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As  early as 1990  the  different EAC  Partner States  set  out to  establish securities regulators  beginning with  the Capital  markets Authority(CMA)-Kenya  in  1990, the Capital  markets and Securities  Authority(CMSA)-Tanzania in 1994, Capital markets Authority(CMA)-Uganda in 1996 and Capital markets Authority (CMA)-Rwanda in 2008.Burundi is yet  to develop  a capital  markets legal and regulatory  framework but efforts  are  underway  by  the Banque  de  la  République  du  Burundi (BRB) to develop one. In 1997, CMA-Kenya, CMA-Uganda and CMSA Tanzania entered into a Memorandum of Understanding (MoU) to promote the integration Capital markets in East Africa.  This MoU formed the basis for the establishment of the East African Securities Regulatory Authorities (EASRA). CMA-Rwanda later joined EASRA in 2009 while BRB joined in 2011.   EASRA continues to operate as a consultative institutional forum where the Regulatory Authorities discuss matters of mutual interest that affect their operation.

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