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.