CMA grants fund manager’s license to I&M Capital Limited
Nairobi June 29, 2015…Capital Markets Authority (CMA) has licensed I&M Capital Limited to operate as a Fund Manager after meeting the Capital Markets (Licensing Requirements) (General) Regulations, 2002. The license is effective today and will remain valid unless otherwise suspended or revoked following the necessary procedures.
The approval brings the number of licensed fund managers in Kenya’s capital markets to 24.
A fund manager is a manager of a collective investment scheme (such as a unit trust), registered venture capital company or an investment adviser who manages a portfolio of securities in excess of an amount prescribed by the Authority from time to time.
BACKROUND 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.
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.
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