Arvocap Asset Managers Limited and Myxeno Investment Management Limited have received licenses from the Capital Markets Authority (CMA) to operate as fund managers. Kingdom Securities Limited has also been licensed as an authorized securities dealer by the regulator.
Fund managers are entities that manage collective investment schemes, registered venture capital companies, or investment portfolios.
Authorised securities dealers are entities that deal in securities and operate in specific market segments.
The CMA now has 40 licensed fund managers and four authorised securities dealers.
The regulator’s CEO, Wyckliffe Shamiah, said that the licensing of new market players shows their confidence in the regulatory framework and international standards.
“The willingness of new market players to come under regulatory supervision provides confidence to investors and constitutes a critical function that we carry out to ensure that the conduct of licensees is aligned to our regulatory framework and international standards.
The outcome is that we can at least ensure the capital markets are fair, orderly, and efficient,’’ Shamiah said.
The customer-facing staff of the licensees will have to undertake the Securities Industry Certification Programme (SICP) within a year from the date of licensing.