Licensing shift: What market intermediaries need to know about the new CMA rules

The scale and depth of the reforms mean compliance will require deliberate planning, capital restructuring, governance reviews, and system upgrades.

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The Capital Markets Authority (CMA)'s newly published licensing regulations mark one of the most significant shifts in Kenya’s capital markets in recent years.

The regulations introduce a unified licensing and supervisory framework for all market intermediaries, signalling a clear policy direction toward stronger institutions, tighter oversight, and higher standards of accountability across the financial markets.

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Note: The results are not exact but very close to the actual.