CMA Kenya Partners with African and Middle East Regulators

In a bid to increase listings and grow the uptake of capital markets products, the Capital Markets Authority of Kenya (CMA Kenya) has partnered with Financial Sector Deepening Africa (FSD Africa) and security regulators in Africa and Middle East.

The collaboration was announced during the 42nd Meeting of the Africa Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO). Members agreed that promoting additional listings was key to tackling market liquidity challenges faced in multiple markets as well as reinforcing the central role of securities markets to support sustainable economic growth through increased market-based financing.


Crypto Assets and Blockchain Technology Highlighted

Currently, NSE only has 64 listings compared to NYSE with 2,800 listed companies

The need to work towards greater convergence on standards for sustainable finance to address quality and consistency of disclosure, costs of issuance, and attractiveness to investors was discussed due to growing demand for responsible or sustainable investments globally.

The meeting also mapped key risks that could impede the growth of securities in the region. These included:

  • Regulatory responses to trading in Crypto Assets.
  • Cyber Security and resilience.
  • Unfavourable macro-economic environment.
  • Systemic issues around securities market trading and settlement infrastructure.

In an effort to grow the market, some opportunities were identified that would help promote fintech innovations. These included:

Paul Muthaura, CEO, CMA Kenya, acts as the char of the committee. The committee consists of 29 member states which includes Kenya, Egypt, Angola, Ghana, Nigeria, Uganda, Rwanda, South Africa, Tanzania, Seychelles, Dubai, Bahrain, and Qatar among others.



IOSCO is the leading international policy forum for securities regulators and is recognized as the global standard setter for securities regulation. The organization’s membership regulates more than 95% of the world’s securities markets in more than 115 jurisdictions and it continues to expand.