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CMA and Capital Markets Commission of Angola sign MOU

Nairobi, February 24, 2015… Capital Markets Authority Kenya (CMA) and Capital Markets Commission of Angola have today signed a Memorandum of Understanding (MOU) that promotes and facilitates information sharing and technical assistance among the two regulators. The purpose of the partnership is primarily to support supervisory and regulatory coordination between Kenya and Angola, with an ultimate goal of ensuring that markets are fair, efficient and transparent.

The MoU provides a framework that encourages technical assistance and capacity building experiences between the two regulators relating to product development and deepening of the capital markets; supervision and enforcement of licensed market intermediaries, investigation and enforcement and will also ensure that all persons doing business in the capital markets between the two countries are fully licensed and qualified.

While signing the MoU, Paul Muthaura, Acting Chief Executive at CMA noted that the MOU underscores securities regulators global commitment to share 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.

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. It will also 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,’ said Mr 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.

CMA has been a full member of IOSCO since 1994 and signed the IOSCO Multilateral Memorandum of Understanding concerning Consultation, Cooperation and the Exchange of Information (MMOU) in April 2009, in recognition of compliance with cooperation and enforcement requirements. CMA has signed MOUs with the capital market regulators in Tanzania, Uganda, Rwanda, Burundi, Nigeria, South Africa, Ghana, Mauritius, Malaysia and Chinese Taipei.

Nairobi cityscape - capital city of Kenya

IOSCO Board Meeting, Seoul Korea, Feb 2015

Capital Markets acting Chief Executive Mr. Paul Muthaura (back row, 5th from left) during a board meeting of the International Organization of Securities Commissions held in Seoul, South Korea from 11 to 13 February, 2015. Mr. Muthaura also seats on the Growth and Emerging Markets Steering Committee (GEMC) which is charged with representing the interests of more than 75 percent of the membership of IOSCO covering the spectrum of the most developed emerging markets including the BRICS to frontier and nascent capital markets. Mr. Muthaura was elected to join the Board in September 201

Nairobi cityscape - capital city of Kenya

CMA grants approval to UAP Holdings Limited for issue of Ksh2 billion bond

Nairobi, June 27, 2014…The Capital Markets Authority (CMA) has in accordance with its mandate to facilitate access to financial services through effective regulation and innovation granted approval to UAP Holdings Limited to issue and list on the fixed income securities market segment of the Nairobi Securities Exchange a Kshs2 billion bond pursuant to Section 30A of the Capital Markets Act.

‘The Authority granted the approval following review of the application and is satisfaction that it meets the requirements of the Capital Markets Act, and the Second Schedule and Part C of the Third Schedule to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002, by enabling investors make an informed decision,’ noted a statement released from the Authority.

UAP Holdings Limited notes that net proceeds from the issue of the Notes will be applied towards general corporate purposes, including capital management, funding long term assets and investments in subsidiaries.

ENDS

BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.

The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest.

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