- CMA issues guidance for transitional arrangements
The Capital Markets Authority (CMA) has allowed trading at the Nairobi Coffee Exchange (NCE) using the old payment rules in a bid to facilitate transitional arrangements in the sector.
“The Nairobi Coffee Exchange is granted permission to operate as it works towards full compliance with the regulations and all the applicants intending to offer coffee brokerage services are allowed to continue performing the role,” CMA Acting Chief Executive, Wyckliffe Shamiah said.
The regulations were gazetted by the cabinet secretary for the National Treasury and Planning on April 3 2020.
The two regulations are Capital Markets (Commodities Markets) Regulations 2020 and Capital Markets (Coffee Exchange), Regulations 2020.
As a result, CMA was mandated to license the coffee exchange and the coffee brokers effective July 1 2020.
The regulations are aimed at enhancing food security and making the commodities market competitive, improving efficiencies in the value chain, and meeting international standards.