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    A quarterly publication of the Capital Markets Authority

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    A proactive regulator of competitive and robust capital markets

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    Developing Kenya's capital markets to be an investment destination of choice through facilitative regulation and innovation.

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    Establishing a robust, facilitative policy, legal and regulatory framework for capital markets development

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    Promoting investor education, awareness and interest in the capital markets

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    Strengthening institutional capacity to effectively and efficiently deliver on its mandate


Nairobi June 20, 2017… The Association of Chartered Certified Accountants (ACCA) and the Capital Markets Authority (CMA) have today signed a further Memorandum of Understanding (MOU) to undertake joint financial literacy initiatives for an additional period of two years. The main objective of the MOU is to enhance financial literacy in Kenya through programmes targeting various stakeholders and builds on the previous joint initiatives under an earlier MOU.
Speaking during the signing ceremony, the CMA Director for Regulatory, Policy, and Strategy, Mr Luke Ombara, said the partnership is underpinned by the realisation that financial literacy is a fundamental intervention under Kenya’s Vision 2030 Economic Pillar, which seeks to deepen capital markets.
The joint financial literacy initiatives will target the media to promote excellence in financial reporting, recognizing that the media play a pivotal role in deepening financial literacy in Kenya. The partnership will also work with investment clubs, youth groups and involve packaging of joint publications and research on financial markets.


Mr Ombara added that the partnership will also leverage technology through joint web-based media outreach on financial initiatives through platforms such as Facebook, Blogs and Twitter.


Dr. Alex Mswaka, Head of Marketing for Sub-Sahara Africa, Markets (ACCA) said, “The MOU we are signing with CMA today is also part of our commitment to an all-inclusive approach involving working closely with all stakeholders – the government, the regulator, the market players among others – to promote the growth, efficiency and fairness of the financial sector in general. We recognize that no single stakeholder has the resources or the capacity to develop this sector alone.”

 

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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. For more information contact; Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it..

 


BACKGOUND INFORMATION ON THE ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA)
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 178,000 members and 455,000 students in 181 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 95 offices and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com

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