It was an eventful week at the Ethiopian Capital Markets Authority (ECMA) where a couple of particular occasions came to pass. At the Ethiopian Embassy in London, a capacity-building agreement for capital market service providers in Ethiopia was signed with the Chartered Institute for Securities & Investment (CISI). It aims to develop professionals with internationally recognised qualifications and a regulatory exam tailored to Ethiopian capital market laws. Brook Taye (PhD), director general of the Authority and Tracy Vego, Chief Executive Officer of CISI, believe the partnership represents a significant stride towards a more robust, knowledgeable, and ethical financial ecosystem in Ethiopia. Tracy indicated her dedication to enhancing confidence and integrity in the financial services sector as Ethiopia prepares for the launch of its capital market. With origins in the London Stock Exchange, CISI is a global organisation which sets examinations and offers qualifications for those looking to a career in the financial planning, wealth management and capital markets profession. According to Brook, the agreement represents a momentous milestone in developing a robust human capital and market, which requires a wide range of skills and competence. "It'll create highly skilled professionals with technical and regulatory capabilities," he said. Meanwhile, the long-awaited "public offering" draft directive that contains provisions for new securities to the public designed to protect investors has become open for public discussion. The directive mandates issuers to provide detailed information about the company, security offers, and investment risks and obtain approval from the Authority before transacting offers. Executives at the Authority have been prepping the directive which outlines the responsibility to provide proper protection to investors from misinformation and aims at solving problems in relation to the offer and sale of securities. They plan to hold a public consultation in the coming months.
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