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Kenya

CMA allows more operators in stock market

NAIROBI, Kenya, Jun 5 – Seven more companies have received licences from the Capital Markets Authority (CMA) to carry out different functions within the stock market.

The new licensees include; Alliance Capital Partners Ltd and Citidell Management, as investment advisers and CIC Asset Management as Fund Manager.

FCB Capital Investment Bank has been licensed as an Investment Bank.

Also approved were two Employee Share Ownership Plans for Kenya Commercial Bank and Equity Bank.

“Capital Markets Authority has granted the approval of these new licenses in an effort to broaden and deepen the capital markets in Kenya,” a statement from CMA read in part.

The Capital Markets Authority said the decision to grant new licences was reached following a rigorous assessment process to ensure all applicants comply with the licensing requirements as set out in the Capital Markets Act.

Early last month the CMA announced the finalisation of the licensing process of market intermediaries for 2009 which saw the suspension of the licenses of two investment advisers for not meeting the necessary conditions for renewal.

Consequently these firms were not to conduct the business of an investment adviser until the suspension was lifted.

Several processes are undertaken by the Authority in regard to license renewal including conducting license renewal inspections for the licensee.  The results are in addition communicated to the licensees.

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CMA board has the option to either; renew the annual license of a licensee; renew the annual license of a licensee on condition that it meets certain requirements within a stipulated time; or extend the previous year’s license of the licensee for a period of three months. 

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