Regulating Kenya’s securities markets: an assessment of the capital markets

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dc.creatorGakeri, Jacob K
dc.date01/31/2013
dc.dateThu, 31 Jan 2013
dc.dateThu, 31 Jan 2013 17:11:25
dc.dateMonth: 10 Year: 2012
dc.dateThu, 31 Jan 2013 17:11:25
dc.date.accessioned2015-03-18T11:28:49Z
dc.date.available2015-03-18T11:28:49Z
dc.descriptionInternational Journal of Humanities and Social Science Vol. 2 No. 20 [Special Issue – October 2012]
dc.descriptionThe 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 regulatoryand enforcement philosophies. This paper seeks to characterize the regulatory and enforcement paradigms ofKenya’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 paramountregulator. Finally, the enforcement history of the Capital Markets Authority discloses no decipherable philosophy. Enforcement actions have been intermittent andreflect no imperatives.
dc.description.abstractThe 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.
dc.identifier
dc.identifier.urihttp://hdl.handle.net/11071/3436
dc.languageeng
dc.publisherInternational Journal of Humanities and Social Science
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dc.subjectSecurities markets
dc.subjectcapital markets authority
dc.subjectKenya
dc.titleRegulating Kenya’s securities markets: an assessment of the capital markets
dc.typeArticle
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