Nairobi March 16, 2016……The Capital Market Authority (CMA) Kenya's Acting Chief Executive, Mr. Paul Muthaura, has been elected the Vice Chair of the Africa Middle East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO) for a two-year term, starting May 2016. Mr. Muthaura will further continue to serve on the IOSCO Board, to which he was elected in September 2014.


With his election by the 24 committee members from across Africa and Middle East, Mr. Muthaura adds another prestigious feather to his cap. He also currently serves as a member of the Growth and Emerging Markets Steering Committee (GEMSC), which is charged with representing the interests of more than 80 percent of the membership of IOSCO, covering the spectrum of emerging markets including the BRICS, frontier and nascent capital markets. Kenya has been recognized as a key voice in articulating policy concerns unique to emerging markets and is fast gaining recognition as a reference point in discussions around technology innovations within the financial services sector.


Commenting on the recent appointment, Mr. Muthaura said; ‘’The appointment is a welcome opportunity to take the lead in discussions at the regional level and to influence key policy and global regulatory standards at the IOSCO Board level’’.


Mr. Muthaura added that his election as the AMERC Vice Chair, gives Kenya an opportunity to position the country as a thought leader, given the major strides the country has made in transforming the capital market landscape by facilitating a robust legal and regulatory framework that enhances issuer and investor confidence while encouraging innovation.


Mr. Muthaura stands out among regulators in the growth and emerging markets for his role in spearheading the implementation of key reforms in the capital markets in Kenya, which have facilitated accelerated innovation. Some of the key innovations include; the introduction of a principle-based approval regime for new products and services, the rollout of Real Estate Investment Trusts, Exchange Traded Derivatives, Exchange Traded Funds, the overhaul of the corporate governance standards and the strengthening of the anti-money laundering laws.

The recent appointment adds impetus to Mr. Muthaura’s role in developing practical solutions at AMERC and Board level in IOSCO to mitigate the unintended consequences of global regulatory reforms on emerging and frontier markets, strengthening Africa's voice in the Financial Stability Board and the G-20 work-streams related to capital markets issues and fostering new approaches to capacity building by leveraging expertise within the membership.


The appointment of Mr. Muthaura comes on the back of the recent gazettement of the Code of Corporate Governance Practices for Issuers of Securities to the Public, 2016; Guidelines on the Prevention of Money Laundering and Terrorism Financing in the Capital Markets, 2016; consolidated Derivative Markets Regulations 2016 and a revised industry fees framework. The laws were gazetted on 4th and 11th March 2016.


Mr. Muthaura said the gazettement of the new laws is a demonstration of the Government’s support to the continued implementation of the Capital Market Master Plan, designed to bolster industry efforts to ensure that Kenya is able to attract local and foreign interest and investment.  


The Capital Market Master Plan, the industry’s 10-year blueprint, recognizes that sound corporate governance, reliable and transparent financial reporting and effective frameworks to tackle money laundering and combat terrorist financing are pre-conditions to the development of the capital markets in Kenya as well as the realization of the Vision 2030 goal of establishing Nairobi as an International Financial Centre with diversified product availability and competitive market pricing.





The Africa/Middle East Regional Committee is one of the four regional committees constituted by IOSCO to focus on regional issues relating to securities regulation in the Africa/Middle East Region. The Committee is chaired by Mr. Mounir Gwarzo of the Securities and Exchange Commission of Nigeria and has 24 members from markets ranging from Financial Services Board South Africa, the Dubai Financial Services Authority, Capital Markets Authority Saudi Arabia, the Egyptian Financial Supervisory Authority and the West Africa Monetary Union.



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 press information, please contact: Antony Mwangi, Head of Corporate Communications, on Email: This email address is being protected from spambots. You need JavaScript enabled to view it. or 0722825227.

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