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{
    "id": 376118,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/376118/?format=api",
    "text_counter": 458,
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    "content": "We have had instances where the futures market has not been vibrant. As hon. Members who spoke before me said, we have seen restricted market movement, which has ended up reducing the capital base of our country. Investors and members of the public, in particular have continued losing money because of a weak regulatory framework in that area. The proposed amendments are, of course, geared at strengthening the regulatory framework, which is very essential. I hope that with this amendment, we will be able to address the issue of losses relating to guarantees given to investors by the Government. The common public has lost money. Hon. Temporary Deputy Speaker, I have in mind the case of Nyaga Stock Brokers, about which I keep on receiving complaints and requests to raise it in the House. Of course, there is a case of negligence, but we cannot follow up the matter properly if the regulatory framework also has gaps that do not help when it comes to dealing with people who are intent on stealing from members of the public. This Bill has addressed such challenges. I hope that the necessary discipline will come with this Bill because we have also seen lack of discipline in the industry. We would want the regulatory framework to fill up the gaps very quickly, so that members of the public do not continue to lose money. More importantly, the Asian tigers rely heavily on financial services. There is a lot of movement of capital. Economic growth in those countries is faster than countries in our region because they have broad-based investors who feel secure and cushioned. Of course, the legal framework is also able to provide the required protection in this particular area. We are talking about money investment. Therefore, there is need for a very clear regulatory framework. If we do away with the unnecessary cumbersome details that we have continued to uphold in this country, we will encourage investment. We will then be able to compete regionally. Hon. Temporary Deputy Speaker, with the Jubilee digital Government in place, we expect to continue to lead in this region. Our legal framework has been a draw-back in this particular area. The management must reign on people in some of those areas. Although we are talking about not making it necessary for licences to be renewed yearly, the necessary regulatory framework must have benchmarks and tight systems, so that the loopholes that have been used to defraud members of the public can be sealed through the regulatory framework. With those remarks, I would want to see a more vibrant capital market in our country. We do not want the same names in the markets. We want more to be brought on board and this is likely to happen with this Bill. That is because we are broadening the network in the futures market. I think this is the way to go by encouraging more people to come on board."
}