A three-day regional workshop to domesticate the EAC Council of Ministers’ Directives on Securities Market in the regional bloc into national laws has concluded in Arusha, Tanzania. The 31 July to 2 August workshop was organized by the EAC Secretariat in collaboration with the World Bank, as part of the financial sector integration and regionalization agenda.
The workshop reviewed modalities for domesticating the Council Directives on Securities Market into national laws of the respective Partner States. The workshop was held under the ambit of the EAC Financial Sector Development and Regionalization Project I (FSDRP I).
Speaking at the workshop, Dr. Enos Bukuku, the Deputy Secretary General in charge of Planning and Infrastructure noted that development of the Council Directives was an approach the EAC Securities Market Regulators had opted for as the most feasible strategy.
This took into consideration that the Capital Markets in the Partner States are at different levels of development and an overarching Community Law would only be feasible in the long-term after a high degree of convergence between the 5 different Capital Markets has been attained.
Dr. Bukuku said it was in this regard that a Technical Working Group (TWG) was established to develop EAC regional securities laws. The TWG progressed the development of the Council Directives and the first set of seven was approved by the EAC Council of Ministers in April 2014 and these included; the Council Directive on Public Offers for Equity Securities; Council Directive on Public Offers for Fixed Income Securities; and Council Directive on Public Offers for Asset Backed Securities (ABS).
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