REGIONAL capital markets regulators under the umbrella of East African Securities Regulatory Authorities on Friday launched a strategic plan for the next four years that would speed-up the harmonisation process for securities’ laws within the region.
According to a press statement released yesterday, the strategic objective will be pursued through initiatives that will facilitate the establishment and operation of capital market intermediaries across the East African Community’s capital markets development, issuance and investment in capital markets products across the region; the establishment and operation of capital markets infrastructure providers across the EAC region, the convergence of market supervision practices and advocacy for appropriate policies to promote capital markets integration within the region.
Other strategic objectives of the plan include the development of institutional capacity for East African Securities Regulatory Authorities members, enhancement of public education and financial literacy in the East African Capital markets, building the capacity of East African Securities Regulatory Authorities members and market intermediaries and forging of strategic alliances to deepen the regional integration agenda.
The regulators also launched a new logo which “reflects the aspiration to not only bring Africa but the rest of the world to the East African capital markets.”
Japheth Kato, chairman of the East African Securities Regulatory Authorities said that the launch of the strategic plan was a milestone for the regulators and that “it will provide a clear roadmap to position the region as an investment hub to promote economic growth and development.”
“The strategic plan will enhance efforts aimed at facilitating free movement of capital within the East African region as part of implementing provisions of the East African Common Market Protocol,” he said. The meeting was chaired by Katto who is also the outgoing chief executive officer of Uganda’s Capital Markets Authority. Others included Paul Muthaura(Kenya), Robert Mathu (Rwanda), Nasama Massinda (Tanzania), and Keith Kalyegira (Uganda) among others. The meeting was held in Karongi District’s Moriah Hotel in the Western Province.
The 39th consultative meeting reviewed progress being made by capital markets regulators in implementing a regional Risk Based Supervision Model with further steps being adopted to quicken the process.
The regulators also agreed to continue sharing information in a timely manner to ensure investors are well informed.
The consultative meeting was preceded by meetings of technical committees, hosted by Capital Markets Authority Rwanda which deliberated on various aspects concerning the integration of the region’s capital markets in the EAC.