This is to inform the general public that pursuant to S.8 (1) of the Capital Markets and Securities Act, 1994 (as amended), the Minister for Finance has appointed Mrs. Nasama Mahanyu Massinda as the Chief Executive Officer of the Capital Markets and Securities Authority (CMSA) with effect from 15th November, 2011. Prior to her appointment, Mrs. Massinda was the Director of Legal Affairs and Enforcement of the CMSA.

Mrs. Massinda has worked with the CMSA since 1996 after being seconded from the Ministry of Finance where she had worked as a Finance Management Officer in the Department of External Finance.

Mrs. Massinda holds a Bachelor of Laws Degree from the University of Dar es Salaam, a Masters Degree in Business Administration from the University of Strathclyde, Scotland, UK and is an Advocate of the High Court of Tanzania.

Mrs. Massinda has been involved in the development of capital markets in Tanzania from the initial stages through participation in various activities including facilitation of setting up of some of the capital markets institutions, training and licensing of market intermediaries and in research on legal issues. At a regional level, Mrs. Massinda has been involved in the East Africa capital markets integration initiatives through the East African Securities Regulatory Authorities (EASRA) where she chairs the Legal Issues Sub Committee.

In the Southern Africa Development Corporation region (SADC), Mrs. Massinda is involved in the capital markets harmonization activities and was the Chairperson of the SADC Committee of Insurance Securities and Non Bank Financial Authorities (CISNA) from 2007 to 2009. On an international level, Mrs. Massinda has among other things led a CMSA assessment team whose output resulted in the CMSA (as one of only six African capital markets regulators) being admitted in April 2011 as a full member of the International Organization of Securities Regulators (IOSCO) which is the international standard setter for capital markets regulators.

Mrs. Massinda replaces Dr. Fratern M. Mboya who retired in September 2011.

The regionalization of the East African Capital Markets in order to support the full implementation of the Common Market Protocol which came into effect on July 01, 2010 has been one of the areas that the East African Community has focused on. Regionalization is aimed at providing an opportunity for the growth and deepening of the capital markets of the East African Partner States which will in turn foster economic growth. Well integrated regional markets will allow for the raising of funds from across the regional capital markets. Increased fund raising capacity may provide a means of addressing the shortfall of financing to meet the cost of major infrastructural development and commercial ventures.

Harmonization of the capital markets legal and regulatory framework instead of one overaching regulatory regime was one of the recommendations made in a study to develop an East African Capital Markets regionalizati

The regionalization of the East African Capital Markets in order to support the full implementation of the Common Market Protocol which came into effect on July 01, 2010 has been one of the areas that the East African Community has focused on. Regionalization is aimed at providing an opportunity for the growth and deepening of the capital markets of the East African Partner States which will in turn foster economic growth. Well integrated regional markets will allow for the raising of funds from across the regional capital markets. Increased fund raising capacity may provide a means of addressing the shortfall of financing to meet the cost of major infrastructural development and commercial ventures.

Harmonization of the capital markets legal and regulatory framework instead of one overaching regulatory regime was one of the recommendations made in a study to develop an East African Capital Markets regionalization strategy. ‘Harmonization” is interpreted to mean the implementation of minimum standards of regulation, with acceptance of different application of the standards in different countries in the EAC. Each country would recognize the regulatory regime of other countries, with responsibilities divided according to normal “home” / “host” State principles.

Accordingly the CMSA been involved in the development of suitable criteria for the issuance of Regional Fixed Income Securities under the auspices of the East Africa Securities Regulatory Authorities (EASRA). This has been effected through the CMSA’s participation in the EASRA Consultative Meeting and Technical Committees of EASRA which are charged with developing guidelines, policies and frameworks for application in the region. As a result of these consultations, the following two proposals have been developed -

• The Regional Bonds Issuance Requirements;
• and The Regional Bonds Approval process.

The CMSA welcomes the views of the capital markets stakeholders and the general public on the proposed harmonized criteria. The proposal is available on the CMSA’s website – www.cmsa-tz.org. Kindly submit your comments by 20 September, 2011 to info@cmsa-tz.org or to the Chief Executive Officer, Capital Markets and Securities Authority, PPF Tower 6th Floor, Ohio Street/Garden Avenue, P.O. Box 75713 Dar es Salaam.