The Capital Markets Authority (CMA) has sought to reassure Kenyans that Mansa X, the county's premier regulated online forex trading money fund, complies with its regulations.
This follows claims that Standard Investment Bank (SIB) -- which operates Mansa X -- as Kenya’s first Money Manager may be operating the business in breach of CMA's regulatory framework.
"In line with our investor protection mandate, we assure all stakeholders including investors that the SIB operations under the Money Manager license comply. We also undertake regular monitoring and surveillance of all licensed entities. We confirm that the compliance levels of the operations of SIB under the Money Manager license meet the standards," said CMA Acting Chief Executive Wyckliffe Shamiah.
‘’As a money manager, SIB is licensed to choose and manage investments prudently for its online forex trading clients and develop appropriate investment strategies. SIB also communicates clients’ buy and sell order positions through a licensed online forex trading broker, to meet clients’ investment goals. The money manager conducts financial analysis and monitors foreign exchange portfolio investments on behalf of its clients,’’ explained Shamiah.
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The Money Manager license was granted in December 2018 to SIB, which is also licensed by CMA to operate as an Investment Bank. SIB has been in operation for 25 years.
In addition to the Money Manager license to SIB, CMA has also licensed four non-dealing online foreign exchange brokers namely; EGM Securities Ltd (trading as FXPesa), SCFM Ltd (trading as Scope Markets), Pepperstone Markets Kenya Limited, and Exinity Capital East Africa Limited.