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CMA approves registration of Centum Unit Trust Fund

Nairobi, April 9, 2014… The Capital Markets Authority (CMA) has granted consent for registration of Centum Unit Trust Fund as a Collective Investment Scheme in accordance with section 30 of the Capital Markets Act and Part II of the Capital Markets (Collective Investment Schemes) Regulations, 2001.

Centum Asset Managers Limited, the fund manager responsible for the collective investment scheme noted that the fund would venture into other African markets so as to offer superior returns to investors as African economies were on a faster growth path at between five and seven percent compared to other continents in the world. Four sub-funds are covered under the approval namely: Africa Equity Fund, Africa Balanced Fund, Africa Fixed Income Fund and Africa Money Market Fund.

In the period between 2009 and 2014, the company invested more than 50 percent of its portfolio outside Kenya.

According to the Capital Markets Act, a collective investment scheme includes an investment company, a unit trust, a mutual fund or other scheme which is incorporated or organized under the laws of Kenya which collects and pools funds from the public or a section of the public for the purpose of investment; or is managed by or on behalf of the scheme by the promoter of the scheme. It also includes an umbrella scheme whose shares are split into a number of different class schemes or sub-schemes, each of which is managed by or on behalf of a common promoter.

In a statement released to newsrooms, the Authority noted that the approval to register Centum Unit Trust Fund was issued following the Fund’s compliance with the provisions of the relevant capital markets regulations. Once registered, this will bring the number of approved collective investment schemes to 18.

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CMA grants licenses for three new REIT Managers

Nairobi, April 8, 2014…The Capital Markets Authority (CMA) has approved the grant of three new licenses for Real Estate Investment Trusts (REITs) Manager to Stanlib Kenya Limited, Fusion Investment Management Limited and CIC Asset Management Limited respectively, bringing the total number of approved and licensed REIT Managers in Kenya to five. The Authority granted the first two licenses for operation of REIT Managers to Centum Asset Managers Limited and UAP Investments Limited in December 2013. A REIT manager, according to the (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations 2013, is a company incorporated in Kenya and licensed by the Capital Markets Authority to provide real estate management services in respect of a Real Estate Investment Trust.

Stanlib Kenya Limited is currently licensed to operate as a fund manager in the Kenyan capital markets, managing collective investments schemes for more than six years and has also been involved in property development and investments for over 15 years. Fusion Investment Management Limited is also licensed to operate as a fund manager and with the addition of a new REIT Manager license, will develop investment vehicles that provide a viable home for collective investment funds. CIC Asset Management Limited is a subsidiary of Nairobi Securities Exchange-listed CIC Insurance Group. The licensees seeks to capture investors seeking income, capital gains possibilities and diversification benefits of the real estate class through REITS in property investments.

In a press statement sent to newsrooms, Capital Markets Authority noted that it had reviewed the applications by the three licensees and was satisfied that each institution had complied fully with the requirements of Regulation 125 of Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013.

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CMA Signs MOU to Introduce Certification Standards for Capital Markets

Nairobi September 17, 2014… As part of its drive to enhance  the positioning of Kenya as a premier investment destination, the Capital Markets Authority (CMA) has signed a Memorandum of Understanding (MOU) with the Chartered Institute for Securities & Investment (CISI) for the introduction of international certification standards in the capital markets industry.

The CMA Acting Chief Executive, Mr Paul Muthaura, said the MOU will pave the way for the introduction of a certification programme that will ensure that practitioners in the capital markets industry have the requisite skills, operate with high standards and apply best practice as Kenya takes its position as the hub for the African capital markets.

Mr Muthaura observed; ‘’For Kenya to be competitive and attract international funds flows, key staff in capital market intermediaries need to adopt international certification standards to support the introduction of more diversified products in the market as well as to ensure that engagement with investors is consistent and to the highest possible standards’’. He disclosed that the introduction of certification standards, aimed at creating a highly skilled talent pool, is aligned to the Capital Market Master Plan, the ten-year blue print for the Kenyan capital markets industry, and the ambition of the country to become a regional and International Financial Centre.

The implementation of the MOU will lead to the adoption of CISI’s International Introduction to Securities and Investment (IISI) program, as an industry recognised certificate for Kenya with intention to support its adoption within the wider East African Community (EAC) region, as capital market players increasingly operate across different markets. In this regard, the learning manual will be expanded to include concepts and issues related to the EAC region.

Simon Culhane, Chartered FCSI, CEO of CISI said: “We are very pleased to work with CMA to enhance and promote professionalism and professional standards in the capital markets industry in Kenya which will extend to the EAC region.”

Funding for the proposed initiative will be provided by FSD Africa which is already collaborating with CMA on a wide-ranging programme of technical support. Skills development across financial markets in sub-Saharan Africa is a core priority for FSD Africa.

Mark Napier, Director of FSD Africa, said: “We are delighted to be able to assist with the introduction of this certification programme which is an important step forward for Kenya and the wider EAC region in boosting the professionalism of its capital markets and enhancing their attractiveness as a place for investors to do business.’’

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IFC and Capital Markets Authority Kenya Build Capacity for 200 Directors of Listed Companies and Issuers

In Nairobi In Nairobi
Neha Sud Antony Mwangi
Phone: +254-20-293-7403 Phone: :+254-20-226-4204
E-mail: NSud@ifc.org E-mail: Amwangi@cma.or.ke

In Washington, D.C.
Loty Salazar
Phone:1-202-458-2559
E-mail: lsalazar@worldbank.org

Nairobi, Kenya, February 2, 2017 — International Finance Corporation (IFC), a member of the World Bank Group, and Capital Markets Authority (CMA) have kicked off the second phase of the capacity building program for directors of listed companies and issuers focusing on the Code of Corporate Governance Practices for Issuers of Securities to the Public, 2015 (Corporate Governance Code). The capacity building program seeks to raise awareness on the requirements of the Corporate Governance Code among listed companies and issuers in order to enhance its application beginning March 2017. The program will see 200 directors sensitized over a four-day period from 2 – 7 February 2017.

“Since we entered into the agreement with IFC in November 2016, we have observed overwhelming interest from issuers on the Corporate Governance Code. The first Corporate Governance Code Master class held in November 2016 attracted 80 CEOs, CFOs and CSs from listed companies and we are glad to see strong levels of interest from board members for the current round,” CMA Chief Executive, Paul Muthaura noted.

The Authority noted that each of the two sessions of the Corporate Governance Master Class will take place over two days. The Corporate Governance Master Class is structured to cover specific Corporate Governance Code related topics such as board effectiveness, rights of shareholders, ethics and social responsibility, risk management and internal control, and disclosure, in order to empower board members to improve their company’s Corporate Governance practices and strengthen the functioning of their boards and control environments.

“These capacity building programs are expected to strengthen corporate governance among issuers in the capital markets and as a result enhance investor confidence. This strengthening of governance practices is fundamental for issuers to succeed in mobilizing resources from the capital markets locally and globally, as well as to facilitate development and the achievement of ambitious plans outlined in the Vision 2030 and Capital Market Master Plan”, said Mr. Muthaura.

‘’Companies that practice good corporate governance tend to carry lower risk and generate higher returns for shareholders. They also have demonstrated better performance, and can secure cheaper capital and lower regulatory costs”, said Oumar Seydi, IFC Director for East and South Africa.

The IFC in conjunction with the CMA has subsequently developed a corporate governance reporting framework which includes guidelines for reporting and a reporting template. The reporting framework will aid listed companies, issuers and governance auditors to structure compliance statements to reduce regulatory burden and ensure that shareholders and stakeholders are able to rapidly understand an issuer’s degree of compliance. The reporting framework will also present data in a structured format that allows for cross-company comparison.

The partnership has also developed an assessment framework for use by CMA to assess the quality of corporate governance among issuers of securities in Kenya.

The Corporate Governance Code is on an “apply or explain” principle. This means that an issuer may in some circumstances explain non-application of the Corporate Governance Code principles, guidelines and recommendations in favor of an alternative measure, as long as the alternative delivers a better standard of corporate governance. Where non-application delivers a lower standard of corporate governance, issuers will be expected to explain to the Authority, shareholders and stakeholders the reasons for non-application or partial application, the time frame required to meet each application requirement, and the strategies the issuer will put in place to progress to full application. Each issuer will be required to post on its website, the completed reporting template and send the same to the Authority within four months of the close of each financial year.

The Authority noted that there are mandatory corporate governance provisions which were extracted from the Corporate Governance Code which an issuer must comply with. The mandatory provisions are prescribed in the Capital Markets (Securities) (Public Offers, Listing &Disclosure) Regulations, 2002.

The IFC and Authority further observed that a pool of 21 executives have been through a rigorous Training of Trainers program on the Corporate Governance Code carried out in November 2016. The trainers will be able to support issuers through further in-depth and customized capacity building as issuers may require.

CMA began implementing corporate governance reforms in 2012, which culminated in the enactment of the new Corporate Governance Code in March 2016. The Corporate Governance Code provided issuers with a transition period on one year, within which they should commence its application. IFC and CMA have also developed a Stewardship Code for Institutional Investors, which will soon be enacted.

IFC has contributed to the adoption of 95 corporate governance codes, laws, and regulations in more than 30 countries worldwide. IFC’s Corporate Governance Program in East Africa is funded by the State Secretariat for Economic Affairs of Switzerland.

About Capital Markets Authority
The 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, visit www.cma.or.ke. For more information contact: Antony Mwangi, Phone: +254-20-226-4204, Email: amwangi@cma.or.ke.

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About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org

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About SECO
SECO is Switzerland’s competence center for all core issues relating to economic policy. SECO’s economic development cooperation strives to achieve sustainable growth. Such growth is sustainable if it creates jobs, helps to increase productivity, to reduce poverty, inequalities and global risks. For more information, visit www.seco-cooperation.ch.

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Kenyan and Australian regulators sign agreement to support fintech innovation

October 21, 2016. The Capital Markets Authority of Kenya (CMA) and the Australian Securities and Investments Commission (ASIC) today signed a Co-operation Agreement which aims to promote innovation in financial services in their respective markets.

The agreement was signed in the margins of the Board meeting of the International Organization of Securities Commissions (IOSCO) held in Hong Kong this week.

The agreement sets up a framework for co-operation between the CMA and ASIC in the expanding space of innovation in financial services. The parties have agreed to share information in their respective markets including on emerging market trends and regulatory issues arising from the growth in innovation.

Paul Muthaura, Chief Executive, CMA, said: ‘We are committed to facilitating innovation in financial services, leveraging Kenya’s positioning in the region as an innovation centre. This however calls for us to assess lessons learned and to compare strategies to balance innovation and regulation with our peer regulators.’

‘The CMA has recently commenced efforts towards the establishment of a Regulatory Sandbox structure that is designed to encourage innovation in the capital markets. This strategy reflects the CMA’s role in facilitating the introduction of new fintech products in the capital markets area.’

‘ASIC has developed an Innovation Hub and we are keen to share best practices in terms of how to address regulatory issues pertaining to innovation in financial services.’

Greg Medcraft, Chairman, ASIC, said: ‘We are excited to be working more closely with CMA. It operates in a jurisdiction that has seen significant fintech innovation growth. Innovation in financial services isn’t confined by national borders. We hope this agreement will help to break down barriers to entry both here and in Kenya.

‘Since ASIC launched its Innovation Hub in 2015, we have seen a surge in requests by fintech start-ups seeking assistance about how to navigate the regulatory requirements.

‘Most recently we have consulted on the establishment of a Regulatory Sandbox that proposes an environment to allow start-ups to test concepts without a licence – we are currently considering the results of that consultation.’

ENDS

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FIRE AWARD 2016 Guest of Honour Announced

FIRE AWARD 2016 Guest of Honour Announced

Nairobi October 10, 2016…. The promoters of FiRe Award (Excellence in Financial Reporting Award) have confirmed Ms Olajobi Makinwa, Chief Africa at the United Nations Global Compact as the Guest of Honour during the Gala Dinner and Award Ceremony, scheduled for October 28, 2016 at the Windsor Golf Hotel & Country Club. The United Nations Global Compact (UNGC) is the world’s largest corporate sustainability initiative that calls on companies to align strategies and operations with universal principles on human rights, labour, environment and anti-corruption, and take actions that advance societal goals.

The promoters of the Fire Award are; the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), Nairobi Securities Exchange (NSE), and the Institute of Certified Public Accountants of Kenya (ICPAK). The coveted FiRe Award is in its fifteenth year since it was launched in 2002.

Ms Makinwa has also been the UN Global Compact Head of Transparency and Anti-Corruption Initiatives responsible for the UN Global Compact’s 10th principle on Transparency and Anti-Corruption. As part of her assignment, she assisted UN Global Compact participants in the implementation of their commitment to the 10th principle. She has also been head of the 10th Principle Working Group that provides strategic direction to the work of the UN Global Compact on transparency and conducting business with ethics and integrity. Prior to joining the UN Global Compact, Ms. Makinwa was the Executive Director of Amnesty International South Africa. Previously, Makinwa worked with a number of UN agencies and programs in different capacities in Kenya and Switzerland, where she helped develop framework and sectoral environmental laws for several African countries, under the Joint UNEP/UNDP project on Environmental Law and Institutions in Africa.

The promoters observed that the theme for Fire Award this year, “Accountable Governance For Excellence And Reliability In Financial Reporting In East Africa’’, aptly fits with the role of Ms Makinwa has played in her career and looked forward to her insights on how issues around transparency and accountability can be best addressed to unlock the potential of the African continent.

Highlighting the importance of enhanced financial reporting as a key pillar of embedding sound corporate governance practices, the promoters, noted “Our involvement in FiRe Award underscores our commitment to encourage excellence in financial reporting regionally, which is a key pillar for the sustainability and growth of our economies, as corporates turn to the public markets to raise funds to support long term financing and growth ambitions”.

The Fire Award has grown in stature and profile, especially due to the impetus from public sector participation. There were 256 public sector entries in 2015, besides the 120 entries from the financial services sector, industrial, commercial and services sector, public benefits organizations, pension schemes and learning institutions, bringing the total entries to 354 in 2015 compared to 125 in 2014.

The public Institutions include; Ministries, Departments and Agencies, State Corporations and Semi-Autonomous Government Agencies, and the County Governments. Last year witnessed the highest number of entries ever in the history of the Award. The significant growth is attributed to the PSASB directive asking all public sector entities to submit their annual reports and audited financial statements for evaluation.

Fire Award focuses on voluntary disclosure of relevant information in annual reports that go significantly beyond the minimum legal and regulatory requirements. The award continues to embed a strong financial reporting and disclosure culture in Kenya.

ENDS

BACKGROUND INFORMATION ON THE FIRE AWARD

The Financial Reporting (FiRe) Award is the most prestigious and coveted Award in East Africa for financial reporting. The Award is presented annually, during a colorful, gala evening hosted by the joint promoters; the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), the Nairobi Securities Exchange (NSE) and the Institute of Certified Public Accountants of Kenya (ICPAK). For the last fourteen (14) years, the FiRe Award has recognized and awarded the best reporting entities in East Africa. The Award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity in compliance with appropriate financial reporting framework and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.

THE PROMOTERS:

PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (PSASB): The PSASB is a statutory body established under Section 192 of the Public Finance Management Act (PFM) No. 18 of 2012. The Board is mandated to provide frameworks and set generally accepted standards for the development and management of accounting and financial systems by all state organs and public entities.

ICPAK: The Institute of Certified Public Accountants of Kenya (ICPAK) is a statutory body that regulates the profession of accountancy in Kenya. The Institute has achieved recognition as a professional body for its contribution in finance and accounting education, governance, professional development, maintenance of high accounting, auditing and ethical standards.

As a professional body concerned with protection of public interest, ICPAK is one of the most active thought leaders in governance and economic matters in the country and the region.

NSE: 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). NSE is also a signatory to the UN Global Compact.


CMA: 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.

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CMA launches anonymous portal to report malpractices in the capital markets

Nairobi July 18, 2016…As part of its mandate of ensuring fair, orderly and efficient markets, the Capital Markets Authority (CMA) has launched an anonymous reporting portal to enable whistle blowers to report malpractices in the capital markets.

Speaking while announcing the launch of the portal, CMA Chief Executive, Mr Paul Muthaura, said the Authority is committed to ensuring that the market operates at the highest levels of integrity and is therefore creating new avenues to proactively receive constructive and sufficiently evidenced tips to improve responsiveness and strengthen timely enforcement.

Mr Muthaura added that the portal, which will be accessed through the Authority’s website, will give whistle blowers an opportunity to share anonymous but verifiable evidence with the potential to complement and support CMA’s investigation and enforcement efforts.

Using the portal whistleblowers can indicate the nature of the malpractice or allegation, the place, date and time of its occurrence, information on key suspects and details of persons who can verify or provide further information. Whistle blowers will also be required to attach supporting documentation to assist the investigations team at the Authority. To encourage the public to share information in their possession, whistle blowers will be at liberty to share their contact details or remain anonymous.

The CMA Chief Executive observed, ‘’We as an Authority recognize the pivotal role whistleblowers can play in assisting to initiate effective investigations which lead to sustainable enforcement actions. This helps ensure that market confidence can be strengthened and failures in integrity are responded to in a timely manner’’.

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.

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CMA commences enforcement proceedings against former Imperial Bank directors

Nairobi May 31 2016…. The Board of the Capital Markets Authority (CMA) has today commenced enforcement proceedings for the individual former directors of Imperial Bank Limited (IBL) under Section 26(8) of the Capital Markets Act, which requires the Authority to give persons to be affected by its enforcement actions an opportunity to be heard before any action is taken.

The Authority is empowered to take such enforcement actions as appropriate to redress breach of any provisions of the Act, regulations, rules, guidelines, notices or directions issued by CMA. The steps taken by CMA are also aligned to the broader mandate of the Authority of protecting investors in the capital market.

The hearings are focused on determining the joint and s‎everal liability of the former IBL directors in connection with the un-concluded Ksh2 Billion bond issue, which commenced in August 2015.

The enforcement hearings are expected to determine the former directors’ role in and liability for; material mis-statements contained in the Information Memorandum issued to the investing public; omissions and failures of the former board members in failing to disclose material changes in circumstances of IBL in relation to the terms of the bond offer to the investing public and CMA when it came to their attention; and omissions and failures of former IBL board members to take or facilitate appropriate interventions to terminate or otherwise suspend the raising of capital from the public based on materially incorrect information.

In light of the gravity of the allegations to be determined, the hearings are being conducted by the full CMA Board with the objective of being concluded in an expeditious and efficient manner subject to the requirements on procedural fairness and reasonableness.

The CMA has noted the proceedings were delayed to allow for the collection of necessary evidence and the actions will be without prejudice to potential liability of the former directors with respect to findings of complicity or knowing perpetration of the fraud scheme that resulted in the placement of IBL under receivership by the Central Bank of Kenya on October 13, 2015.

Notwithstanding the commencement of this action, the CMA board remains committed to working with all relevant stakeholders to facilitate the early resolution of the IBL hearings and holding to account all parties found to have been involved in the fraud scheme that remains under investigation.

ENDS

BACKGROUND INFORMATION ON THE 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 more information contact Antony Mwangi, Head of Corporate Communications, on amwangi@cma.or.ke

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CMA approves KenGen rights issue

Nairobi, 10 May, 2016…The Capital Markets Authority has granted approval to the Kenya Electricity Generating Company (KenGen) to undertake a rights issue in which the electricity generator seeks to raise Kshs28.7 billion by issuing and listing 4,396,722,912 new ordinary shares. The rights will be issued on the basis of two new ordinary shares for every one existing share held by each shareholder on the register as at Friday 13 May, 2016.

According to KenGen’s information memorandum, the proceeds of the rights issue will be used partly to fund new geothermal and wind power projects so as to generate an addition 720 megawatts of electricity, up from 1,631 megawatts as at 30 June, 2015. The funds will also inject new equity into the Company, so as to create additional headroom that will enable it to access long-term loans at low interest rates, to facilitate its expansion.

KenGen noted in the information memorandum that the Government, the major shareholder with a 70 percent stake, will take up and pay for its full rights through the conversion of part of the on-lent loans to the company in the sum of Kshs20 billion.

“The Authority is satisfied that the disclosures therein comply with the requirements of Regulation 11 of the Capital Markets (Securities)(Public Offers, Listing and Disclosures) (Regulations) 2002, and contain the information that will enable investors to make an informed decision on the rights issue”, CMA noted in its statement. A minimum of 65 percent of the rights issue is required to be accepted to be declared successful.

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 further information, please contact: Antony Mwangi, Head of Corporate Communications, on Email: amwangi@cma.or.ke.

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