CMA approves licence for first authorised securities dealer

Capital Markets Authority (CMA) has announced the approval of Chase Bank as the first authorised securities dealer in Kenya under the Capital Markets Act and Regulations.

The approval will enable the applicant to carry on the business of buying, selling, dealing, trading, underwriting or retailing of fixed income securities. According to the Capital Markets Act, an authorised dealer operates in a specified market segment as may be prescribed by the Authority.

The Authority noted that it had reviewed the bank's application and was satisfied it had met the requirements of Section 29 of the Capital Markets Act and Regulation 45 of the Capital Markets (Licensing Requirements) (General) (Amendment) Regulations, 2002.

The licence will remain in force unless otherwise suspended or revoked following the necessary due process.