A three-day regional workshop to domesticate the
In future, all the EAC securities markets will work under the same rules and regulations as integration deepens.
The workshop was organized by the EAC Secretariat together with the
It reviewed modalities for domesticating the Council Directives on Securities Market into national laws of the respective Partner States, according to a statement. The workshop was held under the ambit of the
FSDRP I is a collaborative initiative between the EAC Secretariat, the
The project is structured in six components, namely; Financial inclusion and strengthening market participants; Harmonization of financial laws and regulation; Mutual recognition of supervisory agencies; Integration of financial market infrastructure; Development of the regional bond market; and Capacity building.
Speaking at the workshop, Dr.
This took into consideration that the capital markets in the Partner States are at different levels of development. An overarching Community Law would only be feasible in the long-term after a high degree of convergence between the five different Capital Markets has been attained.
Dr. Bukuku said it was in this regard that a
The TWG progressed the development of the Council Directives and the first set of seven was approved by the
Others were; Council Directive on Collective Investment Schemes (CIS); Council Directive on Corporate Governance for EAC Market Intermediaries; Council Directive on Regional Listings in the Securities Market; and Council Directive on Admission to Trading on a Secondary Exchange.
Dr. Bukuku emphasized that it is of significant importance that all stakeholders start to shape outputs towards the ultimate goal which is a developed and integrated
The current Chair of the
He noted that the market players were eager to see the process concluded and implemented as this would lead to increased business opportunities for intermediaries as well as enhancing the investment spectrum for issuers and investors.
A consultant from the
Participants at the workshop underscored the need for a smooth and timely transposition process as the adoption of the Council Directives is not an end in itself. They noted that the ultimate objective can only be seen to have been achieved once the Council Directives were domesticated into national laws and regulations in order for investors and issuers to benefit from the market.
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