6.1:Develop and retain professional talent
The Authority has partnered with the Law Society of Kenya to take up seminars as part of their CPD program where members will be awarded credit hours. The topics include:
CMA and National Council for Law Reporting (Kenya Law) published the first joint case digest of 27 markets decision delivered by Kenyan courts, which summarizes critical milestones in the capital markets, to demystify the operations of capital markets.
The Authority signed an MOU with the Judicial training institute to build the capacity of Judges, Magistrates and Legal researchers on capital markets issues.The Authority also signed an MoU with Kabarak University.
The certification programme in Kenya is currently at its optimal implementation with Stage One, the Introduction to International Securities and Investments (IISI) Kenya module having been launched in April 2016 and thereafter Stage Two, the Regulations and Market Practice Module coming into operation in August 2016. In 2018, Kenya emerged as one of the highest pass rates for the Introduction to International Securities and Investments (IISI Kenya) at 75% against a global average of 58%. This has greatly contributed to the increased professionalism, knowledge and skillset of capital markets practitioners.
As a demonstration of progress, in 2015 there were only 35 candidates that had sat for the exams in Kenya. The number grew to 559 in 2016 and 1,241 as of 31 December 2017. Outside the UK, in 2017 Kenya was 6th in the CISI top exam-taking countries after UAE, India, Cyprus, Spain and South Africa. As of 31 December 2018, 2,876 candidates have sat the CISI exams in Kenya which is a testament to the continued growth and the ever-increasing potential of the capital markets. So far over 2500 successful attempts on the have been made accumulatively for both the Introduction to International Securities and Investments (IISI) and the Regulations and Market Practice (Kenya) modules that are a requirement for certification
In January 2017, the Authority in collaboration with CISI had an award ceremony to recognize top performers from the exams offered in Kenya within the context of initiating the implementation of a Continuous Professional Development program for industry professionals. The CPD Modules for market practitioners in collaboration with CISI were completed, and the intermediaries sensitized on the CPD policy in June 2019 during which participants were receptive to the CPD programme. In August 2019, a circular on implementation and roll-out of the CPD programme was issued to market intermediaries. In September 2019, two institutions i.e. CISI and ICIFA were accredited as CPD providers having met all the requirements set by the Authority and a circular on the providers also issued. MoUs with the respective CPD providers have since been signed (ICIFA signed on August 29, 2019, and CISI on November 6, 2019).
As of August 3, 2020, a total of 1,421 candidates had undertaken CISI level one certification examination and 1,345 candidates Level two. Although there was an increase in candidates during the 2019 calendar year, the numbers decreased to 87 in the 2020 calendar year due to the COVID Pandemic and closing of the test centres. Uptake is projected to increase following COVID mitigation initiatives.
NSE approved a CPD service provider bringing the total to three in Kenya.