Members of the East African Community have proposed a time schedule for the integration of the Kenyan, Ugandan and Tanzanian stock markets.
The proposed schedule includes harmonisation of stock market rules relating to cross border listing, taxation, accounting standards, auditing and financial reporting standards and fees. The harmonisation of rules will need to be completed before the implementation of the Capital Markets Law.
“We aim for implementation of a common Capital Markets Law by June 2008, for all other regulations to be in place by June 2009 and a fully integrated capital markets with one regional stock exchange by December 2009” says a Standard Bank Spokesman.
The planned regional stock market will operate with a single regulator with country branches and individual state regulators with a common framework.