BOARD OF CMA APPOINTS MR. WYCKLIFFE SHAMIAH AS ACTING CHIEF EXECUTIVE
Nairobi, 30 December 2019…The Board of the Capital Markets Authority has today announced the appointment of Mr. Wyckliffe M. Shamiah as the Acting Chief Executive of the Capital Markets Authority with effect from January 1, 2020.
Prior to his appointment, Mr. Shamiah had served as the Director Market Operations since November 2011 and has held multiple senior positions in market supervision, research, financial analysis and compliance at the Authority over a career of in excess of 22 years. During this period, Mr. Shamiah has been the nominee of the Capital Markets Authority to the Council of the Institute of Certified Public Accountants of Kenya for more than 10 years and a representative of the Authority to the Financial Stability Board Regional Consultative Committee for Sub-Saharan Africa. Mr. Shamiah is a Fellow of the Institute of Certified Public Accountants (FCPA)(K) and holds a Masters in Business Administration (Finance Option) from the University of Nairobi and a Bachelor of Arts Degree in Mathematics and Economics from Egerton University.
Mr. Shamiah has played a critical role in the development of a robust Risk Based Supervision regime at the Authority, championed proactive investigations and enforcement, oversaw the roll out of new financial market infrastructure at the Nairobi Securities Exchange (NSE) and Central Depository and Settlement Corporation (CDSC) and is currently the Chair of the Sandbox Review Committee which coordinates the Regulatory Sandbox established by the Authority to support financial technology in the capital markets. Mr. Shamiah is a recognized speaker and facilitator on capital markets regulation both regionally and internationally.
The Board of the Authority has noted that Mr. Shamiah’s appointment as Acting Chief Executive will support the Authority to continue the implementation of its Strategic Plan 2018-23 and the industry 10 Year Capital Markets Master Plan. The appointment is expected to run until the appointment of a substantive office holder by the Cabinet Secretary, National Treasury and Planning following recommendations made by the Board.
The Chairman of the Authority, Mr. James Ndegwa, called upon the capital markets industry and all relevant stakeholders to work closely with Mr. Shamiah, the Board and Management of the Authority, to maintain the positive trends in capital markets development and regulation that have seen the Authority recognized as the most innovative capital markets regulator in Africa for 5 successive years from 2015 – 2019.
Mr. Shamiah’s appointment follows the end of term of Mr. Paul Muthaura as Chief Executive of the Authority.
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 more information, please contact: Antony Mwangi, Head of Corporate Communications on