• Africa Investor
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    A quarterly publication of the Capital Markets Authority

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    A proactive regulator of competitive and robust capital markets

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    Developing Kenya's capital markets to be an investment destination of choice through facilitative regulation and innovation.

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    Establishing a robust, facilitative policy, legal and regulatory framework for capital markets development

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    Promoting investor education, awareness and interest in the capital markets

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    Strengthening institutional capacity to effectively and efficiently deliver on its mandate

The Capital Markets Authority is mandated under the Capital Markets Act to develop all aspects of the capital markets with particular emphasis on the removal of impediments to and the creation of incentives for, longer term investments in productive enterprises.

As part of the initiatives towards development of the capital markets, the Authority is in the final stages of developing a Guidance Note on Global Depository Receipts and Notes to promote diversity of capital markets products. The draft Guidance Note sets out the requirements for the issuance of global depository receipts and notes.

Depositary Receipts are negotiable certificates issued in one country representing an interest in an underlying security issued in another country. Where the certificate represents ownership of bonds instead of shares, it is referred to as a Global Depositary Note. Depository Receipts and Notes may be used as a means of raising capital and familiarizing international investors with local companies.

This framework also provides guidance on how foreign issued securities may be introduced for trading in Kenya as Depository Receipts or Notes. (KEDR/N) This provides new opportunities to further diversify the available portfolio of securities for investment in Kenya in order to deepen the markets while providing greater access to foreign issued securities through the domestic markets.

The Authority has held several consultative meetings with key stakeholders and potential issuers to inform the development of the draft Guidance Note.

The Authority wishes to invite the general public and stakeholders to submit comments on the said Guidance Note which can be accessed on the Capital Markets Authority website:– www.cma.or.ke.

This Notice has been issued in accordance with section 12A of the Capital Markets Act to commence stakeholder and public consultation for a period of the next thirty (30) days. Kindly submit your comments on the draft framework by November 25th 2016 via email, hand delivery or post to: -

The Chief Executive Office
Capital Markets Authority
Embankment Plaza, 3rd Floor, Longonot Road, Upperhill
P.O. Box 74800-00200, Nairobi
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.


Paul Muthaura
CHIEF EXECUTIVE
Capital Markets Authority

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Embankment Plaza, 3rd Floor
Longonot Road, off Kilimanjaro Avenue, Upperhill
P.O Box 74800-00200, Nairobi Kenya
Tel: +254 20 2264400/ 2264900/ 2221910/ 2221869
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Cell: +254 722 207767, Email: corporate@cma.or.ke
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