The Capital Market Authority (CMA) Kenya’s Chief Executive Officer, Mr. Wycliffe Shamiah, has been appointed the Growth and Emerging Markets Committee (GEM) representative on the International Organization of Securities Commissions (IOSCO) Board.
GEM is the largest Committee within IOSCO, representing over 75 percent of IOSCO’s ordinary membership. The Committee seeks to promote the development and greater efficiency of emerging securities and futures markets by establishing principles and minimum standards, providing training programmes and technical assistance for members.
IOSCO is the international body that brings together the world’s securities regulators and is recognized as the global standard-setter for the securities sector. IOSCO develops, implements, and promotes adherence to internationally recognized standards for securities regulation.
“This is an opportunity for Kenya to support the growth and emerging markets by playing a critical role in influencing global regulatory standards at the IOSCO Board. Kenya has been recognized as a leader on the continent in highlighting capital market issues unique to emerging markets and developing economies & is gaining recognition as a focal point in discussions around technological innovations within the financial services sector globally,’’ Mr. Shamiah said in a statement.
The appointment reinforces Kenya’s position as a thought leader on capital market issues by facilitating a robust legal and regulatory framework and the introduction of new and innovative products. This has led to enhanced issuer and investor confidence, while encouraging innovation through the Regulatory Sandbox, launched in March 2019. Nine firms have so far been admitted into the Regulatory Sandbox.
Kenya has been championing the implementation of reforms in the capital markets leading to fast-paced innovation and growth. Some of the key innovations include; the introduction of the principle-based approval regime for new products and services; rollout of Exchange Traded Derivatives; Asset-Backed Securities; Exchange Traded Funds; Real Estate Investment Trusts; and overhaul of the Corporate Governance Framework for issuers of securities to the public.