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| Overview |
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Our
Mision
“To design and implement purposeful measures which
will enable the creation and development of sustainable capital
markets that are efficient, transparent, orderly, fair and equitable
to all”. |
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The Capital Markets
and Securities Authority
(CMSA) is a Government Agency established to promote and regulate
securities business in the country. It was established under
Capital Markets and Securities Act, 1994.
The legal framework for the regulation of the securities industry
is the Capital Markets and Securities Act, 1994 [Act No: 5
of 1994 as amended by Act No: 4 of 1997]. The Act is supplemented
by various regulations that are promulgated by the Minister
for Finance. The regulatory functions of the CMSA consist
of the following:
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To maintain surveillance over securities,
to ensure orderly, fair and equitable dealings in securities. |
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To register, license, authorize or regulate stock
exchanges, investment advisers, securities dealers and their
agents/representatives. |
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To control and supervise activities of market players
with a view to maintaining proper standards of conduct and professionalism
in the securities business. |
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To formulate principles for the guidance of the
securities industry. |
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To determine the minimum capital requirement for
a license holder, depending on the size of operations and risk. |
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To monitor the solvency of license holders and
take measures to protect the interest of customers where the
solvency of any such license holder is in doubt. |
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To protect the integrity of the securities market
against any abuses arising from the practice of insider trading. |
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To review, approve and regulate takeovers, mergers,
acquisitions and all forms of business combinations. |
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Overview
