CMA gets nod from global securities standards body

Thursday February 2 2017

By Monitor Reporter

Kampala. The Capital Markets Authority (CMA) Uganda has been admitted by global securities standards setter, the International Organisation of Securities Commissions (IOSCO) as a signatory to Appendix A of the IOSCO Multilateral Memorandum of Understanding (MMoU).
This follows the recent amendment of the CMA Act, which subsequently provided ground for the resubmission of an application to be admitted to this prestigious level of membership in the global body.
“Our desire going forward is to transform Uganda’s capital market into one of the most efficient, and trusted centres for attracting capital and providing capital in Africa, and this could not easily be achieved without enhancing our regulatory framework to fully suit international standards by ensuring we comply with Appendix A requirements”, said Mr Keith Kalyegira, the chief executive officer CMA.
CMA Uganda becomes the 112th member to append it’s signature to the memorandum which was instituted in 2002.
Admission to this cluster also means that Uganda’s regulator will have increased access to knowledge and research through the IOSCO network which will boost our investor education and market development activities.
Mr Kalyegira said that CMA Uganda became a member of the IOSCO Appendix B in 2007 and has since been compliant with most of the international best practices in regulation.
However, as an Appendix B member, CMA’s participation, engagement and contribution to international dialogues was limited.
One of the key things investors look out for is the safety of their investments and this can only be assured by the standard of regulation in a given country. So the nod from IOSCO is an endorsement to Uganda’s capital market.
The approval also gives Uganda’s capital market international visibility and increases trust and confidence in our regulatory system.
The formal signing ceremony will be held at the 42nd IOSCO annual conference which will be held in Jamaica in May, 2017.