The Capital Markets Authority (CMA) was set up in 1996 through an Act of Parliament Cap. 84. CMA, which is a semi-autonomous body is charged with the prime responsibility of developing all aspects of the capital markets with particular emphasis on the removal of impediments to, and the creation of incentives for longer term investments in productive enterprises; the creation, maintenance and regulation through implementation of a system in which the market participants are self-regulatory to the maximum practicable extent, and of a market in which securities can be issued and traded in an orderly, fair and efficient manner; the protection of investor interests; and the operation of an Investor Compensation Fund. CMA licenses and supervises market intermediaries, approves applications of public offers, conducts on-site and off-site market surveillance, enforces compliance, and promotes market integrity and investor confidence.