7.1: Strengthen and streamline financial regulation
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.
The Authority is proactively participating in the development of the policy, institutional framework, laws and transition arrangements relating to the integration.
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.
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).
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.