PRESS RELEASE

CMA CEO Gets International Recognition

Nairobi 14 June 2021……The Capital Market Authority (CMA) Kenya's Chief Executive Officer, Mr. Wyckliffe Shamiah, has been appointed the Growth and Emerging Markets Committee (GEM) representative on the International Organization of Securities Commissions (IOSCO) Board.

GEM is the largest Committee within IOSCO, representing over 75 percent of IOSCO's ordinary membership. The Committee seeks to promote the development and greater efficiency of emerging securities and futures markets by establishing principles and minimum standards, providing training programmes and technical assistance for members.

IOSCO is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation.

Commenting on the appointment, Mr. Shamiah said; “this is an opportunity for Kenya to support the growth and emerging markets by playing a critical role in influencing global regulatory standards at the IOSCO Board. Kenya has been recognized as a leader on the continent in highlighting capital market issues unique to emerging markets and developing economies & is gaining recognition as a focal point in discussions around technological innovations within the financial services sector globally’’.

The appointment reinforces Kenya’s position as a thought leader on capital market issues by facilitating a robust legal and regulatory framework and introduction of new and innovative products. This has led to enhanced issuer and investor confidence, while encouraging innovation through the Regulatory Sandbox, launched in March 2019. Nine firms have so far been admitted into the Regulatory Sandbox.

Kenya has been championing implementation of reforms in the capital markets leading to fast-paced innovation and growth. Some of the key innovations include; the introduction of the principle-based approval regime for new products and services; rollout of Exchange Traded Derivatives; Asset-Backed Securities; Exchange Traded Funds; Real Estate Investment Trusts; and overhaul of the Corporate Governance Framework for issuers of securities to the public.

ENDS

BACKGROUND INFORMATION ON THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS (IOSCO)

The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board on the global regulatory reform agenda.

BACKGROUND 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 more information, please contact: Antony Mwangi, Manager, Corporate Affairs and International Relations, on This email address is being protected from spambots. You need JavaScript enabled to view it.

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