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{
    "id": 374873,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/374873/?format=api",
    "text_counter": 573,
    "type": "other",
    "speaker_name": "",
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    "speaker": null,
    "content": "Hon. Temporary Deputy Speaker, Sir, I must note that this Bill allows for regulation of cross-border trading of capital markets. This, indeed, will strengthen the economic integration which we are in the East African Community providing more opportunities for this country. You will realize that we are surrounded by more than 400 million people and you realize that, indeed, through the Capital Markets, we can have investors from elsewhere coming into this country through the capital markets and also Kenyans having the liberty to invest across the borders. Hon. Temporary Deputy Speaker, Sir, I think the Chairman clearly explained the penalties that will come with insider trading. At some point we had seen a clique forming within the capital markets that was giving each other information instead of trading at the expense of other investors. These penalties must be enforced since they are being proposed in this Bill because everybody who walks into the capital markets should know that they have, at least, an opportunity or the same set of information available to all of them and there is a fair level playing ground. Hon. Temporary Deputy Speaker, Sir, finally, I just want to speak about internal re- organization of the Capital Markets Authority (CMA) because as you realize there has been inconsistencies in the previous Act on clarifying the appointing powers of who appoints who. It is clear that the President has sole powers of appointing the Chairman, while the Cabinet Secretary is empowered to appoint the CEO. That is clear and it protects personal liability on members of the board and staff in connection with actions which are taken in good faith, pursuant to all legal instruments issued under the Act. This will allow members of staff and the board, to indeed, give their whole in the performance of their duties. With those remarks, I beg to support this Bill. I am in the Second Reading and I hope we will still have time because I am a Member of the Departmental Committee on Finance, Planning and Trade; so that we can educate hon. Members more on the implications of this Bill. Even as we continue with the hearing from members of the public, we will like them to come and give their contributions to this Bill. With that I support."
}