7.1: Strengthen and streamline financial regulation

Measurement
CMA to engage with Treasury and other financial regulators to argue for full integration of all regulators as the best model for most effective implementation of the Master Plan.
Working Group
Achievement

CMA is a member of the FSA Implementation committee.
FSA Bill was approved by the cabinet.
Securities Investment and Derivatives bill in place and expected to be prioritised once the FSA bill is enacted.

Status
In Progress
Measurement
CMA to engage with Treasury and other financial regulators to ensure that the key success factors for integrated regulation are borne in mind as steps are taken towards integrated regulation.
Working Group
Achievement

The Authority is proactively participating in the development of the policy, institutional framework, laws and transition arrangements relating to the integration.

Status
In Progress
Measurement
CMA with other financial regulators, CBK and National Treasury to help ensure that the dialogue between the financial regulators and the macroeconomic policy makers takes proper account of financial stability considerations.
Working Group
Achievement

The Authority pioneered the publication of a Capital Market Soundness Report (a quarterly report) effective January 2017 that critically examines risks and challenges facing the capital markets while stating mitigation measures being undertaken.
The Authority provides input into the Joint Annual Financial Stability Report.

The 4th quarter (October 2017-December 2017) edition of the Capital Markets Soundness Report was published and launched to financial market stakeholders during the 4th Capital Markets Soundness Roundtable discussions held on 29th January 2018.

Status
In progress
Measurement
CMA to consider and consult with National Treasury and Attorney General on whether application of better regulation principles is a safer and more effective way to assist market development and report on its conclusions.
Working Group
Achievement

The Capital Markets Act was amended to allow for principle based regulation as evidenced by issuance of 3 policy guidance notes (GDR/N, ABS and ETF).

Status
In progress
Measurement
CMA to consult with market participants, financial market lawyers, Attorney General and the National Treasury and bring a recommendation of "No-action" arrangements.
Working Group
Achievement

The Authority is developing a policy paper to allow amendment of the law to formally put in place "No-action" arrangements.

A "No-action" paper was developed in January 2018 and is currently under consideration by the working group.

Status
Time bad
Measurement
CMA to consult with market participants, financial market lawyers, Attorney General and National Treasury to ensure the recommendation is published for consultation. Action undertaken in light of results of consultation.
Working Group
Achievement

The Capital Markets Act was amended to allow for principle based regulation as evidenced by issuance of 3 policy guidance notes (GDR/N, ABS and ETF).

Status
In progress

Key

No Progress
Behind Schedule
Ahead of Schedule