Proposed rules give the Capital markets Authority (CMA) regulatory powers over members who access public funds. : Private equity and venture capital funds are seeking clarity on the proposal in the Finance Bill 2020 that will give the Capital markets Authority (CMA) regulatory powers over members who access public funds. The firms, through lobby East Africa Private Equity and Venture Capital Association, said the Treasury proposal did not define what constitutes public funds, adding that there is a risk they may lose external investors who are not ready to undergo regulatory scrutiny on private funds.