The Securities and Exchange Commission announced today that it has completed its first major Capital Market Development and Oversight Training Program in East Africa, held in Kampala, Uganda, from February 26-March 2. The week long program included intensive training on methods for conducting investigations of market misconduct, insider trading financial fraud, and market manipulation. The training also focused on corporate governance and disclosure, market regulation, and broker-dealer inspection and compliance.
The East Africa program featured 50 delegates from securities authorities, stock exchanges, and central banks from twelve African countries. Several sessions were held to address current interest in harmonizing and integrating markets on a regional basis. The program was hosted by the East African Securities Regulatory Authorities (EASRA), which consists of the Capital Markets Authorities of Uganda, Kenya and Tanzania. Co-sponsors of the program were the U.S. Agency for International Development, Financial Services Volunteer Corps, and United States Treasury - Office of Technical Assistance.
Japheth Katto, Chief Executive Officer, Capital Markets Authority, Uganda, said,
"It has been a great honour to host this high profile training programme on behalf of EASRA. The U.S. SEC regulates the largest capital market in the world. It has shown great leadership and social responsibility by sharing its experience, expertise and resource material with participants from twelve young emerging capital markets in Africa. We are extremely grateful. I have no doubt that the seminar will help regulators and exchanges in the development of their legal and regulatory frameworks for the benefit of investors."
Ethiopis Tafara, Director of the SEC's Office of International Affairs added,
"The SEC staff was extremely pleased to be welcomed to Uganda to conduct this training program and I commend the leadership of EASRA for promoting this initiative. It speaks volumes about the interest that regulators and exchanges in Eastern Africa have in market development, and in the promotion of market integrity. The exchange of views that is possible through these programs enhances our understanding of market circumstances abroad. And to the extent we can help foreign securities authorities to enhance their ability to regulate and police their markets, we also contribute to the protection of all investors seeking investment opportunities in this region."
Steven A. Browning, U.S. Ambassador to Uganda, in closing the program, observed,
"The growth and development of strong capital markets are critical to Africa's, and Uganda's, continued economic development. We are greatly encouraged by the participation of so many African countries, regulators and exchanges in this training program."
The SEC's technical assistance training programs have provided training for an astounding 1045 foreign officials from 107 foreign jurisdictions in fiscal year 2006 alone. In the last eighteen months, the SEC staff has conducted or substantially participated in regional or bilateral training programs in China, India, Malaysia, the Philippines, Thailand, Vietnam, Ecuador, Peru, Trinidad and Tobago, Bahrain, and Saudi Arabia. Vietnam, Kuwait and Iraq have recently sought and been provided assistance in developing new securities laws.
The SEC's flagship training programs are its International Enforcement Institute held in the fall of each year, and its International Institute for Market Development held in the Spring. Last year, the Institute for Market Development audience totaled 148 senior securities officials from 68 emerging market countries. The technical assistance program includes regional training programs such as the African program, bilateral training programs, reviews of foreign statutes and regulations, and responses to specific technical assistance inquiries.
For more information on SEC's technical assistance program contact Dr. Robert M. Fisher or Z. Scott Birdwell at the Office of International Affairs at 202-551-6690, or by email at OIA@SEC.gov.
