CMA Acting Chief Executive Elected to IOSCO Board

Capital Market Authority (CMA) Kenya’s Acting Chief Executive, Paul Muthaura, has been elected to the prestigious Board of the International Organization of Securities Commissions (IOSCO). IOSCO is the premiere reference point for securities regulation and standard setting for the global capital markets regulatory community. This position has been re-emphasized through its proactive role in developing responses for the identification as well as mitigation of systemic and emerging risks across the financial sector globally through the Financial Stability Board (FSB) and G-20 process.

With his election to the Board, Muthaura will also take up a seat on the Growth and Emerging Markets Steering Committee (GEMC) which is charged with representing the interests of more than 75 percent of the membership of IOSCO covering the spectrum of the most developed emerging markets including the BRICS to frontier and nascent capital markets. The election was conducted during the GEMC meeting held in Rio de Janeiro, Brazil on September 29, 2014 and attracted candidates from CNV Argentina, FSC Mauritius, CMB Turkey, CMA Kenya and CDVM Morocco. CMB Turkey was also elected to the IOSCO Board.

This position strengthens the voice of the more than 85 Latin American, European, African, Middle Eastern and Asian securities and derivatives regulators in informing IOSCO policy and regulatory formulation and it’s impact on developing capital markets. It is also a significant boost to Kenya’s aspiration for Nairobi to become an International Financial Centre.

His immediate priority is to add his voice to developing practical solutions at Board level to mitigate the unintended consequences of global regulatory reforms on emerging and frontier markets, to strengthen Africa’s voice in the Financial Stability Board and G-20 work-streams relating to capital markets issues, and to foster new approaches to capacity building through peer to peer programs by leveraging the expertise within the membership.

Mr. Muthaura stands out among the regulators in the growth and emerging markets for his role in spearheading the implementation of key reforms in the capital markets in Kenya, notably finalizing the demutualization and self listing of the Nairobi Securities Exchange (NSE), development of Kenya’s first 10 Year Capital Markets Master Plan, as well as the roll out of a regulatory framework of the Derivatives markets. The Kenyan capital markets is further at advanced stages of introducing new products such as Exchange Traded Funds (ETFs) and Real Estate Investment Trusts ( REITs).

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