PRESS RELEASE
CMA rolls out CPD Programme for the capital market practitioners in Kenya
Nairobi, 09 August 2019… As part of its drive to enhance professionalism for customer-facing staff working for capital market intermediaries in Kenya, the Capital Markets Authority (CMA) is rolling out a Continuous Professional Development (CPD) Programme with effect from 07 August 2019.
The CPD programme is a follow-up to introduction of securities industry certification programme in 2016 under an MOU between the Authority and the Chartered Institute for Securities & Investment (CISI).
The CMA Chief Executive, Mr Paul Muthaura, explained, all employees of capital market intermediaries who have direct dealings with clients and/or undertake trading activities on behalf of the clients as well as influence or advice clients either directly or indirectly., shall be required to satisfy annual CPD obligations as part of their training requirements, through programmes accredited by the Authority. The CPD programme will require employees to maintain and develop their knowledge by undertaking at least 35 hours of CPD annually where a minimum of 24 hours must be structured. The additional 11 hours may be unstructured CPD. Guidance on the training has been published in the CPD Policy Guidelines available on the Authority’s website.’’
Mr. Muthaura added that, “to allow for the accreditation of applicable programmes and compliance with the CPD requirements by December 2020, the Authority is providing a period of one year and five months for target employees to comply with CPD requirements as from 7th August, 2019. The annual CPD requirement will thereafter apply on an Annual CPD cycle from January 2021’’.
The CMA Chief Executive observed that for Kenya to be competitive and attract local and international investments, developing a highly skilled talent pool for the capital markets is critical to ensure that engagement with investors is consistent and to the highest possible standards. This is aligned to the Capital Market Master Plan, the ten-year blue print for the Kenyan capital markets industry, and the ambition of the country to become a regional and International Financial Centre.
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BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.
