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{
    "id": 228858,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/228858/?format=api",
    "text_counter": 132,
    "type": "speech",
    "speaker_name": "Mr. Muite",
    "speaker_title": "",
    "speaker": {
        "id": 235,
        "legal_name": "Paul Kibugi Muite",
        "slug": "paul-muite"
    },
    "content": "I thank you, Mr. Speaker, Sir. I do apologise for the other two times. The problem is that these microphones should be in a museum. This is a first generation public address system. The acoustics are sometimes not conducive to hearing what Mr. Speaker is saying. But I thank you. Mr. Speaker, Sir, in supporting the President's Address, I would wish to draw attention to the Nairobi Stock Exchange (NSE). There are very disturbing signs from the NSE. All too often, we do not take corrective action until a matter is out of hand. You are aware that the insurance companies that have collected a lot of money from innocent people have collapsed, and have left those ordinary Kenyans suffering. Some had taken up insurance policies for their lives, health and so on. If banks and health providers are collapsing, where is the regulatory authority? This House functions because the Speaker, one Francis ole Kaparo, is the regulator, allowed by law to regulate this august House. The Standing Orders appoint the Speaker as the regulator and the Speaker has very firmly regulated the House, and that is why it functions. 170 PARLIAMENTARY DEBATES March 28, 2007 Where are the regulators for the NSE? There is a body called the Capital Markets Authority (CMA). That body exists in name only, and not in functioning. It has no capacity to investigate or regulate the NSE. That is the first shortcoming. If a regulator does not have the capacity, then anarchy reigns and people do whatever they want to do. So, I would like to appeal to the Government to take very urgent action to strengthen and give capacity to the CMA, so that it is able to regulate the NSE."
}