NAIROBI, Kenya, Jun 14 – The Growth and Emerging Markets (GEMS) committee has picked Capital Markets Authority Chief Executive Officer Wycliffe Shamiah as a representative to the board of International Organisation of Securities Commission.
GEMS is the largest Committee within IOSCO, and represents over 75 percent of IOSCO’s ordinary membership.
Shamiah will now be part of a team that assists in developing, implementing and promoting adherence to internationally recognized standards for securities regulation.
According to CMA, the Committee also seeks to promote the development and greater efficiency of emerging securities and futures markets by establishing principles and minimum standards, providing training programmes and technical assistance for members.
IOSCO is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for the securities sector.
Shamiah said his appointment is an opportunity for Kenya to support the growth and emerging markets by playing a critical role in influencing global regulatory standards at the IOSCO Board.
“Kenya has been recognized as a leader on the continent in highlighting capital market issues unique to emerging markets and developing economies & is gaining recognition as a focal point in discussions around technological innovations within the financial services sector globally,” he said.
CMA said Shamiah’s appointment reinforces Kenya’s position as a thought leader on capital market issues by facilitating a robust legal and regulatory framework and introduction of new and innovative products, ” this has led to enhanced issuer and investor confidence, while encouraging innovation through the Regulatory Sandbox, launched in March 2019. Nine firms have so far been admitted into the Regulatory Sandbox.”