The Capital Markets Authority (CMA) has issued licenses to Arvocap Asset Managers Limited and Myxeno Investment Management Limited to operate as fund managers. The regulator has also licensed Kingdom Securities Limited as an authorised securities dealer.
The new licenses bring the number of fund managers to 40 and that of authorised securities dealers to four.
- A fund manager is a manager of a collective investment scheme, registered venture capital company or an investment adviser who manages a portfolio of securities.
- An authorised securities dealer means a person authorized to deal in securities and operate in a specific market segment.
‘‘The willingness of new market players to come under regulatory supervision provides confidence to investors and constitutes a critical function that we carry out to ensure that the conduct of licensees is aligned to our regulatory framework and international standards. The outcome is that we can at least ensure the markets are fair, orderly, and efficient,’’ CMA Chief Executive Officer Wyckliffe Shamiah said.
The licensees’ customer-facing staff will be required to undertake the Securities Industry Certification Programme (SICP) within a year from the date of licensing.
The licenses will remain in place perpetually unless revoked at the request of either the firm or by the Authority.
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