CMA Kenya Statement on Signing Enhanced Multilateral Memorandum of Understanding
Capital Markets Authority (CMA) Kenya Statement on Signing Enhanced Multilateral Memorandum of Understanding to enhance investor protection.
In line with its investor protection mandate, the Capital Markets Authority (CMA) Kenya has signed the Enhanced Multilateral Memorandum of Understanding (EMMoU). The EMMoU is set to enhance and advance mutual cooperation and the exchange of information among securities regulators across the globe with an objective to strengthen financial market integrity and investor protection.
The EMMoU was signed during the 50th Annual Meeting of the International Organisation of Securities Commissions (IOSCO) held 12-14 May in Doha, Qatar. CMA Kenya is a member of IOSCO. Kenya is the 28th country to sign the EMMoU among 130 jurisdictions, which are IOSCO members.
Mr. Shamiah observed; “increased globalisation, interconnectedness of financial markets, and advancements in technology have changed the way the securities industry operates and how violations of securities laws occur. This has led to a changed approach in regulatory oversight, where enhanced and timely information sharing and cooperation, have become corner stones of effective investigation of breaches and enforcement actions”.
The global financial crisis raised concerns around information sharing and cooperation between IOSCO members; keeping pace with technological and market developments; bolstering deterrence; and ensuring IOSCO continues to meet its objectives.
The EMMOU was developed to enable securities market regulators ensure continued effectiveness in safeguarding market integrity and stability, protecting investors and deterring misconduct and fraud.
The EMMoU is expected to foster greater cross-border enforcement cooperation and assistance among securities regulators, enabling them to respond to the risks and challenges posed by globalisation and advances in technology.