The Capital Markets Authority (CMA) has signed a cooperation deal with the Financial Services Commission (FSC) in a bid to strengthen compliance in the country and Mauritian capital markets.
Speaking on Monday, CMA Chief Executive Officer, Wickliffe Shamiah said, the partnership with the FSC is dependent on their strategic objective of fostering strategic influence by partnering with peer regulators in Africa and beyond for mutual benefit.
‘’The partnership with FSC is underpinned by our strategic objective of enhancing strategic influence by partnering with peer regulators in Africa and beyond for mutual benefit,” Shamiah said.
The CMA boss said the agreement signals an opportunity to build the authority’s internal capacity through exposure of their staff.
“We see this as an opportunity to build our internal capacity through exposure for our technical staff to best practices that can support the capital markets in facilitating economic transformation as espoused in the Capital Market Master Plan (2014-2023) which is aligned to Kenya’s Vision 2030 Economic Blueprint,” he said.
The FSC Chief Executive Dhanesswurnath Thakoor has lauded the move noting that the agreement will ensure commitment to facilitate effective cross-border cooperation and information sharing with its African counterparts.
The FSC chief added that seamless cooperation between the two bodies will uphold compliance.
“This initiative reinforces the FSC’s commitment to ensure effective cross-border cooperation and information sharing with its African counterparts. The FSC will collaborate further with the CMA to reinforce compliance thereby upholding the resilience and sound reputation of the financial services sector,” Thakoor said.
The Capital Markets Authority (CMA) is charged with the prime responsibility of both regulating and developing orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. On the other hand, the Financial Services Commission (FSC) is the integrated regulator for the non-banking financial services sector and global business.