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East African Securities Regulators Agree on Initiative to Enhance Regional Cooperation

Nairobi 9th July 2015: The regional capital markets regulators under the umbrella of East African Securities Regulatory Authorities (EASRA) deliberated on various initiatives to enhance regional integration with a view to promote the vibrancy of the capital markets. During the 42nd Consultative Committee meeting, held in Nairobi from 6th to 8th July 2015, the regulators deliberated on supervisory colleges, industry certification, risk based supervision, harmonization of continuous disclosure requirements, regional capacity building programmes and introduction of book building regulations in some member states.

On initiatives to put in place book building regulations it was agreed that an appropriate balance be considered to ensure that the process supports both transparent exits and public offers of securities in the capital markets. 
The Consultative Committee approved the fast – tracking of the adoption and implementation of risk based supervision among all regulators in the region. In order to ensure timely and efficient analysis of financial information, the regulators supported the adoption of systems for online submission of financial statements.

In order to enhance financial reporting and disclosure requirements across the region, the regulators will partner with other domestic stakeholders to continue promoting financial reporting awards and scale them up to the regional level. 
With a view to reducing regulatory arbitrage, and taking cognizance of the cross border operations of some licensees, the regulators agreed to work together and conduct joint inspections as well as fit and proper tests on regulated persons. 
The regulators agreed to the development of adequate plans for crisis management and putting in place proper crisis management framework for the capital markets supporting regional systemic stability.

The Consultative Committee approved the proposal for a capacity – building program for EASRA members and market intermediaries covering regulation, market supervision, and market development.

The Consultative Committee agreed that EASRA member states pursue national certification programs and the need to provide for a mutual recognition framework to facilitate licensed market participants to operate across the EAC capital markets.

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Kericho and Bomet Investor Education Initative

Nairobi June 26, 2015… As part of its efforts to enhance capital markets outreach within the counties, Capital Markets Authority (CMA) has organised a series of events in Kericho and Bomet Counties in partnership with the respective County Governments and the Kenya National Chamber of Commerce and Industry; Kericho and Bomet branches, which include road shows and stakeholder engagement sessions.

CMA has organised a road show targeting the general public in Bomet County and its environs on 29th June, 2015 and a forum for the Business and Professional Community and County Government officials on 3rd July, 2015. The County investor education initiative in Kericho will be kick-started with a road show on 30th June, 2015 followed by a forum for Women and Youth on 1st July, 2015. The series of events will conclude with a forum for the Business and Professional Community on 2nd July, 2015.

CMA acting Chief Executive, Mr Paul Muthaura, noted that the county outreach underpins the Authority’s commitment to enhancing financial education, in recognition of the important role it plays in mobilizing savings and investments. The Authority has had forums with youth, women and business communities in Mombasa, Kisumu, Meru, Embu, Nairobi and Murang’a Counties over the last 12 months.

Investor education is targeted at a wide spectrum of stakeholders including the business and professional community, women and youth as well as the general public. Financial literacy is a key priority of the Ten-Year Capital Markets Master Plan that supports the development and economic transformation of the country in line with the Vision 2030 goals.

ENDS

Notes to Editors:

Capital Markets Authority

The Capital Markets Authority 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 contact; Antony Mwangi, Head of Corporate Communications, on Email: amwangi@cma.or.ke

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CMA grants fund manager’s license to I and M Capital Limited

Nairobi June 29, 2015…Capital Markets Authority (CMA) has licensed I&M Capital Limited to operate as a Fund Manager after meeting the Capital Markets (Licensing Requirements) (General) Regulations, 2002. The license is effective today and will remain valid unless otherwise suspended or revoked following the necessary procedures.

The approval brings the number of licensed fund managers in Kenya’s capital markets to 24.

A fund manager is a manager of a collective investment scheme (such as a unit trust), registered venture capital company or an investment adviser who manages a portfolio of securities in excess of an amount prescribed by the Authority from time to time.

ENDS

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 amwangi@cma.or.ke or Tel: 020-2264900

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CMA approves licensing of Chase Bank Limited as an Authorized Securities Dealer

Nairobi, June 30, 2015…Capital Markets Authority (CMA) has announced the approval of Chase Bank of Kenya Limited as the first authorized securities dealer in Kenya under the Capital Markets Act and Regulations. The approval will enable the applicant to carry on the business of buying, selling, dealing, trading, underwriting or retailing of fixed income securities.

According to the Capital Markets Act, an authorized securities dealer is a person authorized to deal in securities and operate in a specified market segment as may be prescribed by the Authority.

Commenting on the development, the Authority noted that it had reviewed the Bank’s application and was satisfied that it had met the requirements of Section 29 of the Capital Markets Act and Regulation 45 of the Capital Markets (Licensing Requirements) (General) (Amendment) Regulations, 2002.

The license will remain in force unless otherwise suspended or revoked following the necessary due process.


ENDS

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 Head of Corporate Communications, Mr. Antony Mwangi on amwangi@cma.or.ke or 020-2264900.

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CMA approves licensing of Chase Bank Limited as an Authorized Securities Dealer

Nairobi, June 30, 2015…Capital Markets Authority (CMA) has announced the approval of Chase Bank of Kenya Limited as the first authorized securities dealer in Kenya under the Capital Markets Act and Regulations. The approval will enable the applicant to carry on the business of buying, selling, dealing, trading, underwriting or retailing of fixed income securities.

According to the Capital Markets Act, an authorized securities dealer is a person authorized to deal in securities and operate in a specified market segment as may be prescribed by the Authority.

Commenting on the development, the Authority noted that it had reviewed the Bank’s application and was satisfied that it had met the requirements of Section 29 of the Capital Markets Act and Regulation 45 of the Capital Markets (Licensing Requirements) (General) (Amendment) Regulations, 2002.

The license will remain in force unless otherwise suspended or revoked following the necessary due process.


ENDS

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 Head of Corporate Communications, Mr. Antony Mwangi on amwangi@cma.or.ke or 020-2264900.

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CMA approves Liaison Financial Services Limited as an Investment Advisor

Nairobi, July 1, 2015…Capital Markets Authority (CMA) has announced the issue of a license to Liaison Financial Services Limited to operate in Kenya’s capital markets as an Investment Advisor under the Capital Markets Act and Regulations.

Liaison Financial Services Limited recently acquired the African business of Knutson Global Incorporation who has been at the forefront of the promotion of Asset-Backed Securities (ABS), Municipal Development Bonds (Muni Bonds) and Consumer Lending in Africa. The approval will enable Liaison Financial Services Limited to offer support to and guide firms interested in and ready to execute Asset-Backed Securities transactions in Kenya and other East African Partner States. Liaison Financial Services Limited has predominantly provided innovative services in the retirement and pension scheme consulting and administration.

An investment advisor is a person or group licensed under the Capital Markets Act to make investment recommendations or conduct securities analysis in return for a fee whether through direct management of a client’s assets or through written publications.

The approval lifts the number of investment advisors licensed by the Authority to 16.

ENDS

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 Head of Corporate Communications, Mr. Antony Mwangi on amwangi@cma.or.ke or 020-2264900.

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Dual Listing Seminar held in Nairobi

Nairobi April 17, 2015…

A dual listing in London and Nairobi is expected to allow a Kenyan company to raise both domestic and global equity capital to finance its growth through a single offer. A dual listing allows a Kenyan company to attract the world’s largest investors and gain international visibility without compromising its ability to tap domestic capital and develop a robust domestic shareholder base.

Mr Ibukun Adebayo, Co-Head Emerging Markets, Equity Primary Markets, London Stock Exchange Group (LSE) observed that listing in London gives African companies access to the world’s largest pool of international equity capital, the world’s leading institutional investors and unmatched visibility & prestige. He said; ”London Stock Exchange has long been a partner to Africa focused companies in their quest for growth. Since 2008, these companies have raised in excess of $12 billion in new and further equity capital across AIM and the Main Market. One hundred and twenty companies having major operations and assets in Africa are on London Stock Exchange markets, of which three operate in Kenya.”

Mr. Geoffrey Odundo, Chief Executive, Nairobi Securities Exchange (NSE) said; “The Nairobi Securities Exchange is keen to collaborate with the London Stock Exchange (LSE) and other Exchanges to enhance dual listings. Dual listing enables the NSE to ensure that companies with substantial operations in East and Central Africa are accessible to both East African and international investors. Mr. Odundo added; “It is in line with our commitment to develop our capital markets, creating long term value for all our stakeholders.”

Mr. Paul Muthaura, Acting Chief Executive, Capital Markets Authority (CMA), said; ”The Authority is pleased to be associated with this dual listing seminar which comes at a time when the implementation of the 10-year Capital Market Master Plan is gathering momentum with the recent gazettement of the National Steering Committee chaired by the Cabinet Secretary to the National Treasury, Mr Henry Rotich, and the commencement of the work of the industry driven Implementation Committee. Kenya is committed to transforming Nairobi into an International Financial Centre serving East and Central Africa and beyond. Free flow of capital within the region and the emergence of East Africa as an integrated investment destination are key foundations for Nairobi achieving its aspirations as an International Financial Centre. Dual listing creates an undoubted opportunity through which investors can seamlessly invest their funds across our borders, facilitate the diversification of portfolios, broaden the capital base available to issuers, and unlock the age old conundrum of liquidity. This dual listing seminar affords an opportunity for engagement between the UK, Kenyan, and wider EAC financial markets with a view to deepening domestic and regional markets; enhancing liquidity and identifying institutional and capacity building initiatives, which are key deliverables under the Master Plan, observed Mr. Muthaura”.

Mr. Charles Omanga, Managing Principal, Horizon Africa Capital, said they were proud to initiate this one of a kind dual listing forum together with the CMA, NSE, LSE and Stephenson Harwood. Mr Omanga said, ”as a preeminent advisory business in Eastern Africa, we hope that the high profile businesses and participants attending today have benefitted from the experience and detailed discussions”. Mr. Omanga expected that the initiative would profile the best of Kenyan businesses and at the same time offer Kenyan investors a real chance of investing in local businesses venturing into international capital markets.

“We believe that dual listings can play an important part in increasing foreign investment and domestic re-investment into the Kenyan and other African economies and are excited at Stephenson Harwood about unlocking this potential”, observed Mr. Tony Edwards, Partner, Africa Group, Stephenson Harwood.

ENDS

NOTES TO EDITORS

STEPHENSON HARWOOD LLP

Stephenson Harwood is a full service international law firm headquartered in London, with over 120 partners and 700 staff worldwide. It acts for a wide range of listed and private companies, institutions and individuals from its nine offices across Asia, Europe and the Middle East.

Stephenson Harwood has been active in Africa for many years. It regularly advises governments, banks, large corporations and family businesses in various sectors including natural resources, power, transportation, financial services and utilities, where the application of its market-leading expertise in finance, litigation and commercial transactions gives it a strong advantage. Stephenson Harwood has a strong working relationship with the Africa Legal Network (ALN).

Our capital markets team is recognized as one of the most active and successful in equity fundraisings and stock exchange transactions. We regularly advise companies as well as sponsors, nominated advisers and brokers, bringing together corporate finance and sector expertise from across the firm. Our team assists on admissions to the London Stock Exchange (including both premium and standard listings on the Main Market and the AIM Market amongst others and has a unique insight and knowledge of current market practice and expectations. We act for over 70 London listed companies and in the advisor rankings for London IPOs in 2014, Stephenson Harwood was ranked joint third in the legal advisor league table.
LONDON STOCK EXCHANGE GROUP

The London Stock Exchange is the pre-eminent global hub for African companies to attract equity capital from international investors. 120 off the over 600 international companies listed in London are African or Africa-focused and their combined market capitalisation is £265 billion.

The London Stock Exchange Group is a diversified international market infrastructure and capital markets business sitting at the heart of the world’s financial community. The Group can trace its history back to 1698. The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe’s leading fixed income market; and Turquoise, a pan-European equities MTF.

It is also home to one of the world’s leading growth markets for SMEs, AIM. Through its platforms, the Group offers international business and investors’ unrivalled access to Europe’s capital markets.
NAIROBI SECURITIES EXCHANGE

The Nairobi Securities Exchange (NSE) is the principal securities exchange of Kenya. Besides equity securities, the NSE offers a platform for the issuance and trading of debt securities. The NSE is a member of the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges Association (EASEA). It is an affiliate member of the World Federation of Exchanges (WFE), an associate member of the Association of Futures Markets (AFM) and a partner Exchange in the United Nations Sustainable Stock Exchanges Initiative (SSE). The NSE became a public listed company on September 9, 2014 and trades on the Nairobi Securities Exchange under the ISIN Code: KE3000009674.
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.
HORIZON AFRICA CAPITAL

Horizon Africa Capital is a boutique financial advisory firm based in Nairobi, and is a Nominated Advisor (NOMAD) registered by the Nairobi Securities Exchange. Horizon’s primary activities are Mergers & Acquisitions Advisory, Capital Raising and Transaction Services. The firm has expertise in a number of sectors including Manufacturing, Energy, Hospitality, Logistics, Agro-processing, Real Estate and Business Services. Horizon’s clients include private businesses, family investment offices, multi-nationals, private equity, insurance and pension funds.

For more information contact: Antony Mwangi, Head of Corporate Communications, Capital Markets Authority on Cell: 0722825227 and Email: amwangi@cma.or.keamwangi@cma.or.ke

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CMA announces the roadmap for the closure of the compensation process for Discount Securities Ltd Investors

Nairobi, March 20, 2015…The Capital Markets Authority (CMA) announced today the roadmap for the closure of the compensation process for investors who lost their money when Discount Securities Limited (DSL) was put under statutory management. This final period of compensation is expected to last three months with effect from April 1, 2015.

The exercise will also address the transfer of shares to other Central Depository Agents (CDAs) for investors who still have their shares under the custody of DSL. CMA Acting Chief Executive Mr. Paul Muthaura, noted ”CMA procured the services of Co-operative Bank of Kenya in February 2012 to process and disburse funds to investors. We also transferred all details of share accounts to them to enable investors initiate the transfer process at any bank branch nearest to them.”

The Authority has stressed that investors who will not have submitted claims by June 30, 2015 will forfeit their claims. Further, those who would not have transferred their shares by June 30 this year will have their securities deemed as unclaimed and these may be transferred to the Unclaimed Financial Assets Authority.

Mr. Muthaura observed that there are over 10,000 investors who are yet to lodge their claims for compensation. He added: ”We launched the first phase of compensation to investors in February 2012 and since then, 4,324 investors have been compensated. We have paid out a total of Kshs84 million, which translates to 26 percent of the total creditors of DSL.”

Compensation of investors is done through the Investor Compensation Fund, established for compensating investors who suffer pecuniary loss resulting from the failure of a licensed stockbroker or dealer to meet their contractual obligations. An investor can receive up to a maximum compensation amount of Kshs50,000 as provided for under the law

In order to receive compensation, genuine claimants are expected to visit Co-operative Bank with identification documents, Central Depository Account Statements, and evidence of claims against Discount Securities Limited in order to lodge a complete claim.

ENDS

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 on amwangi@cma.or.ke<;mailto:amwangi@cma.or.ke>; or on telephone: 2264204

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Capital markets stakeholders’ host consultative meeting on framework for introduction of Exchange Traded Funds

Nairobi April 23, 2015…In a drive to diversify products available in the Kenyan market, the Capital Markets Authority (CMA), Nairobi Securities Exchange, and the Central Depository and Settlement Corporation together with other key stakeholders today unveiled the roadmap to pave way for the introduction of Exchange Traded Funds (ETFs). This follows the approval by the CMA Board of a Guidance Note to facilitate the introduction of ETFs.

The Guidance Note is a first in the Kenyan markets under a principles-based approval approach under Section 12A Capital Markets Act. This new provision came into force in December 2013 following the enactment of the Capital Markets (Amendment) Act 2013.

The adoption of a principles based approval framework by the Authority brings into operation recommendations of the Capital Market Master Plan with a view to enhancing CMA’s role to fulfill its twin objectives of market development and regulation.

The CMA Acting Chief Executive, Mr. Paul Muthaura, highlighted that the powers under section 12A are designed to empower the Authority to fast-track the roll-out of new products and services in Kenya’s capital markets to ensure there is a timely regulatory response to changing market dynamics pending the enactment of a comprehensive regulatory frameworks.
“A principle-based approach is a regulatory approach where the law does not set out specific/prescriptive rules on what a market player can or cannot do but rather sets out broad but well-defined principles that market players are expected to follow. This is more flexible and promotes innovation’’, noted Mr. Muthaura.

Mr. Muthaura indicated that it is in an effort to increase the scope of available capital market products in Kenya’s capital markets that CMA, in consultation with key stakeholders, developed the Guidance Note on ETFs.
As a first step, proposed amendments to the trading and listing rules that have taken account of the Guidance Note on ETFS, have already been submitted to the Authority for review and approval.
‘’The consultative forum presents an opportunity for stakeholders such as potential promoters of ETFs to understand and appreciate the process and the prerequisites for initial trading of ETFs trading in Kenya, pending the development of a comprehensive regulatory framework to guide the operations of this new market segment’’, he added. 

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CMA enhances Investor Education County Outreach Program

Nairobi March 23, 2015…As part of its efforts to enhance capital markets outreach within the counties, the Capital Markets Authority CMA) has organised a series of events in Embu County. The events are organised in partnership with capital markets industry stakeholders, the Kenya National Chamber of Commerce and Industry (KNCCI) Embu Branch and the County Government of Embu, and include a Road Show, a stakeholder engagement session and a two-day Open Day.

The events are geared at enhancing financial literacy, and in particular ensuring that the investing public in Embu County and its environs appreciate the various opportunities for investment in the capital markets industry.

CMA has organised a Road Show in Embu County on March 26th, 2015, a Forum for the Business Community at the Izaak Walton Inn Hotel on March 27, 2015, and an Open Day to be held from 27th to 28nd March, 2015 at the Embu Moi Stadium, targeting the general public, including the business and professional community, within Embu County and its environs. Some of the institutions expected to exhibit at the Open Days include; the Capital Markets Authority, the Central Depository and Settlement Corporation, Fund Managers, Stockbrokers, Custodians, Investment Banks, and Investment Advisors among others.

The CMA Acting Chief Executive, Mr Paul Muthaura, noted that the county outreach underpins the Authority’s commitment to enhancing financial education, in recognition of the important role it plays in mobilizing savings and investments. He observed that: ”Financial literacy is a key priority under the ten-year Capital Markets Master Plan (2014-2023) for supporting development and economic transformation, which are key pillars of the Country’s Economic Blueprint, Vision 2030”.

Mr Muthaura highlighted that the Authority has put in place exciting opportunity for professionals across the country to conduct investor education speaking engagements targeting the Counties, University Students and Structured Groups over a period of twelve (12) months on a part time basis for a reasonable compensation. The main objective of this initiative is to increase awareness and participation in the capital markets by effectively engaging the various constituents mentioned above. This is in line with one of the Authority’s mandate to promote Investor Education and Public Awareness throughout the Country.


Notes to Editors:

Capital Markets Authority

The Capital Markets Authority 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 contact; Antony Mwangi, Head of Corporate Communications, on Email: amwangi@cma.or.ke<;mailto:amwangi@cma.or.ke>;

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