The regulators met during their 42nd Consultative Committee and deliberated among other issues include; supervisory colleges, industry certification, and risk based supervision.
In a statement, Tanzania Capital Market Security Authority Public Relations Manager, Mr. Charles Shirima, said that the Consultative Committee approved the fast-tracking of the adoption and implementation of risk based supervision among all regulators in the region.
“In order to ensure timely and efficient analysis of financial information, the regulators supported the adoption of systems for online submission of financial statements,” Mr. Shirima said in a joint communiqué.
In order to enhance financial reporting and disclosure requirements across the region, the statement said, the regulators will partner with other domestic stakeholders to continue promoting financial reporting awards and scale them up to the regional level.
With a view to reducing regulatory arbitrage, and taking cognizance of the cross border operations of some licensees, the regulators agreed to work together and conduct joint inspections as well as fit and proper tests on regulated persons.
Also, the regulators agreed to the development of adequate plans for crisis management and putting in place proper crisis management framework for the capital markets supporting regional systemic stability.
Furthermore the statement said that to put in place book building regulations it was agreed that an appropriate balance be considered to ensure that the process supports both transparent exits and public offers of securities in the capital markets.
In order to ensure timely and efficient analysis of financial information, EASRA supported the adoption of systems for online submission of financial statements.
The CC also approved the proposal for a capacity – building programmes for EASRA members and market intermediaries covering regulation, market supervision, and market development. EASRA is formed by capital markets regulators of Kenya, Uganda, Tanzania and Rwanda. Bank of Burundi (BRB) is representing Burundi