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{
    "id": 376113,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/376113/?format=api",
    "text_counter": 453,
    "type": "speech",
    "speaker_name": "Hon. Gaichuhie",
    "speaker_title": "",
    "speaker": {
        "id": 17,
        "legal_name": "Nelson Ributhi Gaichuhie",
        "slug": "nelson-gaichuhie"
    },
    "content": "Thank you, hon. Temporary Deputy Speaker, for giving me the opportunity to support the Bill. This Bill seeks to bring about futures market, which is something new to our market. We need to expand NSE. So, it is a very good Bill as it seeks to make NSE competitive in Africa. The Bill also seeks to give powers to the Cabinet Secretary for Finance to appoint the CEO of CMA. Right now, the CMA does not have a substantive CEO. The appointment process of the CEO has taken a very long time. If it were to be done by the Cabinet Secretary, it would have been much faster. There is also the issue of free movement of capital and services across the borders of East Africa. Since we are integrating into one region, it is good when one can deal in Nairobi, Uganda or Tanzania, without having a lot of hurdles. We know that there are lots of unclaimed assets in banks and other financial institutions. This Bill seeks to make it mandatory for all unclaimed dividends and assets to be taken to the Unclaimed Financial Authority that we created the other day, instead of them remaining with the stock brokers or the listed companies. We have talked to very many stakeholders who are still complaining that they were not consulted by the CMA. Since the Bill is in the Second Reading stage, I would wish that CMA takes on board the views of all the stakeholders before it gets to the Third Reading stage, so that their amendments can be incorporated into it. The Committee is also trying to do this but we also want to ask CMA not to bring very stringent measures when it comes to the futures market; like saying that 85 per cent should be owned by foreigners. We are mortgaging our locals. We want them to re-consider that bit and make sure that we also allow our local people to take part in the futures market. With those few remarks, I beg to support."
}