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{
    "id": 376124,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/376124/?format=api",
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    "content": "now been enhanced by Capital Markets Authority (CMA) is very welcome, particularly in view of the protection it gives to investors who are ordinary Kenyans. Hon. Temporary Deputy Speaker, CMA under this amendment has powers to intervene in the operations of securities and futures exchanges. This is highly workable because we have seen securities sinking with monies belonging to Kenyans. A case in point is Discount Securities that sunk with huge monies from the National Social Security Fund (NSSF). The NSSF money is from all Kenyans and, therefore, we welcome a regulatory framework that will be able to give Kenyans greater security because we would like Kenyans to invest and get good returns from CMA and, therefore, assist in the growth of the economy. If the economy is going to double digits, it is only going to grow with strengthened financial sector. Hon. Temporary Deputy Speaker, we have had proponents of self regulation who, perhaps, say that self-regulation is probably cheaper and easier. But, what we must also note is that the cost of regulation of markets is underwritten by the markets. Therefore, we welcome regulation in markets such as ours. They increase stiffer penalties for market abuses and also very welcome because we do not want to see people going free after abusing markets and sinking with monies from Kenyans or stealing from Kenyans. I welcome the greater penalties so that people are deterred from engaging in markets abuses such as not only insider traders, but several other markets abuses that occur. Hon. Temporary Deputy Speaker, regulation is not only about licences, I think this amendment recognizes that even without monitoring licensing every year, still you cannot regulate effectively because licenses, sometimes, are the introduction of bureaucracy that discourage people. I also do welcome the removal of licensing but stiffer regulations of those markets should be maintained. I thank you for giving me this chance to contribute to this very specialized Bill. The Chairperson of the Committee on Finance, Planning and Trade was walking around here and said: “Please, say something.” I really felt I should contribute to this Bill. Thank you."
}