As part of its drive to enhance the positioning of Kenya as a premier investment destination, the Capital Markets Authority (CMA) has launched international certification standards for practitioners in the capital markets industry
The launch is the product of the signing of a Memorandum of Understanding (MOU) with the CISI in September 2014.
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 the CISI. This is part of a strategic partnership between FSD Africa and the CMA, in which FSD Africa will invest £1.1m in a technical assistance programme to strengthen the CMA’s institutional capacity and support the development of Kenya’s capital markets.
The curriculum for stage one, IISI (Kenya) has already been developed. The first cohort of market candidates went through training and sat for the examination in November 2015. This included thirteen CMA staff members and eight officials from various training institutions in Kenya. The curriculum for stage two, which will cover local conduct of business standards and market regulations under the Kenyan regulatory framework, will be completed by June 2016.
Speaking during the launch event, the CMA Acting Chief Executive Mr Paul Muthaura said: “The certification programme 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 African capital markets. For Kenya to be competitive and attract an 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. The introduction of certification standards, aimed at creating a highly skilled talent pool, is aligned to the Capital Market Master Plan – the ten-year blueprint for the Kenyan capital markets industry, and the ambition of the country to become a regional and international financial centre.