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Kenya launches global certification for financial markets

Xinhua, April 21, 2016 Adjust font size:

Kenya's financial markets regulator said Thursday it has launched an international certification for capital markets industry as part of its drive to enhance the positioning the country as a premier investment destination.

The Capital Markets Authority (CMA) said the certification standards for practitioners in the capital markets industry will enable Kenya to be competitive and attract international flow of funds.

"The certification program will ensure that practitioners in the capital markets industry have the requisite skills and apply best practice as Kenya takes its position as the hub for the African capital markets," CMA Acting CEO Paul Muthaura said in a statement issued in Nairobi.

The launch is the product of the signing of a Memorandum of Understanding (MOU) with the Chartered Institute for Securities & Investment (CISI) in September 2014.

Muthaura said Financial Sector Deepening Africa (FSD Africa) has provided funding for the development of the curriculum and examination for the International Introduction to Securities and Investment (Kenya) (IISI- K) certification to be awarded by CISI.

This is part of a strategic partnership between FSD Africa and the CMA in which FSD Africa will invest 1.57 million U.S. dollars in a technical assistance program to strengthen the CMA's institutional capacity and support the development of Kenya's capital markets.

Muthaura said for Kenya to be competitive and attract international flow of funds client facing staff within capital market intermediaries need to adopt international certification standards to support the introduction of more diversified products in the market, as well as to ensure that engagement with investors is consistent and meets the highest possible professional and ethical standards.

He said the introduction of certification standards, aimed at creating a highly skilled talent pool, is aligned to the Capital Market Master Plan, the ten-year blue print for the Kenyan capital markets industry, and the ambition of the country to become a regional and International Financial Centre.

Muthaura added that the adoption of CISI's International Introduction to Securities and Investment (IISI) program, as an industry recognised certification standard for Kenya is underpinned by the intention to support its adoption within the wider East African Community (EAC) region, with the recognition that capital market players are increasingly operating across borders.

"We are delighted to provide assistance for this certification programme which is an important step for Kenya towards boosting the professionalism of its capital markets and enhancing its attractiveness as an investment destination in sub- Saharan Africa," said Julias Alego, Director of Professional Education, FSD Africa. Enditem