The Capital Markets Authority (CMA) of Kenya and Financial Services Commission (FSC) of Mauritius on Monday signed an agreement to strengthen technical cooperation between the two capital market regulators.
Wyckliffe Shamiah, CEO of CMA, said that the partnership establishes a mechanism for strengthening technical exchanges concerning financial regulation between both regulatory authorities.
“This exchange is expected to increase knowledge and understanding of the laws and regulations in various fields such as financial instruments, market intermediaries, asset management, financial technology (fintech) and other components of the financial innovation ecosystem,” Shamiah said in a statement.
The collaboration is expected to build internal capacity for both regulators through study tours, exchange programs and secondments. And the partnership with FSC will be underpinned by the strategic objective of enhancing strategic influence by partnering with peer regulators in Africa and beyond for mutual benefit, according to Shamiah.
“We see this as an opportunity to build our internal capacity through exposure for our technical staff to best practices that can support the capital markets in facilitating economic transformation as espoused in the Capital Market Master Plan (2014-2023) which is aligned to Kenya’s Vision 2030 Economic Blueprint,” Shamiah added.
Dhanesswurnath Thakoor, CEO of FSC, said the partnership will reinforce Mauritius’ commitment to ensuring effective cross-border cooperation and information sharing with its African counterparts, adding that the collaboration with the CMA will reinforce compliance of capital markets players in both jurisdictions thereby upholding the resilience and sound reputation of the financial services sector. Enditem