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
Fintech experts: Elizabeth Howard, CEO Lelapa Fund and Africa Crowd Funding Association
Grant Brooke, Chief Executive, Twiga Foods
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.
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.