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. 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.
The agreement will 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.
CMA and FSC will hold study tours, exchange programmes and secondments for their technical staff in order to build internal capacity.
Speaking on the agreement, CMA Chief Executive Officer, Wyckliffe Shamiah said, “We see this as an opportunity to build our internal capacity through exposure for our technical staff to best practises that can support the capital markets in facilitating economic transformation…”
The FSC Chief Executive Dhanesswurnath Thakoor said, “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”.
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