Lessons for Kenya from financial markets reforms in West

[Photo: Courtesy]

The second European Union Markets in Financial Instruments Directive (MiFID II), which  will restructure financial markets worldwide, came into force in January 2018. Kenyan financial markets regulators should pay close attention and learn.

When the sub-prime mortgage-triggered financial crisis of 07/08 struck, Western countries moved to revamp their financial markets laws to ensure such an eventuality does not happen again, unlike Kenya where a bank called Charterhouse will collapse on account of insider looting. We will neither learn nor do anything, until Dubai collapses, for the same reason. We will do nothing until Imperial bank collapses.