CMA APPROVES A LICENCE UPGRADE AND GRANTS NEW INTERMEDIARY LICENCES TO STRENGTHEN MARKET CAPACITY
Nairobi 12 August 2026… The Capital Markets Authority (CMA) has approved several licence applications from firms seeking to operate as market intermediaries, comprising an upgrade from a Stockbroker to a Broker-Dealer licence, a Fund Manager licence, an Investment Adviser licence and a Corporate Trustee licence. The approvals form part of the Authority’s ongoing efforts to expand full-service capital markets capacity, deepen Kenya’s capital markets and broaden the range of professional services available to investors across retail, institutional, corporate, diaspora and high-net-worth segments.
Among the approvals, the Authority has approved Kestrel Capital (East Africa) Limited to upgrade from a Stockbroker licence to a Broker-Dealer licence pursuant to the Capital Markets (Licensing Requirements) (General) Regulations, 2025. Beyond its existing securities brokerage, investment advisory, research and wealth management services, the firm will undertake dealing in securities as principal, proprietary and fixed income trading, securities placement, liquidity provision, and the promotion and arrangement of securities issuances, offering integrated capital markets solutions to retail, institutional, corporate and high-net-worth clients within Kenya and the wider East African region.
The Authority has also granted a Fund Manager licence to Hass Crest Capital Limited. The firm intends to operate as a Sharia-compliant fund manager, combining global best practices in asset management with the principles of Islamic finance to deliver transparent, asset-backed investment solutions, with a strategy centred on Sukuk structuring, fund management, investment advisory, structured investment solutions and alternative investments.
In further strengthening the advisory segment of the market, the Authority has granted an Investment Adviser licence to Livonna Advisory Partners Ltd. The firm will provide independent, fee-based and conflict-free investment advisory services spanning strategic asset allocation, portfolio construction, manager selection, capital markets advisory, alternative investments advisory and ongoing portfolio review, with a focus on long-term wealth preservation and intergenerational wealth continuity for high-net-worth individuals, family offices and institutional investors.
Finally, the Authority has granted a Corporate Trustee licence to Liaison Wealth Limited. Leveraging its established experience in the retirement and pension consulting industry, the firm will provide fiduciary oversight and safeguarding of assets within Collective Investment Schemes, supporting investor protection and the continued growth of the collective investment schemes industry in Kenya.
The expansion of these intermediaries will contribute to increased market depth, improved product diversity, enhanced investor choice and strengthened confidence in Kenya’s capital markets. The Authority remains committed to maintaining high regulatory standards while supporting innovation and responsible market development.
ENDS
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, Assistant Director Corporate Communications & International Relations on amwangi@cma.or.ke
