The Board of the Capital Markets Authority (CMA) has approved the appointment of the Capital Markets Master Plan Steering Committee which will be charged with developing a marketing strategy for the Authority.
Speaking at the CMA offices, the CMA Chief Executive Mrs. Stella Kilonzo stated that the Steering Committee which is composed of sixteen members will get down to business and scale the expectations and the scope of the market.
Composed of representatives from the Authority, capital markets players, International experts and independent capital markets professionals, the committee will be charged with the responsibility of developing a capital markets master plan that is intended to drive this market to greater heights.
Mrs. Kilonzo also stated that the Board of the CMA additionally approved the policy and regulations to facilitate issuance of fixed income securities in the East African Region.
“The Policy and Regulations had been developed under the auspices of the East Africa Securities Regulatory Authorities (EASRA), had been exposed for comment by stakeholders and the general public for a period of thirty days as required under Section 12 of the Capital Markets Act in the month of August 2011,” stated Mrs Kilonzo.
She added: “All the other East Africa Community partner states had also exposed the requirements for stakeholders’ comments and all the comments that had been received were jointly considered and necessary adjustments made.
The EASRA had adopted the issuance requirements and approval process at its 35th EASRA Consultative Meeting held in Bujumbura, Burundi on March 15, 2012.”
The EASRA Consultative Meeting agreed to immediately formulate and enact the requisite legislative instruments to allow for immediate implementation.