Local capital market intermediaries have been urged to ensure professionalism in their work to safeguard the sector’s values and protect customers.
Pierre Celestin Rwabukumba, the Rwanda Stock Exchange (RSE) chief executive, said market intermediaries must follow market rules and regulations, noting that ethical conduct is essential to promote market integrity and compliance.
Speaking during one-day training of RSE traders, investment advisors and lawyers, Rwabukumba said: “The market has come of age and we cannot afford to be lenient or have excuses anymore for not doing our work according to regulations.
“There are not short-cuts; you must follow the rules of the market because you are dealing money of the public,” he said at workshop in Kigali last week.
The local bourse marked five years of operation this year.
The official urged sector players to work together and keep “reminding ourselves of what we are expected to do for the better days ahead”. “That’s why its crucial to foster best practices in the market and for the people we represent,” he added.
Speaking at the event, Robert Mathu, a consultant at the Capital Market Authority, warned the intermediaries against conflict of interest and ‘dirty money’.
He also urged the market players to work and support the dealers’ association, saying it is important lobbying and would help members.
Christine Nyiranshimiyimana, the CMA legal and corporate affairs manager, called on the intermediaries to watch out for people that want to use the bourse to cover up for their fraudulent activities. “You need to put in place safeguards and ensure proper reporting mechanism to avoid against dirty money,” she said.
Nyiranshimiyimana also said dealers need to ensure proper customer service and equal treatment for all clients.