Press Release

CMA licenses AFG Wealth Kenya Limited as an Investment Adviser

Nairobi, 15 May 2019…The Board of the Capital Markets Authority (CMA) has approved the grant of a license to AFG Wealth Kenya Limited to operate as Investment Adviser in Kenya bringing the number of investment advisers to fifteen.

 AFG Wealth Kenya Limited was granted the license after meeting the minimum requirements as set out under the Capital Markets (Licensing Requirements) (General) Regulations, 2002.

 An investment adviser is a person or group licensed under the Capital Markets Act to make investment recommendations or conduct securities analysis in return for a fee whether through direct management of a client’s assets or through written publications.

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.