By AGENCIES
KENYAN companies listed across the region will now require just one regulatory approval to raise money through corporate bonds.
This is after Capital Market Authority (CMA) domesticated the regulations required for facilitating issuance of fixed income securities in East African.
According to Kenya’s CMA chief executive Stella Kilonzo, the East Africa Securities Regulatory Authorities (EASRA) has now harmonised the regional regulations which it adopted in April after CMA approved the policy.The move that will allow for one approval of corporate bond sales for all the five member states.
‘The Policy and Regulations had been developed under the East Africa Securities Regulatory Authorities, and had been exposed for comment by stakeholders and the general public for 30 days as required under Section 12 of the Capital Markets Act in August 2011,’ she said.
This means that companies within the region will have access to a larger pool of capital in case they need to raise funds.
Also the board has approved the appointment of the Capital Markets Master Plan Steering Committee, a five-year-plan that will see new products developed and regulations streamlined.
The committee, which will comprise 16 members, is expected to catalyse co-ordinated growth of the capital markets in line with Vision 2030.
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