Press Release

CMA establishes a Financial Markets Law Review Panel

Nairobi, 29 March, 2019…The Board of the Capital Markets Authority (CMA), in line with the targets set out in the Capital Market Master Plan (2014 – 2023), has established a Financial Markets Law Review Panel of 16 leading domestic and international financial market lawyers and practitioners.

The Panel will play a key advisory role to the Board in exercising its mandate to ensure that capital markets law remains responsive to market realities and appropriately facilitative to evolving market expectations from both a domestic and international perspective.

In selecting appointees, the Authority’s board considered diversity, technical and professional background, track record, leadership record and capacity to provide independent perspectives. The appointees embody expertise in capital markets law, commercial law, tax law, venture capital and private equity, Islamic finance, legislative drafting, domestic and regional investment banking and financial market operations expertise.

The list of appointees is as follows:

International Legal Experts:       Habib Motari: Partner, Clifford Chance, London

                                                               Steven Galbraith: Partner, Slaughter and May, London

Domestic Legal Experts:              Paras Shah: Partner, Bowmans, Coulson Harney

                                                               Fred Ngari: Managing Director, Centum Capital

Tax Expert:                                         Kairo Thuo: Partner, Viva Africa, LLP

Islamic Finance Expert:                 Rahma Hersi: Partner, Gateway LLP

Domestic and International

Financial Markets Experts:          Alison Harwood: Former Global Head/ Practice Manager, Capital Markets and NBFI, World Bank Group

Ranjit Ajit Singh: Former Chairman, Securities Commission Malaysia

Naval Sood: Head Corporate Finance, East Africa, Stanbic Bank Kenya

Dr. Robert Barnes: Global Head of Primary Markets and CEO Turquoise, London Stock Exchange Group

Louise Kabucho: Former Director of Compliance UK and EU

Innovation and

Fintech experts:                               Elizabeth Howard, CEO Lelapa Fund and Africa Crowd Funding Association

                                                                Grant Brooke, Chief Executive, Twiga Foods

Domestic Legal

Experts:                                               Mbage Ng’ang’a: Chairman, Kenya Law Reform Commission

                                                               Lillian Matagaro, Deputy Chief Parliamentary Counsel, Office of the Attorney General and Department of Justice


CMA Board Members:                   Chairperson, Board Technical and Policy Committee

                                                                Alternate to the Attorney General


In announcing the members appointed to the Panel, CMA Chief Executive, Mr. Paul Muthaura observed, ‘the Financial Law Review Panel will serve as a critical reference for the Authority with regard to early identification of potential legislative gaps or challenges that could affect the functioning of the capital markets including as a consequence of ancillary legislation, and proposed legal and regulatory reforms’.

The Panel will meet 2 – 4 times annually and will appoint its chair during its inaugural meeting.



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, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.

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