CMA recognized for contribution to capital markets stability in Africa
Kenya’s Capital Markets Authority (CMA) has been recognized for its ’Outstanding Contribution to Capital Markets Stability Africa 2018’ for its ongoing initiatives to support and facilitate capital markets stability on the continent.
The award from the London-headquartered Capital Finance International (CFI) comes in recognition of the Authority’s engagement with industry stakeholders on key capital market stability initiatives to improve market transparency and accountability through strengthened governance, regulatory reporting & robust market infrastructure oversight.
CFI provides insights into some of the more complex areas of international finance and development issues both in print and online publications, with an emphasis on identifying examples and drivers of economic convergence.
Each year, CFI seeks out individuals and organizations that contribute significantly to the convergence of economies and truly add value for all stakeholders. Reporting from frontlines of economic convergence, CFI realizes that best practice is to be found throughout the world and the Awards Programme aims to identify and reward excellence.
The Authority since December 2016 has remained at the forefront of promoting informed policy and market development through the development & deliberation with market stakeholders of Quarterly Capital Markets Soundness Reports.
The CMA Chief Executive, Mr. Paul Muthaura observed that, ‘’the stability of the capital markets in Kenya, even as we pursue innovation, is critical in enhancing issuer and investor confidence that is at the core of growth, sustainability and economic transformation. Continuous industry engagement within the country and the region has supported greater convergence around joint strategies to address market concerns in conjunction with market practitioners’’
Mr Muthaura, who was recently appointed as the Chairman of the International Organization of Securities Commissions (IOSCO) Africa & Middle East Regional Committee, added that at the continental and global level, CMA Kenya is represented on the Financial Stability Board Regional Consultative Group for Sub-Saharan Africa (FSB) and the Board of IOSCO, which places Kenya in a unique position to shape policies and strategies that inform the capital markets stability agenda.
In line with its market stability goals, through proactive investigation and enforcement interventions, the Authority took significant strides in reinforcing market accountability.
The Authority also continues to engage the Legislature, Judiciary and the Executive to ensure an appropriate legal, policy, and regulatory framework for the orderly, efficient and transparent capital markets to continue to develop in Kenya
The award comes on the back of multiple awards to the Authority as the ‘Most Innovative Capital Markets Regulator in Africa’ in 2015, 2016, 2017, and 2018.
Mr Muthaura noted that this latest recognition will provide renewed energy to the Board and staff of the Authority as they implement the newly launched Strategic Plan for 2018-2023, which is focused on facilitating accelerated growth and deepening of the capital markets through continuously improving the user experience of investors, issuers and intermediaries.