Markets and Securities Authority (CMSA)

The Capital Markets and Securities Authority (CMSA) was established in 1995 by the Capital Markets and Securities Act, Chapter 79 R.E. 2002. The CMS Act is supplemented by 19 Regulations and Guidelines governing various aspects of capital markets. CMSA became operational as an autonomous body in the 1995/1996 Financial Year. The establishment of CMSA followed comprehensive financial sector reforms in the early 1990s that were aimed at developing capital markets in Tanzania. The capital markets are important because they provide the appropriate mechanisms for mobilizing long term savings and ensuring efficient allocation of resources to productive sectors in that way stimulate economic growth.