The management of the Capital Markets Advisory Council (CMAC), yesterday, concluded a two day retreat in Rubavu, where key strategic objectives for the financial year 2011/12 were discussed.
Among the key strategic objectives that were discussed include the separation of functions between the new Capital Market Authority (CMA) and the Rwanda Stock Exchange (RSE).
“We reviewed the strategic objectives of the capital markets and the action plan in view of the changes when the legal framework for capital markets is gazetted, requiring that CMA splits with the stock exchange,” said Robert Mathu, the Executive Director of CMAC.
The CMA already separated functions with the stock market, which is now fully in charge of trading operations. CMA retained the regulatory functions of enforcing the legal framework.
The council also seeks to develop capital markets in the country through, among other things, public education, market research, product development and capacity building.
“The impact of the retreat is capacity building with management participating in planning, the employees own these objectives and strongly embrace the aspirations of the organization hence offering value to the public,” Mathu added.
Management says that major challenges include the lack of capacity in the industry, the newness of the industry with a lot of work to be done and managing the integration with the East African Community.