SMC Scholarly Articles

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Browsing SMC Scholarly Articles by Author "Gakeri, Jacob K"

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    Financial Services Regulatory Modernization in East Africa: The Search for a new
    (International Journal of Humanities and Social Science, ) Gakeri, Jacob K
    This article interrogates the appropriateness or suitability of the single or unified regulator financial services regulatory system in East Africa with Kenya as the reference point, in the context of financial services regulatory modernization. Using multiple jurisdictions, the article exemplifies the workings of the different regulatory systems. Drawing from experiences in other jurisdictions and the circumstances in Kenya, the discussion establishes that the prevailing market conditions cannot justify the shift to a unified regulator. The analysis makes the argument for retaining the current fragmented regulatory system over the short term, albeit with certain reforms.
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    Regulating Kenya’s securities markets: an assessment of the capital markets
    (International Journal of Humanities and Social Science, ) Gakeri, Jacob K
    The importance of an optimal regulatory and enforcement matrix in enhancing securities markets cannot be overemphasized. Countries with deep and vibrant securities markets generally have effective regulatory and enforcement philosophies. This paper seeks to characterize the regulatory and enforcement paradigms of Kenya's securities markets in the context of the global regulatory and enforcement philosophies. From the analysis, it is evident that the regulatory paradigm is indissolubly government or national with nominal self-regulation. Although the statutory framework enshrines self-regulation, the relevant provisions are ambiguous and remain ineffectual. The notion of self-regulation remains an illusion. The regulator enjoys plenary legislative and supervisory powers over market intermediaries and listed companies without being subject to meaningful accountability mechanisms. Amendments to the Capital Markets Act and its Regulations have consolidated the Capital Markets Authority’s position as a paramount regulator. Finally, the enforcement history of the Capital Markets Authority discloses no decipherable philosophy. Enforcement actions have been intermittent and reflect no imperatives.