Capital Market and Securities Authority

East African Member States Securities and Regulatory Authorities (EASRA)

EASRA is comprised of the Capital Markets Authority Kenya (CMA (K)), Capital Markets Authority Uganda (CMA (U)) and the Capital Markets and Securities Authority in Tanzania (CMSA). It was established on 5th March 1997 through the signing of a Memorandum of Understanding (MOU) formally establishing a framework for mutual cooperation in the area of capital markets development and with a mission to facilitate the harmonization of securities laws among the East African member states and to promote information sharing and cooperation among the members. EASRA intends to provide mutual assistance to its member states in; the development of capital markets institutions, exchanging information to facilitate the enforcement of their respective laws and regulations, cross border surveillance, public education awareness, co-ordination on technical assistance and promotion of regional consultancies. This is done through three standing committees which are each charged with the task spelt out under the committee name. These are:

• Legal Issues Committee
• Market Supervision and Risk Management Committee
• Market Development Committee

The formation of EASRA was based on the premise;

• That securities market are fundamental to the development of private enterprises, the mobilization of savings and investments, the efficient allocation of resources, and the promotion of economic growth.
• That international co-operation can facilitate the development of effective operation of securities markets
• That increasing internationalization of securities markets adds new and dynamic dimension to the economies of all nations.
• That maintaining effective domestic legal and regulatory structures is essential to market integrity and investor protection.
• EASRA holds meetings every quarter in the three East African countries on a rotational basis. click to read more

East Africa’s Community Capital Markets Insurance and Pension Committee

The EAC Capital Markets Insurance and Pension Committee (CMIPC) operate under the auspices of the East African Community as one of the standing committees. CMIPC membership comprises Chief Executives of the securities, insurance and pension regulatory authorities of the member countries and the Chief Executives of the securities exchanges of the member countries. It formulates policy, develops and makes recommendation to the Council of Ministers, regulation and integration of the securities, insurance and social security sectors in the EAC. The Committee meets as it deems necessary to carry out its mandate from time to time and to report to the Council at least once a year.

Committee of Insurance, Securities and Non-Bank Authorities (CISNA) of the SADC

CISNA forms part of the Trade, Industry, Finance and Investment Directorate with the Southern African Development Community (SADC) and reports to the SADC Committee of Ministers of Finance and Investment through the Committee for Senior Treasury Officials. CISNA was established in 1998. It consists of the non-banking financial institution authorities, namely, capital markets, collective investment schemes, insurance companies, retirement funds and providers of intermediary services in the SADC.

CISNA's Vision and Mission

CISNA's Vision is to facilitate the development and implementation of a harmonised, risk based regulatory framework for member states in SADC that enables market growth and development, reduces the potential for systemic risk, informs and protects consumers, mobilises capital flows and contributes to prosperity in the region.

CISNA's Mission is to achieve its vision through a process of co-operation, exchange of information and engagement between regional regulators. This process will be directed towards;

1. harmonising legislation to ensure consistency and adherence to international regulatory standards and best practice
2. fostering liaison, co-operation and exchange of information with regional and international regulatory bodies and agencies to develop regional capability and to counter money laundering and the financing of terrorism
3. facilitating the development of capable, professional regulatory employees
4. facilitating the development of well informed investors and consumers
5. promoting adherence to sound corporate governance practices based upon international best practice click to read more

The Eastern and South African Anti Money Laundering Group (ESAAMLG) – a FATF-style regional body founded in August 1999.

The purpose of the group is to combat money laundering and terrorism financing by implementing the FATF Recommendations. The group’s efforts are aimed at cooperation with other international organizations concerned with combating money laundering and terrorist financing as well as studying and researching regional typologies and coordinating technical assistance.

Organizational structure of the ESAAMLG include Ministerial Council (the Council), Team of senior representatives and Secretariat. All of the group’s major decisions are made at the meeting of the Ministerial Council, which meets at least once a year.

Member states include Botswana, Kenya, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.

Observers include FATF, Asia-Pacific Group on Money Laundering, Caribbean Financial Action Task Force against Money Laundering (CFATF), Commonwealth Secretariat, Egmont Group of Financial Intelligence Units, Interpol, United States, UN Office on Drugs and Crime and the World Bank click to read more

The International Organization of Securities Commissions (IOSCO)

The International Organization of Securities Commissions (IOSCO) has its headquarters in Madrid and has approximately 140 members. The three objectives upon which IOSCO’s securities regulation is based are the protection of investors, ensuring that markets are fair, efficient and transparent and the reduction of systemic risk. The benefits of IOSCO membership include information exchange at an international level, mutual legal assistance through a multilateral MOU, setting regulatory standards and best practice, resource persons for training, lower registration fees to events and market recognition. Tanzania is a member of IOSCO.

The member agencies in the International Organization of Securities Commissions have resolved, through its permanent structures:

• to cooperate together to promote high standards of regulation in order to maintain just, efficient and sound markets;
• to exchange information on their respective experiences in order to promote the development of domestic markets;
• to unite their efforts to establish standards and an effective surveillance of international securities transactions; and
• to provide mutual assistance to promote the integrity of the markets by a rigorous application of the standards and by effective enforcement against offenses.Click to read more

Chartered Institute of Securities (CISI)

The Chartered Institute for Securities & Investment is the leading professional body for securities, investment, wealth and financial planning professionals. Formed in 1992 by London Stock Exchange practitioners, we have a global community of circa 45,000 members in 104 countries and last year more than 40,000 CISI exams were sat in 80 countries, 15,000 taken outside the UK. Click to read more