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CMA Licenses Two New Investment Advisors to Broaden Market Access

Nairobi 16 July 2025…… The Capital Markets Authority (CMA) has granted licenses to two investment advisory firms, reinforcing its commitment to deepen investor access to professional financial services and promote informed investment decisions in Kenya’s capital markets.

Rock Advisors Limited has been licensed as an investment advisor, with a focus on providing responsible and tailored financial advice to institutional clients across the country. The firm aims to support strategic investment planning and enhance portfolio management practices for its clients.

In addition, the Authority has licensed Legatum Capital Advisory Limited as an investment advisor. The firm intends to offer a diverse range of investment advisory services to clients, promoting capital preservation, wealth creation and sustainable investment practices.

These approvals are in line with CMA’s regulatory mandate to ensure a robust, fair, and transparent financial advisory framework that enhances investor protection and confidence.

 

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BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

cma

CMA Licenses New Authorised Securities Dealer and Corporate Trustee to Deepen Market Development

Nairobi, 15 July 2025…… The Capital Markets Authority has granted two new licenses aimed at enhancing investor confidence and promoting capital markets development in Kenya.

To support efforts in improving liquidity within the fixed income market, the Authority has licensed Fintrust Securities Limited as an Authorised Securities Dealer (ASD). As an ASD, Fintrust will be permitted to buy and sell fixed-income securities on behalf of clients, quote bid and offer prices for various instruments, and provide advisory services—contributing to greater price discovery and trading efficiency.

In line with Regulation 31 of the Capital Markets (Collective Investment Schemes) Regulations, 2023, Stanbic Bank Kenya Limited has been licensed as a corporate trustee. In this role, Stanbic Bank will be responsible for the oversight of collective investment schemes, ensuring compliance, governance, and investor protection.

These approvals reflect CMA’s ongoing commitment to strengthening market infrastructure, enhancing investor safeguards, and fostering a more vibrant and resilient capital markets ecosystem.

 

 

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BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics;

Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

cma

CMA Approves New Collective Investment Schemes and Sub-Funds

Nairobi, 14 July 2025…… The Capital Markets Authority has granted approvals to several market players for the establishment of new collective investment schemes and sub-funds, in a move aimed at deepening Kenya’s capital markets and enhancing product diversity for investors.

Sanlam Investments East Africa has received approval to establish a new sub-fund under its existing structure, the Sanlam Special GBP Fixed Income Fund. This unit portfolio will be denominated in Great Britain Pounds (GBP), providing investors with exposure to fixed income securities in foreign currency.

In a separate development, ALA Capital Limited has been approved to register the ALA Capital Collective Investment Scheme (ALA CIS), comprising six sub-funds: ALA Balanced Fund, ALA Multi-Asset Special Fund, ALA Equity Fund, ALA Fixed Income (KES) Fund, ALA Money Market Fund (USD), ALA Money Market Fund (KES)

In addition, VCG Asset Management Limited has received approval to register three funds under the VCG Offshore Opportunities Special Funds umbrella. These include:VCG Offshore Money Market Fund (KES), VCG Offshore Money Market Special Fund (USD), VCG Offshore Fixed Income Special Fund (KES).

The CMA Chief Executive Officer, FCPA Wyckliffe Shamiah, welcomed the approvals, noting the continued growth in demand for collective investment schemes, which have now surpassed Ksh. 500 billion in total assets under management.

“These approvals reflect growing investor confidence and increased appetite for diversified investment options, including foreign currency-denominated and offshore funds,” said Mr. Shamiah.

The Authority remains committed to supporting the development of innovative capital markets products that enhance investor choice and contribute to economic growth.

 

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BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

cma

CMA licenses three new corporate trustees

Nairobi, 21 May 2025… The Capital Markets Authority (CMA) has licensed three new corporate trustees to support the growing Collective Investment Schemes (CIS) market in Kenya. These trustees will provide oversight for investment vehicles such as unit trusts, mutual funds, and other collective investment structures.

The newly licensed entities are;

MTC Trust & Corporate Services Limited, which offers a broad range of fiduciary and trustee services to private entities. The firm also provides security trustee services and manages specialized structures.

Standard Chartered Bank Kenya, which has now expanded into corporate trustee services. The bank has been a major player in custody services since 2010 and currently holds the largest market share in that segment.

NCBA Group Plc, which has been licensed to offer corporate trustee services as part of its broader custody solutions. The bank aims to deepen its investment services offering by incorporating CIS trustee functions into its portfolio.

The licensing of these trustees comes at a time when demand for Collective Investment Schemes continues to rise, crossing the Ksh.400 billion mark. This is mainly driven by both retail and institutional investors seeking professionally managed, diversified investment options. Corporate trustees play a critical role in safeguarding investors’ interests by ensuring that fund managers operate in compliance with scheme documents and regulatory requirements.

The move underscores CMA’s commitment to strengthening investor protection and supporting the growth of a robust, transparent capital markets ecosystem in Kenya.

 

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BACKGROUND INFORMATION

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

cma

CMA signs the Enhanced Multilateral Memorandum of Understanding to enhance investor protection

Nairobi 14 May 2025… In line with its investor protection mandate, the Capital Markets Authority (CMA) Kenya has signed the Enhanced Multilateral Memorandum of Understanding (EMMoU). The EMMoU is set  to enhance and advance mutual cooperation and the exchange of information among securities regulators across the globe with an objective to strengthen financial market integrity and investor protection.

The EMMOU was signed during the 50th Annual Meeting of the International Organisation of Securities Commissions (IOSCO) held 12-14 May in Doha, Qatar. CMA Kenya is a member of IOSCO. Kenya is the 28th country to sign the EMMoU among 130 jurisdictions, which are IOSCO members.

IOSCO is a standard setting body representing 95 percent of the world’s securities regulators. It is governed by a Board which comprises 35 securities regulators.

The EMMOU ensures investors are protected by ensuring markets are fair, efficient, and transparent. It is the global benchmark for international cooperation in the enforcement of securities laws and regulations, considering the evolution of technology. This has changed the landscape for enforcement and cooperation among securities regulators.

 

Speaking during the signing ceremony, the CMA Kenya Chief Executive Officer, Mr. Wyckliffe Shamiah, appreciated the IOSCO leadership for allowing CMA Kenya to sign the EMMOU. Mr. Shamiah noted this is aligned to the Authority’s ambition, as espoused in the 2023-2028 Strategic Plan, to build resilient markets, increase inclusivity and enhance investor confidence.

Mr. Shamiah observed; ‘’increased globalisation, interconnectedness of financial markets, and advancements in technology have changed the way the securities industry operates and how violations of securities laws occur. This has led to a changed approach in regulatory oversight, where enhanced and timely information sharing and cooperation, have become corner stones of effective investigation of breaches and enforcement actions’’.

The global financial crisis raised concerns around information sharing and cooperation between IOSCO members; keeping pace with technological and market developments; bolstering deterrence; and ensuring IOSCO continues to meet its objectives.

The EMMOU was developed to enable securities market regulators ensure continued effectiveness in safeguarding market integrity and stability, protecting investors and deterring misconduct and fraud.

The EMMoU is expected to foster greater cross-border enforcement cooperation and assistance among securities regulators, enabling them to respond to the risks and challenges posed by globalisation and advances in technology.

 

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BACKGROUND INFORMATION

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the structured commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

public

Request For Stakeholder And Public Feedback On The Draft Capital Markets (Corporate Governance)(Market Intermediaries) Regulations, 2025

The Capital Markets Authority is charged with the mandate of regulating and developing Kenya’s capital markets. In line with the Capital Markets Strategic Plan, the Authority seeks to ensure that the Capital Markets legal and regulatory framework is up to date and responsive to changing market dynamics and emerging stakeholder needs.

In this regard, the Authority has reviewed the Capital Markets (Corporate Governance) (Market Intermediaries) Regulations, 2011 in a bid to make them responsive to market needs and address new and emerging issues and has developed the draft Capital Markets (Corporate Governance) (Market Intermediaries) Regulations 2025.

In accordance with Section 12A (3) of the of the Capital Markets Act the Authority now invites stakeholders and the general public to submit comments on the draft Regulations, available on Draft Regulations. Kindly submit your comments by May 22, 2025.

The Chief Executive Officer
Capital Markets Authority
P.O. Box 74800-00200 Nairobi
3rd Floor, Embankment Plaza
Longonot Road, Upperhill
Email: comments@cma.or.ke
Website: www.cma.or.ke

cma

CMA clarifies that Genghis Capital Limited is not under statutory management but directs the firm to conclude discussions on the unmet contractual obligations

Nairobi 11 March 2025… The Capital Markets Authority (CMA) would like to clarify that Genghis Capital Limited has not been placed under statutory management.

CMA notes that Genghis Capital Limited unmet contractual obligations to a third party remain outstanding and has consequently directed the firm to expedite resolution.

The operations of the Genghis Unit Trust Scheme are regulated under the Capital Markets (Collective Investment Schemes) Regulations 2023, which require that client assets are held by a custodian in segregated accounts from those of the firm. 

 

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cma

CMA Approves Ziidi Shariah Money Market Fund

Nairobi, 20 February 2025 – The Capital Markets Authority (CMA) has granted approval to Gulfcap Investment Bank to register the Ziidi Shariah Money Market Fund. The fund is a Shariah-compliant investment product designed to cater to the growing demand for Islamic finance in Kenya.

The Ziidi Shariah Money Market Fund will operate as a standalone fund with its own distinct incorporation documents and promoter. The fund will target registered M-PESA customers who either profess the Islamic faith or prefer to invest in Shariah-compliant financial products.

This initiative aligns with the CMA’s efforts to promote inclusive and diverse investment opportunities within Kenya’s capital markets.

With this approval, the number of licensed firms offering Shariah-compliant unit trust funds in Kenya now stands at seven, reflecting the increasing interest and growth potential of Islamic finance in the country.

The CMA Chief Executive Officer, Mr. Wyckliffe Shamiah, while commenting on the approval, said, “This marks a significant milestone in the ongoing efforts to promote Islamic finance within Kenya’s capital markets. We believe Islamic finance holds immense potential which can be unlocked through creating an enabling environment for such opportunities to thrive”.

 

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cma

CMA Licenses New Fund Manager

Nairobi, 20 February 2025 – The Capital Markets Authority (CMA) has licensed Tradiam Investments Services Limited as a fund manager, increasing the total number of licensed fund managers in Kenya to forty three.

The CMA Chief Executive Officer, Mr. Wyckliffe Shamiah, observed that there has been substantial growth in the assets under management as collective investments schemes reaching over Ksh316 billion. This has driven the significant interest in fund management license category.”

Tradiam Investments Services will target both institutional and retail clients. For institutional clients, the target includes pension schemes, insurance companies, and corporates seeking portfolio management services, while the retail investors under consideration are individuals looking for investment opportunities through collective investment schemes

 

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BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

 

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

cma

CMA engaging Genghis Capital Ltd on the unmet contractual obligations

Nairobi 22 January 2025… In line with its investor protection mandate, the Capital Markets Authority (CMA) is engaging Genghis Capital Limited to get a roadmap on how the firm intends to address the outstanding debt owed to its stakeholder.

CMA would like to clarify that clients’ assets are held in segregated accounts separate from the funds of Genghis Capital Limited.

The operations of the Genghis Unit Trust Scheme are regulated under the Capital Markets (Collective Investment Schemes) Regulations 2023, which require clear separation of the roles of the fund manager from those of the custodian and trustee.

Client assets managed under the Genghis Money Market Fund and Mali Money Market Fund are held by a duly authorized custodian and oversighted by an independent trustee.

 

ENDS

BACKGROUND INFORMATION

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics;

Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

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