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CMA Whistle Blower Regulations Gazetted

Nairobi, 06 June 2022… The Capital Markets Authority (CMA) has announced the gazettement of the Capital Markets (Whistleblower) Regulations, 2022 anchored in Section 18(2A) and 18(2B) of the Capital Markets Act which empower the CMA to reward whistleblowers. The new Regulations outline how the rewards to such whistleblowers will be implemented.

A whistleblower is any person who provides to the CMA either by himself or acting jointly with another person, new and timely information relating to misconduct or contravention of laws relating to securities leading to the recovery of penalties or illicit gains. Whistleblower reports made anonymously, or in-person should include substantial details and evidence of misconduct or contravention of laws that can assist the CMA with its investigations, leading to the recovery of illicit gains and penalties.

‘The Capital Markets (Whistleblower) Regulations, 2022 seek to promote investor protection and confidence in the capital markets by encouraging CMA licensees and listed companies to comply with the Capital Markets Act and Regulations. It also promotes market integrity and accountability in the conduct of business by all market players’, CMA Chief Executive Officer Wyckliffe Shamiah noted.  

Under the new regulations, reportable misconduct includes: -capital markets fraud, failure to comply with legal and regulatory obligations and other offenses prescribed in the Capital Markets Act and Regulations.

Mr. Shamiah added, ‘where CMA successfully recovers penalties and illicit gains in the capital markets, whistleblowers shall be eligible to a reward of 3 percent of the amount recovered subject to a maximum reward of Kshs5 million in line with Section 18 (2A) (b) of the Capital Markets Act and the Whistleblower Regulations.’ The balance of recovered funds will be transferred and held in the Investor Compensation Fund.  

Information provided to the Authority under the Regulations may be released to the Office of the Director of Public Prosecutions or any other regulatory body. However, CMA will implement reasonable measures to protect the identity and all information pertaining to whistleblowers in line with the Witness Protection Act.

Whistleblowers may provide reports and information through any CMA communication channels including the Whistleblower Portal available on the CMA website.



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.

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 This email address is being protected from spambots. You need JavaScript enabled to view it.


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