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Economy

CMA chief Muthaura lands top Africa Securities job

The acting chief executive of CMA, Paul Muthaura. PHOTO | SALATON NJAU
The acting chief executive of CMA, Paul Muthaura. PHOTO | SALATON NJAU 

Capital Markets Authority acting chief executive Paul Muthaura has been elected the vice-chairman for the Africa and Middle East committee of an organisation comprising the world’s securities regulators.

The election of Mr Muthaura will see him deputise in one of the four regional arms of the International Organization of Securities Commissions (IOSCO) for two years starting May.

CMA in a statement said the election points to recognition of Kenya as a key voice in issues concerning emerging markets.

“The appointment is a welcome opportunity to take the lead in discussions at the regional level and to influence key policy and global regulatory standards at the IOSCO board level,” Mr Muthaura said.

Under his tenure, the CMA has instituted several reforms in the capital markets as well as the introduction of various products. These include the rollout of real estate investment trusts (Reits) and new corporate governance standards.

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New instruments like exchange traded derivatives and exchange traded funds could soon come to the market.

Mr Muthaura was elected by the 24 committee members from across Africa and Middle East.

He also currently serves as a member of the Growth and Emerging Markets Steering Committee (GEMSC), which represents emerging markets including the BRICS, frontier and nascent capital markets.

The CMA chief has been holding the position in an acting capacity for four years now since the exit of Stella Kilonzo.

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