Nairobi — In the developed economies, market regulators and the legal systems are slowly coming to the sad realisation that the financial markets can not entirely be left to their so-called good intentions. This has been more the case since the multi-billion dollar Enron Scandal. You do not allow people who handle the future of the retail investor, mutual funds, pensions, and others to behave as if they are above the law.
Whereas Capital Markets Authority chief executive Edward Ntalami is correct to a large extent when he says the regulation has come a long way in 17 years, he has to recognise that the public has a right to worry when a long-established stockbrokerage tumbles in the midst of speculation on the bourse integrity. It is thus not enough to just say CMA is enhancing its capacity to cope with the rapid market changes.
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