Financial Services Regulatory Modernization in East Africa: The Search for a new

Abstract

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.