Kenya’s Capital Markets Authority (CMA) has signed an agreement with the Financial Services Commission (FSC) Mauritius to strengthen compliance in the Kenyan and Mauritian capital markets.
The agreement is set to boost the efficiency, integrity, and financial soundness of the capital markets by improving supervision of cross-border transactions, enhancing regulation and reducing fraudulent practices in Kenya and Mauritius.
Through the partnership, the two market regulators aim to increase their knowledge and understanding of the laws and regulations in the fintech space, financial instruments, market intermediaries, and asset management.
Commenting on the milestone, the Chief Executive, Mr Dhanesswurnath Thakoor, stated that “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 repute of the financial services sector”.
‘’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. 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’’ CMA Chief Executive, Mr Wyckliffe Shamiah, observed.
CMA and FSC will hold study tours, exchange programmes and secondments for their technical staff to build internal capacity.
Recently, CMA signed a Memorandum of Understanding (MoU) with the Kenya Private Sector Alliance (KEPSA) to support market deepening and leveraging capital market products to catalyse growth in line with the Big 4 Agenda and Sustainable Development Goals.
The MoU aims to ensure that many of the MSMEs affected by the COVID-19 Pandemic will discover their way to recovery and that they can access the capital market products, hence easing their burden of getting credible financing for their operations’
