Rwanda Capital Markets Advisory Council (CMAC) is seeking to be in partnership with the International Organisation of Securities Commission (IOSCO).
The IOSCA is made up of world securities regulators. Essentially, joining IOSCO will mean that, the CMAC adopts the international regulatory standards in order to promote a fair, efficient and a sound market.
According to CMAC, this will give confidence to both local and international investors who may want to commit their money in securities listed on the Rwanda Over the Counter Market.
Recently, CMAC joined the East African Members States Securities Regulatory Authority (EASRA).
EASRA brings together East African capital markets regulators with the objective of sharing information and assisting its members. With the exception of Burundi and Rwanda, the other three East African securities regulators are members of IOSCO.
Robert Marthu, the Executive Director of CMAC, said they will need to have a securities law in place.
“We have hired a company which is going to start working on the securities bill. We expect them to present a draft within three months time,” he said.
IOSCO also provides comprehensive technical assistance to its members, especially those regulating emerging securities markets.
This implies that CMAC will have an opportunity of benefiting from such services which are vital for capital markets development.