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{
    "id": 700878,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/700878/?format=api",
    "text_counter": 13,
    "type": "speech",
    "speaker_name": "Hon. Deputy Speaker",
    "speaker_title": "",
    "speaker": null,
    "content": "Hon. Members, this is a conveyance of a Petition for enactment of legislation on enforceability of over-the-counter financial derivatives in Kenya by domesticating the Model Netting Bill. Pursuant to the provisions of Standing Order No.225(2)(b), I would like to convey to the House that my office is in receipt of a petition signed by Mr. Mwaura Kelvin Karuga and 22 other persons regarding the enactment of legislation on enforceability of over-the-counter financial derivatives in Kenya by domesticating the Model Netting Bill. The Petitioner avows that in the recent past, the financial derivatives market has experienced exponential growth. However, save for the proposed Capital Markets (Derivatives Markets) Regulations, there is no law regulating the market. Hon. Members, the petitioners are, therefore, praying that the National Assembly, through the Departmental Committee on Finance, Planning and Trade, initiates the process of enacting legislation on financial derivatives and, particularly, on regulations and enforcement of netting for over-the-counter financial derivatives and financial services industry in the country. Hon. Members, Pursuant to the provisions of Standing Order No.227, the Petition, together with the draft Bill thereto, stand committed to the Departmental Committee on Finance, Planning and Trade for consideration. In considering the Petition, the Committee is encouraged to engage the petitioners. 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."
}