TANZANIA: CMSA GETS UK PARTNER TO BOOST CAPITAL MARKETS, SECURITIES EXPERTISE

Capital Markets and Securities Authority (CMSA) has signed Memorandum of Understanding (MOU) with the Chartered Institute of Securities and Investment (CISI) of United Kingdom (UK) to promote and offer global certification programmes of capital markets professionals in Tanzania.

The CMSA Acting Chief Executive Officer Ms Fatma Simba said at the signing ceremony in Dar es Salaam on Tuesday that the collaboration will help the Tanzanian capital markets to position itself in the global talent pool of professionals in the capital markets and financial training.

"Through this collaboration CMSA will be able to address the growing need in Tanzania for globally qualified professionals in various areas of the capital markets industry including investment management, corporate finance, compliance, risk management and operations," she said.

She said CMSA will work with the CISI to implement the programmes which will enhance and promote financial services expertise, professionalism and professional standards in the capital markets industry in Tanzania, EAC and SADC region.

She said licensing of professional intermediaries in the capital markets is one essential ingredient for effective regulation of the market and protection of investor's interest which are essential for market sustainability.

She added, the occasion therefore, marks an important milestone in the development and regulation of capital market professionals in Tanzania. CMSA is cognizant that CISI is one of the largest and most widely respected professional bodies for professionals working in the capital markets industry worldwide.

Every year, over 40,000 examinations are taken in more than 50 countries around the world by candidates who are employed by 92 per cent of licenced capital market intermediaries and the world's top investment banks.

In this regard, she said CMSA is very pleased to sign the MOU which kick starts partnership with the largest and most widely respected bodies for professionals working in the global financial markets.

Ms Simba also extended appreciation to the Financial Sector Deeping Trust (FSDT); and DFID who have been providing support for the development and regulation of the capital markets.

Their support led to the establishment of the relationship with the CISI and thus made this partnership possible. "This will certainly contribute to the capital market which has an integral part to play in the financial sector deepening and inclusion by increased financial literacy in the country," she said.

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