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    "id": 374822,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/374822/?format=api",
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    "content": "Hon. Temporary Deputy Speaker, Sir, I will go to very few areas. Clause 4 of this Bill is correcting the inconsistency in Section 8 of the former Bill. Clause 4 is consistent with Section 8 of the former Act. It basically gives the President the powers to appoint the Chair of the Capital Markets Authority and gives the Cabinet Secretary for the National Treasury the powers to appoint the Chief Executive. Clause 5 is basically amending Section 10 of the previous Act as far as the protection from personal liability on the board and the staff of the CMA when they are discharging their duties within the instruments is concerned. So, the Board and the staff are free from any liability. Clause 5 is amending Section 10 and giving that protection. Hon. Temporary Deputy Speaker, Sir, amendment to Section 12 introduces Clause 12A and this again gives clarity between the role of the Cabinet Secretary in terms of issuing regulations and rules and that of the CMA in terms of issue of guidelines and notices, so that that becomes very clear. So, the CMA will have the powers to implement the Act as per the regulations and the notices given by the Cabinet Secretary. Clauses 10, 11, 12 and 13 introduce a new phenomenon called the âfuture marketsâ into our country. Clause 9 basically harmonizes Section 18 and creates a new Section 18A on the administration of what they call the âInvestor Compensation Fundâ which again becomes a mandate of the Investments Compensation Fund Board. Clause 14 introduces new sections, namely, Sections 22A, 22B, 22C, 22D, 22E and this basically gives power to empower the CMA to issue directions, interventions in the operation of securities. Clause 28 introduces again new clauses, namely, 33D, 33E and 33F. This is basically again to empower the regulator to petition the court for the winding up of a license of a person if the CMA feels that that is in interest of the investors. Finally, Clause 30 introduces a new section called 34B. I want to urge you that the Clerkâs office should provide the Members with the previous Capital Markets Act, Chapter 485(iv)(A) of the Laws of Kenya, so that the Members can interrogate the amendments. If you look at the amendments, unless you have read the previous Act, it does not make sense at all. So, I hope the Clerkâs office will produce the previous Act, so that the Members can relate what is being amended to what was there before. So, this Bill of 2013 introduces a new section, Section 34B and this is again more on procedure for compounding the offences. Section 31 is amended basically again to provide consequential amendments just like any other Bill. I have highlighted the key areas that this Bill is seeking to amend, but the Nairobi Stock Exchange is automated. We need to have a more reformed CMA. We cannot have a professionally reformed stock market when the regulator is living in the 80s. We need the two to move at the same pace. I am sure that under the leadership of the Jubilee Government; a very digital Government; a Government that believes in serious investments and in double digit economic growth, the Capital Markets (Amendment) Bill, 2013, among the many other finance related Bills that are coming to this House, will be of great importance to this country. So, I hope that we will pass this Bill, of course with amendments both from the Committee and from the Members. Today, I was shocked the moment the Chair of the Committee on Agriculture, Livestock and Cooperatives was saying that he has an amendment. An amendment can be brought to a Bill by the 349 Members and you do not need to consult anybody even the Speaker. You just need to take the amendment 24 hours beforehand and the amendments must appear. So, we expect the Members to bring amendments to this Bill and the Committee to sit with the stakeholders. I am sure the Acting Chief Executive Officer of the CMA and his team is here and I am sure they will take notes. I urge the Chair of the Finance"
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