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{
    "id": 493511,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/493511/?format=api",
    "text_counter": 212,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Gathecha",
    "speaker_title": "",
    "speaker": {
        "id": 652,
        "legal_name": "Annah Nyokabi Gathecha",
        "slug": "annah-nyokabi-gathecha"
    },
    "content": "Thank you, hon. Temporary Deputy Speaker. I rise to support this Bill and acknowledge that it is about time that we had this Bill to regulate those involved in the security industry. Any financial instrument or any person dealing with services to the public that deal with funds should definitely be in a regulated industry. This is because we are dealing with a very complex and very sensitive area that is securities and investments in this country. If we look at the growth and the rate at which Kenya is growing currently, it is important that we rise to the international standards that have been set and that we become members and those who are coming to play in the financial market within Kenya are also regulated and understand that there is a structure and a system in which to operate. We want to establish Kenya as a hub for economic development and as a securities industry. I know we were in competition with West Africa and South Africa to ensure Kenya bid for the position of becoming the securities and investments hub within Africa. If we are going to play in that big league and given the natural resources that we have found in this country, it behooves this country to ensure that those who participate in this particular industry are regulated and that they have a fiduciary responsibility to the public and to the members that we are dealing with. Hon. Temporary Deputy Speaker, I foresee this Bill expanding the financial market within Kenya. The reason being we have areas we need to deal with. We have a lot of coffee, tea, oil, wealth, mineral resources and food. If we are going to capitalize on this particular wealth, we need to play in the type of field that allows international companies and international organizations to be able to come in and play and understand that they cannot come in and use this country as a conduit to clean money; as a conduit where they can come in and wash terrorist money or activities like that. The regulation in the securities and investment will ensure that those who are participating are people of integrity, they are also people who, even as we establish the institutions that will be teaching these particular courses. Once these people are working, whether it is in the financial industry or whichever industry they are working in, we will know that there are certain standards that have been maintained and there is a certain requirement for education. This will also expand the level of research and investment in this country and within our education to ensure that those who will be regulated to work in this industry have the particular educational requirements for them to do so. Hon. Temporary Deputy Speaker, I support this particular industry. Being a professional and a certified financial planner myself; I see the importance and the necessary requirements for people to ensure that they are regulated as professionals dealing with the public to have a certain standard of engagement which they deal with. If we can expand the level of qualifications for people who are engaged in this particular industry, it will assist this country. If we look at the intricate financial systems that are The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}