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Kenya

CMA clarifies compliance status of SIB business (MansaX) under the Money Manager License

NAIROBI, Kenya, Nov 18-The Capital Markets Authority (CMA) confirms that Standard Investment Bank (SIB), which operates as Kenya’s first Money Manager licensee (trading as MansaX), is in compliance with the Capital Markets Act, and the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017.
This follows unfounded claims that SIB may be operating the business in breach of the regulatory framework.

 

The Money Manager license was granted in December 2018 to SIB, which is also licensed by CMA to operate as an Investment Bank. SIB has been in operation for 25 years.

The CMA Acting Chief Executive, Mr. Wyckliffe Shamiah said; ‘In line with our investor protection mandate, we assure all stakeholders including investors that the SIB operations under the Money Manager license are in compliance. We also undertake regular monitoring and surveillance of all licensed entities. We confirm that the compliance levels of the operations of SIB under the Money Manager license meet the standards’’.

‘’As a money manager, SIB is licensed to choose and manage investments prudently for its online forex trading clients and develop appropriate investment strategies. SIB also communicates clients’ buy and sell order positions through a licensed online forex trading broker, to meet clients’ investment goals. The money manager conducts financial analysis and monitors foreign exchange portfolio investments on behalf of its clients’’, explained Shamiah.

In addition to the Money Manager license to SIB, CMA has also licensed four non-dealing online foreign exchange brokers namely; EGM Securities Ltd (trading as FXPesa), SCFM Ltd (trading as Scope Markets), Pepperstone Markets Kenya Limited, and Exinity Capital East Africa Limited.

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