- Capital Markets Act
- The Investments and Financial Analysis Act no.13 of 2015
- Part IV of the Capital Markets (Licensing Requirements) (General) Regulations, 2002
- The Capital Markets (Corporate Governance)(Market Intermediaries) Regulations, 2011.
A person or a firm intending to carry on the business of a Fund Manager must hold a valid license issued by the CMA.
- To obtain a fund manager license, the applicant has to contact the Capital Markets Authority offices.
- The applicant has to make sure he or she has all the required documents that are required for this process to be successful and they can be found under the “Required Documents” section of this page or in the Fund Managers Checklist.
- Payment of appropriate fees should be made and that can be found under the “Fees” section of this page or in the Capital Markets Authority’s CMA Service Delivery Charter.
- On completion of this process, Capital Markets Authority will notify the applicant on any outstanding issues 14 working days after lodging an application and if there are no issues, the Authority will issue to the applicant a license within 25 working days.
- Application form
- Memorandum and articles of association
- Certificate of incorporation
- Business plan complying with the requirements of regulation 29(1)(d) (Investment adviser and fund manager) of the Capital Markets Authority (Licensing Requirements) (General) Regulations.
- A statement of the un-audited accounts for the period of accounting year ending not earlier than six months prior to the date of application and audited annual accounts for the preceding two years (in the case of application of licence), management accounts upto the 30th November and audited annual accounts for the preceding year (in the case of renewal of licence)
- A declaration by the directors as to whether after due enquiry by them in relation to the interval between the date to which the last accounts have been made and a date not earlier than fourteen days before the date of the application
- the business of the company has, in their opinion, been satisfactorily maintained
- there have, in their opinion, arisen any circumstances adversely affecting the companys trading or value of its assets
- there are any contingent liabilities by reason of any guarantees given by the company or any of its subsidiaries
- there are, since the last annual accounts, any changes in published reserves or any unusual factors affecting the profit of the company or any of its subsidiaries.
- A copy of the bank guarantee to be lodged with the securities exchange or the central depository (where applicable).
- A declaration by persons authorized as prescribed to accompany the application form