The East African Securities Regulatory Authority (EASRA), a body of regional securities regulators in the East African Community (EAC), has chosen Rwanda as its new chair.
The chairmanship of the regulatory authority is chosen on a rotational basis across the East African member countries for a period of two years.
“Rwanda has been chosen to head EASRA this was confirmed by the 30th consultative meeting EASRA last month,” said Robert Mathu the Executive Director of Rwanda capital markets advisory council.
Rwanda takes over from Kenya after two years of leadership and it is expected that Burundi will be the next chair if its capital markets is ready in two years time. Burundi is yet to be a full member of EASRA.
The country, which is the only EAC member state without a bourse is yet to sign a memorandum of understanding attesting her to the association.
Mathu said last week that Rwanda’s chairmanship will play a leadership role in the integration of East African markets and harmonization of disclosure requirements.
“This is good for Rwanda’s capital markets since it will give us the energy to the progress of our financial markets. The secretariat for managing EASRA affairs will move here,” said Mathu.
The challenge for Rwanda will be the need to be ahead of time in terms of demonstrating leadership.
In addition, the consultative meeting held recently in Gisenyi, EASRA also adopted a report that allows the development of a regionally efficient securities markets environment.
The meeting also recognised EASRA’s achievements made during Kenya’s leadership.
Among the achievements were also the establishment of better coordination between EASRA and EAC which is an important relationship in implementing EAC common market protocol.