1.2: Address devolution funding needs

CMA to facilitate discussion between counties, National Treasury, venture capital, private equity and fund managers to develop range of products for potential investors and to develop plan for reform of public financial management law to make them possible.
Working Group

The Authority continues to undertake targeted engagements with various public agencies at the National and County level. In December 2016 there was development of the county ABS policy and there has been progress on its consideration by CMMP-NSC and current submission to AG for legal opinion.
The Authority developed a high level policy paper on securitization for counties that was shared with the National Treasury and considered by CMMP - National Steering Committee on 8th November 2016. The CMMP-NSC guided that a legal opinion from the AG is required on the counties overall legal capacity to issue county project bonds prior to circulation of the paper to the Council of Governors. The Authority awaits feedback from AG.
Additionally, the Authority submitted request for a legal opinion for the provision on the use of SPVs in securitization processes for county governments. The Authority awaits feedback from the AG on the same.
A total number of 20 counties have been reached since 2014 with a breakdown as follows:
2014: August - Mombasa & November - Kisumu
2015: March - Embu; June - Mombasa, Murang'a, Meru and Kericho; July - Bomet and Meru; August - Kilifi and Mombasa; September - Nakuru and Kitui & November - Kiambu.
2016: January - Homabay; March - Mombasa; May - Murang'a, Isiolo and Kandara; June - Taita Taveta, Laikipia, Busia, Bungoma, Kajiado and Mombasa; July - Eldoret, Nyahururu, Murang'a and Kiambu; August - Kwale and Mombasa; September - Nyeri and Mombasa; October - Kilifi and Kirinyaga & December - Kisii.
2017: February - Murang'a & May - Kakamega, Narok and Kitui. June - Mombasa ; October: Meru & Uasin Gishu counties
2018 : January - Nairobi, Nyeri, Uasin Gishu, Kisii; February - Meru, Nairobi, Kiambu, Homabay, Kisumu, Siaya, Kajiado.

In Progress
CMA to work with National Treasury, county representatives, venture capital, private equity, fund managers and other stakeholders to develop adequate legal framework both at the national and county level to support financial sector growth.
Working Group

The Authority has continued to engage stakeholders, potential issuers, market participants, policy makers and the general public through workshops and print media on development of the legislation.
The Authority developed Policy Guidance Notes on Exchange Traded Funds in September 2015, Asset Backed Securities in February 2017 and Global Depositary Receipts and Notes in July 2017.
The Authority further developed the Code of Corporate Governance for issuers of securities to the public in March 2016 and Stewardship Code to enhance Corporate Governance in listed companies and other issuers of securities in June 2017. Online Forex trading was gazetted in August 2017.
Ongoing work includes regulations on Securities Lending and Borrowing and short selling that were submitted to the National Treasury in July 2017 and and are currently awaiting gazettement. Regulations on Private Equity/Venture Capital Companies which are under development and Introduction of Direct Market Access.

In progress


No Progress
Behind Schedule
Ahead of Schedule