The Capital Markets Authority (CMA) is a statutory body, established in 1996 by the Capital Markets Authority Act (Cap 84) as amended, to promote, develop and regulate the capital markets industry. CMA is governed by a Board of Directors appointed by the Minister of Finance, Planning and Economic Development. The CMA is mandated by law to: • Approve prospectuses and other offering documents under which securities are offered to the public. • Develop the capital markets through removal of impediments and the creation of incentives for longer term investments in productive enterprises. • Create, maintain and regulate a market in which securities can be issued and traded in an orderly, fair and efficient manner. • Cooperate with, any foreign regulatory authority in the performance of its duties; • Implement regional and international standards and best practice in securities markets, securities regulation and supervision. • Protect investors; and • Operate an investor compensation fund. The work of the CMA is also governed by the Securities Central Depositories Act, 2009 and the Collective Investment Schemes Act, 2003.