Kenya, Angola sign deal to regulate capital markets

The Capital Markets Authority (CMA) has signed a Memorandum of Understanding (MoU) with the Capital Markets Commission of Angola to promote information sharing and offer technical assistance between the two regulators.

The two bodies are planning to use the new platform to deepen the penetration of capital markets in the two countries. They also want to promote fairness in the markets by ensuring that people doing business in the two countries are fully licensed and qualified.

Acting Chief Executive at CMA notes that the MoU underscores the securities’
regulators global commitment to facilitate the sharing of both public and non-public information with domestic and foreign counterparts. “This agreement is in line with the objective of establishing information sharing mechanisms that set out when and how they will share information,” said Muthaura.

“The partnership underscores the importance of international co-operation to the development and maintenance of an open, fair, orderly and sound domestic financial services industry in Kenya and Angola respectively.”

The partnership is meant to promote the increasing international activity in the supply of financial services and the corresponding need for mutual co-operation and the sharing of information in the administration and enforcement of laws, regulations and rules concerning the financial services industry in Kenya and Angola.

“One of the principles of securities regulations by the International Organization of Securities Commissions (IOSCO), the global standard setter for the regulation of the capital markets industry that brings together 120 securities regulators, is founded on cooperation among regulators,” added Muthaura.

Augusto Archer Mangueira, Chairman, Capital Markets Commission of Angola observed that consultations shall assist in the development of mutually “agreeable approaches for strengthening the financial markets of the Authorities’ jurisdictions while avoiding conflicts that may arise from the application of differing regulatory practices.”