Plc have authorised the board of the company to raise new equity capital of up to N2.06 billion from existing shareholders.

At an extraordinary general meeting, shareholders approved resolutions authorizing the issuance of 4.112 billion ordinary shares of 50 kobo each to existing shareholders with a view to raising N2.058 billion. The rights issue will be pre-allotted on the basis of four new ordinary shares for every five shares held as at the qualification date.

The meeting mandated the board to fix the offer price and shareholders also waived their pre-emptive rights to allow the company offer unsubscribed shares to interested investors, on the same terms as the rights issue.

An investment fund set up by the German government recently acquired 39.25 per cent in Royal Exchange General Insurance Company (REGIC) Limited, a subsidiary of Royal Exchange. The investment fund- InsuResilience Investment Fund (IIF) was set up on behalf of German government by KfW and managed by Swiss-based Impact Investment Manager BlueOrchard Finance Limited.

The proceeds of the acquisition would help REGIC to spur growth by increasing its risk capital and supporting its underwriting capacity in agriculture, thus extending its outreach to low income farmers.

Based in Luxembourg, IIF was set up by KfW, the German Development Bank, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The overall objective of IIF is to contribute to adaptation to climate change by improving access to and the use of insurance in developing countries.

The board of International Organisation of Securities Commissions (IOSCO) has published a revised version of its 2011 principles for the regulation and supervision of commodity derivatives markets.

IOSCO is the global body for securities regulator. Nigeria is a member of IOSCO.

According to IOSCO, the aim of the revision was to ensure that the principles continue to provide a resilient framework for the regulation and oversight of the commodity derivatives markets.

The body noted that while the principles reflected the characteristics of commodity derivatives markets in 2011, these markets have continued to evolve over the past decade, spurred by various market developments and international events in the form of external disruptions, such as the COVID-19 pandemic and the Russia-Ukraine conflict.

Chairman, IOSCO Board,  Chair Jean-Paul Servais said various events last year highlighted how continued geopolitical tensions and heightened macroeconomic uncertainty can disrupt global commodity markets and create significant volatility, with potential knock-on effects on the broader financial system.

He pointed out that originally published in 2011 as a G-20 mandate, the IOSCO principles were aimed at ensuring the integrity of commodity derivatives markets.

“As recent events demonstrate, proper implementation of the principles is essential for sound price formation in commodity derivates markets and the underlying physical energy, metals and food markets, which all are core to the functioning of the global economy,” Srvais said.

IOSCO stated that the 24 revised principles seek to support the physical commodity derivatives markets in providing their fundamental price discovery and hedging functions, while operating free from manipulation and abusive trading schemes.

In revising its principles, IOSCO focused on market surveillance; transparency; price discovery; the correlation with physical markets; addressing disorderly markets; responding to market abuse; and strengthening the enforcement powers of trading venues against end-user behaviors.

The principles in general and the revisions address various issues highlighted during the recent commodity markets turmoil and volatility.

Specifically, the new principle 16 on unexpected disruptions aims to guide regulators in restoring orderly markets in the case of an unexpected disruption and ensure market participants have a process and adequate plans to address these events.

IOSCO believes that relevant market authorities should review their policies and regulation to ensure that the principles are put into effect.

IOSCO is the leading international policy forum for securities regulators and is recognized as the global standard setter for securities regulation. The organization’s membership regulates more than 95 per cent of the world’s securities markets in some 130 jurisdictions

The IOSCO Board is the governing and standard-setting body of IOSCO and is made up of 35 securities regulators.   Servais, Chairman of the Belgium’s Financial Services and Markets Authority (FSMA) is the Chair of the IOSCO Board. The members of the IOSCO Board are the securities regulatory authorities of Australia, Bahamas, Bangladesh, Belgium, Brazil, China, Egypt, France, Germany, Greece, Hong Kong, India, Ireland, Italy, Japan, Korea, Kuwait, Malaysia, Mauritius, Mexico, Morocco, the Netherlands, Oman, Ontario, Peru, Quebec, Saudi Arabia, Singapore, Spain, Sweden, Switzerland, Türkiye, the United Kingdom and the United States of America (both the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission).

The Chair of the European Securities and Markets Authority and the Chair of IOSCO´s Affiliate Members Consultative Committee are also observers.