Nairobi, 22 April, 2016…The Board of Capital Markets Authority is very pleased to note the confirmation of the appointment of Mr. Paul Muthaura as the substantive Capital Markets Authority Chief Executive Officer.
The appointment was made by the Cabinet Secretary to the National Treasury, Mr. Henry Rotich, through Gazette notice number 2696, published today.
Mr. Muthaura’s appointment is effective from 2 January, 2016 for a period of four years.
‘The Board greatly appreciates the appointment of Mr. Muthaura as the Chief Executive of the CMA which is in line with the recommendations made by the Board to the appointing authority. His commitment and dedication to the Authority and the capital markets industry has been at the centre of the substantial advances driven by the Authority during his tenure as Acting Chief Executive. His leadership and expertise has been recognized locally, regionally and globally’, said Capital Markets Authority Chairman, Mr. James Ndegwa in a statement issued to newsrooms.
Mr. Muthaura took the helm of the Authority on 1 July, 2012 in an acting capacity.
During his tenure, Mr. Muthaura has spearheaded key projects such as the development and implementation of the Capital Markets Master Plan and corporate governance reforms including the development of a Code of Corporate Governance Practices for Issuers of Securities to the Public.
Other milestones that have been achieved at industry level during his leadership include; the successful demutualization and self-listing of the Nairobi Securities Exchange, an initial public offer of Kenya’s first Real Estate Investment Trust (REIT) and the establishment of Principle Based Rule making powers for the Authority which have facilitated, amongst others, the development of Policy Guidance Notes (PGN) to support the roll out of Exchange Traded Products.
Through Mr. Muthaura’s leadership, the Authority has also been at the forefront of efforts to integrate capital markets regionally through the development of East African Community Council Directives which have been adopted by the East African Community Council of Ministers, thereby establishing convergence standards for regional securities laws in areas such as licensing, public offer disclosures, takeovers and mergers and product issuance and approval.
The CMA chief executive also sits on the Board of the International Organization of Securities Commissions (IOSCO), and was recently appointed as vice chairperson of the Africa-Middle East Region Committee of the International Organization of Securities Commissions (IOSCO).
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. For further information, please contact: Antony Mwangi, Head of Corporate Communications, on Email: or 0722825227.