NAIROBI, Kenya, Dec 2 – The Capital Markets Authority (CMA) has been feted as the most innovative capital markets regulator in Africa for 2016.
The award was conferred by the International Finance Magazine, a quarterly magazine circulated in over 185 countries worldwide.
The award, which was launched in 2012, is designed to promote and recognise innovation in the financial services sector with special focus on improving business performance.
CMA Chief Executive, Paul Muthaura observed that the award was recognition of the efforts by the CMA to position Kenya’s capital markets as an investment destination of choice for domestic, regional, and international fund flows.
Muthaura explained CMA has been honoured for its work with the wider industry to implement innovations such as the development of the 10-year Capital Market Master Plan; development of a responsive regulatory framework, the most recent being Policy Guidance Notes for Exchange Traded Funds and Asset Backed Securitization.
In addition, CMA was recognised for corporate governance reforms including the development of a new Code of Corporate Governance Practices for Issuers of Securities to the Public and a Stewardship Code for Institutional Investors.
The developments are expected to position the capital markets to play a pivotal role in mobilizing long term funding to support critical development projects in Kenya as espoused in the Vision 2030 Economic Blue Print and also transform Nairobi into an international financial hub.
CMA was also recently been recognised as the Third “Best Employer To Work For” among medium-sized companies in Kenya.
The award was issued last week by Deloitte, following a survey of large and medium sized companies in Kenya.
In 2015, the Authority was recognised as the “Most Innovative Regulator of African Capital Markets” by Africa Investor.