The Capital Markets Authority (CMA) has issued four licenses to banks and financial intermediaries as investment advisers, authorised depositories and forex trading brokers aims to create a secure investment environment and reinforce transparency in all listed companies.
The markets regulator said it had licensed Vedman Capital Limited, Pergoman Financial Services Limited, Diamond Trust Bank, and Admirals Kenya Limited under the Capital Markets (Licensing Requirements) (General) Regulations 2002 and one under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017. -CMA licenses Kweli Capital’s housing umbrella fund
“The issuance of licenses enhances our mandate of ensuring the proper conduct of all licensed persons and market institutions and in turn, facilitates investor protection,” noted Wyckliffe Shamiah, CMA Chief Executive.
It will act as a link between the foreign exchange market and a client in return for a commission in spreads but will not engage in market-making activities. Employees of the new licensees with direct dealings with clients will be required to undertake the Securities Industry Certification Programme (SICP) within one year from the date of licensing.