international standards and codes adopted by the country are to be incorporated into the national legal and regulatory framework. 2.3.2 The revision of several commercial laws and their enactment has been fast-tracked. Several amendments have been proposed to the Accountants‟ Act. These amendments will enable the Institute of Certified Public Accountants of Uganda (ICPAU), whose members and associates are recognised under the Companies Act Cap 86 as the sole auditors of company accounts, to become more effective in overseeing the accountancy profession and enforcing the requirements of professional discipline among all its members. 2.3.3 Relevant Bills necessary for establishing an effective legal, policy and regulatory, as well as supervisory framework for Tier 4 Micro Finance non-deposit taking Institutions such as SACCOs have been drafted. Regulations regarding the supervision of Tier 3 Micro Finance deposittaking institutions are considered adequate. 2.3.4 Government has put in place various forms of incentives for encouraging regulated financial institutions to offer banking services to rural areas. A policy and legal framework for regulating the activities of Micro-finance institutions has been developed, and includes: The SACCOs Bill and the Micro-credit Bill. Resources have also been provided in the budget for supporting the formation of at least one SACCO in every sub-county and strengthening existing ones to provide training and other technical support. The Rural Financial Services Programme (RFSP) was redesigned to support SACCOs. The Uganda Cooperative Savings and Credit Union (UCSCU) supported the formation of 140 SACCOs and the development of 401 SACCOs in 541 sub-counties countrywide. 2.3.5 Progress has also been made towards the creation of an enabling environment for the stock exchange to flourish. The Capital Markets Authority (CMA) has played a lead role in reviewing the CMA Act (Cap 84) to take into account developments since its enactment and to bring the legislation in line with international best practices. The revisions to the Act will make CMA compliant with the core principles of Securities Regulation prescribed by the International Organisation of Securities Commissions (IOSCO), a body that sets the international standards for