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{
    "id": 493534,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/493534/?format=api",
    "text_counter": 235,
    "type": "speech",
    "speaker_name": "Hon. Oyugi",
    "speaker_title": "",
    "speaker": {
        "id": 444,
        "legal_name": "Augostinho Neto Oyugi",
        "slug": "augostinho-neto-oyugi"
    },
    "content": "I was going to speak to that other encomium conferred upon me by hon. Duale. I really thank him for believing that I am sufficiently or a bit intelligent. I appreciate you. Thank you. I feel honoured, hon. A.B. Duale. This particular Bill is very important. When you leave a profession such as investments uncontrolled, that is how you invite anarchy. In fact, now I understand why most Kenyans might not have been interested in investing in securities. It is because no one was regulating it! You would put in your money, there would be no returns and half of the the money would be gone. Some of us were subjected to quacks who gave us the impression that they could interpret the stock markets and no sooner had you put in your money; than the money “walked away” through some very unprofessional methods. This Bill is useful as it seeks to provide for the establishment, powers and functions of issuance of certified securities. It is timely, in order and I think well intentioned. Hon. Speaker, one of the useful things of this Bill is in Section 5 which speaks to the funds of the institute not increasing taxes on the Kenyan taxpayers. The institute itself shall generate its own funds. I really think that is something good. They have seen that the amount of investment that happens in that field is enough to generate money that is sufficient for the institute to run itself. Section 6 speaks to the fact that people can remain ordinary members, despite the fact that you might not have sufficient qualifications but, at least, you have investments and issues dealing with stocks and securities and, hence, you can be made a member of the institute. Hon. Speaker, I would like to specifically speak to Section 8 of the Bill which, in the first part, seeks to promote standards of professional competence and practice amongst its members. You cannot have a whole regime of investments not having professional competence and practice. Along those lines, I want to assure hon. Duale that some of us in the Departmental Committee on Justice and Legal Affairs have already put mechanisms in place to ensure that Parliament is subject to some sort of qualifications so that the people coming in to the 12th Parliament ought to be of certain criteria. They should be people who can appreciate and discuss Bills. Section 8(c) of this particular Bill speaks to something very useful. It is hoping to promote research into the subject of securities so that many Kenyans can invest on the basis of research and projections which are not left for you to decide, or just getting someone on the streets to advice you on what you ought to invest in. So, research being 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."
}