This archive report was first published on 26 July 2021.
On July 26, 2021, Kenya's Capital Markets Authority (CMA) signed a landmark agreement with the Financial Services Commission (FSC) of Mauritius to enhance compliance in the Kenyan and Mauritian capital markets.
The partnership aims to increase the knowledge and understanding of laws and regulations in the fintech space, financial instruments, market intermediaries, and asset management.
Through the agreement, CMA and FSC will improve supervision of cross-border transactions, enhance regulation, and reduce fraudulent practices in Kenya and Mauritius.
As part of the partnership, CMA and FSC will hold study tours, exchange programs, and secondments for their technical staff to build internal capacity.
CMA Chief Executive Officer Wyckliffe Shamiah said, “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…”
FSC Chief Executive Dhanesswurnath Thakoor added, “This initiative reinforces the FSC’s commitment to ensure effective cross-border cooperation and information sharing with its African counterparts. The FSC will collaborate further with the CMA to reinforce compliance thereby upholding the resilience and sound repute of the financial services sector”.
