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{
    "id": 319607,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/319607/?format=api",
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    "content": "Mr. Temporary Deputy Speaker, Sir, in order to further ensure that the Authority’s capacity in undertaking investigations is not undermined due to the insufficient human resource or other capacity constraints, I propose to amend the Capital Markets Act to empower the Authority to appoint suitably qualified persons to conduct investigations on its behalf. The persons may include forensic auditors and other specialist investigators. This measure would go a long way to facilitate timely conduct of investigations into allegations of embezzlement of funds, fraud, misfeasance and other misconduct by licensed market players as well as listed companies. In order to ensure that the integrity within the financial sector is upheld, it is important to grant licences for operations in the capital markets to suitable persons. Towards this end, I propose to amend the Capital Markets Act to introduce criteria for determining whether a person applying for a licence is fit and proper for purposes of being appointed a director. This measure will ensure that licensed entities are only operated by persons with requisite competent financial integrity and capacity. Finally, these amendments are focused on improving the quality observation of the capital markets in order to make our capital markets more attractive to both local and international investors and to facilitate to a big extent the attainment of Vision 2030. I beg to move and request hon. Kimunya to second."
}