CMA launches anonymous portal to report malpractices in the capital markets
Nairobi July 18, 2016…As part of its mandate of ensuring fair, orderly and efficient markets, the Capital Markets Authority (CMA) has launched an anonymous reporting portal to enable whistle blowers to report malpractices in the capital markets.
Speaking while announcing the launch of the portal, CMA Chief Executive, Mr Paul Muthaura, said the Authority is committed to ensuring that the market operates at the highest levels of integrity and is therefore creating new avenues to proactively receive constructive and sufficiently evidenced tips to improve responsiveness and strengthen timely enforcement.
Mr Muthaura added that the portal, which will be accessed through the Authority’s website, will give whistle blowers an opportunity to share anonymous but verifiable evidence with the potential to complement and support CMA’s investigation and enforcement efforts.
Using the portal whistleblowers can indicate the nature of the malpractice or allegation, the place, date and time of its occurrence, information on key suspects and details of persons who can verify or provide further information. Whistle blowers will also be required to attach supporting documentation to assist the investigations team at the Authority. To encourage the public to share information in their possession, whistle blowers will be at liberty to share their contact details or remain anonymous.
The CMA Chief Executive observed, ‘’We as an Authority recognize the pivotal role whistleblowers can play in assisting to initiate effective investigations which lead to sustainable enforcement actions. This helps ensure that market confidence can be strengthened and failures in integrity are responded to in a timely manner’’.
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.