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{
    "id": 754909,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/754909/?format=api",
    "text_counter": 188,
    "type": "speech",
    "speaker_name": "Mr. Rotich",
    "speaker_title": "The Cabinet Secretary for the National Treasury",
    "speaker": {
        "id": 1242,
        "legal_name": "Ronald Kiprotich Tonui",
        "slug": "ronald-kiprotich-tonui"
    },
    "content": "and our Constitution. I expect this assignment to be completed and drafts ready by the end of September, 2013. The review should target having two legislations, one for establishment of the authority and the other covering regulatory issues of the market. In the same spirit, I direct the Retirement Benefits Authority (RBA) to carry out a similar exercise and have drafts ready by the end December, 2013. In order to strengthen the regulatory framework of the Kenya Deposit Insurance Corporation (KDIC) and ensure adequate protection to depositors, I have proposed amendments to the Kenya Deposit Insurance Act to expand the corporation’s mandate and enhance its corporate governance. In order to provide adequate housing for our people, I propose to amend the law to encourage pooling of resources through real estate investment trusts for the sole purpose of real estate development. I further propose to amend the law to provide a conducive environment for a dynamic capital market that will facilitate introduction of new capital market products and services on an accelerated basis. In order to support full implementation of some key requirements under the Common Market Protocol and fast-track the EAC integration agenda, I propose to amend the Capital Markets Act to provide for the issuance of regional fixed income securities. This will allow for raising of funds from across the regional capital markets by treating persons licensed by any of the other EAC capital markets regulators on equal terms, as if they were licensed by the Capital Markets Authority. Insider trading and market manipulation continue to pose a threat to the stability and growth of the capital market. In order to address these challenges and safeguard the integrity of our capital market, I propose to amend the Capital Markets Act to redefine the offence of insider trading as an offence of strict liability, and further propose to specifically identify a range of the most common market manipulation offences to guide the courts and the investing public on the nature of these offences. Hon. Members, recent developments in the banking sector have resulted into accelerated business activities, some of which have been found to be unethical or illegal and thus violating provisions of the Banking Act. In order to deter institutions from violating the law, I propose to amend the Banking Act to enhance the penalties provided for such offences. I further propose to amend the Microfinance Act to foster prompt corrective action where problems in institutions are identified early and dealt with in a timely and progressive manner. This will go a long way to forestall threats to the stability of the institutions. In conclusion, I wish to thank His Excellency the President and the Deputy President for their guidance and support. I also wish to thank my Cabinet colleagues for their support and understanding. My sincere appreciation goes to the Leader of the Majority Party in the National Assembly, Hon. Adan Duale, for the excellent working relationship during the legislative approval process of the Budget; the Budget and Appropriations Committee, led by Hon. Mutava Musyimi, the Parliamentary Budget Office, for their constructive engagement and navigating the review process of the Budget Estimates under very tight timelines; and all hon. Members of the various Departmental Committees and, in particular, the Committee on Finance, Planning and Trade, chaired by Hon. Benjamin Langat, for their commitment and diligent review of the Budget under a very limited time period. 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."
}