Kenya, Angola ink financial deal to step up cooperation

Kenya and Angolan financial markets regulators on Wednesday signed a partnership agreement to support supervisory and regulatory coordination between the two countries.

Officials from the Capital Markets Authority of Kenya (CMA) and the Capital Markets Commission of Angola said the Memorandum of Understanding (MOU) inked in Nairobi will help ensure that both financial markets are fair, efficient and transparent.

CMA Acting CEO Paul Muthaura noted that the MOU underscores securities regulators' global commitment to share both public and non-public information with domestic and foreign counterparts.

"This agreement is in line with the objective of establishing information sharing mechanisms that set out when and how they will share information," Muthaura said in a statement issued in Nairobi.

The MoU provides a framework that encourages technical assistance and capacity building experiences between the two regulators relating to product development and deepening of the capital markets; supervision and enforcement of licensed market intermediaries, investigation and enforcement and will also ensure that all persons doing business in the capital markets between the two countries are fully licensed and qualified.

"One of the principles of securities regulations by the International Organization of Securities Commissions (IOSCO), the global standard setter for the regulation of the capital markets industry that brings together 120 securities regulators, is founded on cooperation among regulators," said Muthaura.

"The partnership underscores the importance of international co- operation to the development and maintenance of an open, fair, orderly and sound domestic financial services industry in Kenya and Angola respectively," Muthaura said.

It will also promote the increasing international activity in the supply of financial services and the corresponding need for mutual co-operation and the sharing of information in the administration and enforcement of laws, regulations and rules concerning the financial services industry in Kenya and Angola.

Augusto Archer Mangueira, Chairman, Capital Markets Commission of Angola observed that consultations shall assist in the development of mutually agreeable approaches for strengthening the

financial markets of the Authorities' jurisdictions while avoiding conflicts that may arise from the application of differing regulatory practices. Endi