Capital Markets
Expert Legal Representation.
About the Practice
Kenya's capital markets have changed more in three years than in the previous twenty, and we have been in the room for most of it. Fund managers, investment advisers, platform operators, issuers and their backers come to us because we read the regulations the way the regulator reads them and we know the road from application to licence, including the potholes.
Licensing is our bread and butter. We prepare and carry applications before the Capital Markets Authority for fund manager, investment adviser, investment bank, alternative investment fund and intermediary service platform provider licences, and we have a habit of getting them through. We structure unit trusts, special funds, money market funds and Sharia compliant products, advise on the Alternative Investment Funds Regulations, the Licensing Requirements Regulations of 2025 and the emerging perimeter for virtual asset service providers, and steer clients through Nairobi International Financial Centre certification.
On the deal side we act on commercial paper programmes, private placements, secondary fundraisings and listings on the Nairobi Securities Exchange, and we handle the continuing obligations, director consents and notifications a licensee cannot afford to miss. Clients value our speed, our access to the Authority and our instinct for what the Authority will approve.
Select Experience
Advised several fund managers on their licence applications to the Capital Markets Authority
Advised several intermediaries on their licence applications to the Capital Markets Authority
Successfully processed an intermediary service platform provider licence under the Capital Markets (Licensing Requirements) (General) Regulations 2025, with further platform applications now in progress
Advising on the establishment of an employee benefit trust to invest employee and employer contributions through a discretionary investment management agreement
Advised a fintech company on the issuance of a series of commercial papers in Kenya
Advised a listed financial services company on a proposed equity investment by a private equity consortium
Advising an intermediary platform on its distribution arrangements with a licensed fund manager for Sharia compliant products
Frequently Asked Questions
How do I get a fund manager licence in Kenya?
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The application goes to the Capital Markets Authority under the Capital Markets (Licensing Requirements) (General) Regulations 2025 with the company's constitutive documents, evidence of capital, the business plan, the compliance and risk manuals and fit and proper information on every director, shareholder and key person. The Authority's secretariat reviews the pack before it goes to the board, and a complete and well presented application moves far faster than one which invites queries.
What is an intermediary service platform provider licence?
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It is the licence a technology platform needs to distribute collective investment scheme products to the public on behalf of licensed fund managers. It sits under the Collective Investment Schemes Regulations 2023 and the 2025 licensing regulations, and it has become the route of choice for fintechs which want to offer unit trusts and money market funds inside their apps without becoming fund managers themselves.
Do I need a CMA licence to run a private equity or venture fund?
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A fund which raises money from investors in Kenya will generally fall within the Alternative Investment Funds Regulations 2023, which cover private equity, venture capital, real estate and similar funds offered to professional investors, and which require registration and a licensed manager. An offshore fund investing into Kenya is a different question, and we advise on where the line falls before any capital is raised.
How long does a CMA licence application take?
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It depends on the quality of the pack and the Authority's board calendar. Applications are decided at board sittings, so the practical aim is to clear the secretariat's review before the next sitting. With complete documents and prompt answers to queries, licences have been obtained within a few months of filing.
Who regulates crypto and virtual assets in Kenya?
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The Virtual Asset Service Providers Act 2025 splits the field. The Central Bank of Kenya oversees stablecoins, payments and wallet services, while the Capital Markets Authority oversees exchanges, brokers, tokenisation and investment activity. Existing operators have a transition period which ends in November 2026, and we are guiding clients through the applications now.
Need Legal Assistance?
Contact our Capital Markets team today for expert guidance and representation.
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