The Capital Markets Authority (CMA) of Kenya has become the 28th signatory globally, and the second African country, of a globally recognised framework for cross border enforcement cooperation among securities regulators.
- •The signing of the Enhanced Multilateral Memorandum of Understanding (EMMoU) took place at the 50th International Organization of Securities Commissions (IOSCO) Annual Meeting in Doha, Qatar.
- •The EMMoU builds on IOSCO’s original MoU (2002) and introduces expanded enforcement capabilities that are critical in combating cross-border market abuse and financial fraud.
- •The framework includes enhanced powers to obtain and share information such as audit workpapers, compelled testimony, ISP records, telecommunications data, and the freezing of assets, collectively known under the acronym ACFIT.
According to IOSCO, these powers are essential in addressing today’s complex, tech-driven securities violations, particularly in the context of globalized markets.
Speaking during the signing ceremony, CMA Chief Executive Officer Wyckliffe Shamiah said the agreement aligns with the Authority’s 2023–2028 Strategic Plan, which prioritizes resilient markets, regulatory agility, and investor confidence.
“Increased globalization and technological advancement have transformed how securities violations occur. Effective oversight now hinges on timely cooperation and enhanced information sharing.”
Shamiah stated.
The CEO also noted that the EMMoU enhances the CMA’s ability to engage in real-time investigations, protect investors, and uphold market integrity across borders.
By joining the EMMoU, Kenya sends a strong signal to global investors and peer regulators about its commitment to international standards and transparent capital markets. The signing further empowers the CMA to request and provide regulatory assistance to other jurisdictions in a timely and secure manner.
Kenya joins a cohort of 28 jurisdictions worldwide that have met the EMMoU’s rigorous criteria. The move is expected to support efforts to grow Kenya’s capital markets by fostering confidence among domestic and foreign investors.
