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Daily Nation : February 24th 2014
DAILY NATION Monday February 24, 2014 RULE | Currently, investors interested in East Africa seek nod from respective country’s regulators EAC in plan to set market standards Watchdogs in the bloc are waiting for the secretariat to issue baselines for doing business BY JOSHUA MASINDE @masindej firstname.lastname@example.org E ast African countries plan to create standards in the capital markets which investors will follow when doing business in the bloc. Regulators in the region were waiting for the East African Community secretariat to issue standards of doing business in the bloc’s capital markets, Rwanda’s Capital Markets Authority executive director Robert Mathu told the Nation in an interview last week. If you apply as a regional investor, then once you get approval in say Kenya... you don’t have to seek the same approval in other jurisdictions,” Rwanda’s Capital Markets boss Robert Mathu “We are saying that if you apply as a regional investor, then once you get approval in say Kenya, internally, we communicate amongst ourselves as regulators so that you don’t have to seek the same approval in other jurisdictions,” Mr Mathu noted. Some of the regional guide- lines that need to be developed include issuance of securities, levels of disclosure and approval by investors. Currently, traders with interests in East Africa have to seek the nod from respective country markets regulators to undertake certain deals, for instance initial public offerings, rights issues, take-overs, mergers or acquisitions. The harmonisation will also see market intermediaries licensed in one market, operate in another one within the EAC without having to seek permit as long as they make it known that they have a presence within the bloc. There is also a directive on the operationalisation of an East African Central Depository that is meant to make it easier and more efficient to settle claims and transactions. The plan is part of a move to integrate the bloc’s market to function as single financial services hub, a push that central banks in the region are also pursuing. Business News 31 Audit company Deloitte opens Rwandan office BY NATION CORRESPONDENT Audit giant, Deloitte, has opened an office in Rwanda in its regional expansion of professional service. The new centre, which is based in Kigali, will provide assurance, consulting, financial, tax and risk advisory services to clients in both the private and public sectors. Rwanda office is a landmark achievement for Deloitte East and Central Africa as the firm moves services closer to customers, the company noted. Already, Deloitte has a presence in Ethiopia, Kenya, Tanzania and Uganda. “This expansion brings to- FILE | NATION Rwanda’s Capital Markets Authority executive director Robert Mathu. The guidelines will be tailored to complement the existing laws of respective jurisdictions within the re- gion. The changes, however, are not expected to affect how respective countries run their capital markets. gether all these practices to provide seamless cross-border services to clients in the region,” added the firm. The Rwanda office, will be headed by Mr Norbert Kagoro. It has recruited and trained a number of local staff to serve customers.
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