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CSMA Shares

The Capital Markets and Securities Act (CMS Act), gives the CMSA mandate of licensing all market participants. These include securities dealers / brokers and their representatives, Nominated Advisers and their representatives, investment advisers, fund managers, custodians of securities, Central Depositories (CSD), stock exchanges and commodity exchanges. The various market players and intermediates assist investors, issuers and the public in making capital markets investments. Applications received by the Authority are broadly classified into two categories for purposes of review namely applications for new license and applications for renewal. The review of all applications is carried out in compliance with the Capital Markets Act and the Licensing Regulations issued thereunder with respect to the type of application sought by an applicant.

License Applications:

Section 32 (a-e) of the Capital Markets and Securities Act as amended requires all persons intending to carry on the business of a stockbroker, dealer, investment bank, fund manager, investment adviser, and authorized depository to hold a valid license issued by the Authority. In addition, Section 10 (1) of the Capital Markets Act requires all persons intending to carry on the business of a securities exchange, registered venture capital company, collective investment scheme, central depository or credit rating agency to be approved by the Authority.

Applications should be submitted to the Authority via the Authority's Online Applications Portal or by way of a hard copy submission. The Application Form which is contained within the license relevant section of the website is to be submitted to the Authority in support of a License Application. Kindly note that the application fees should be paid in advance or accompanied with the application submitted to the Authority by way of a company cheque or bank deposit slip.

The Authority is required to ensure that every person who is, or is to be, a director, chief executive, manager and key personnel of a licensee is fit and proper to hold the particular position that he holds or is to hold. In determining the fitness and probity of the directors, chief executive, managers and key personnel of a proposed licensee the Authority requires applicants to submit the following documentation:

  • A certified copy of the appointees national identity card/passport
  • Comprehensive CV of the directors or key personnel (as prescribed in the First Schedule, 1(h) of the Capital Markets (License) Regulations, G.N. No. 417 of 1996;
  • Certified copies of their Police Clearance Certificates from the Criminal Investigations Department (or its equivalent in other jurisdictions); and
  • The Duly completed Fit and Proper form. (This can be downloaded within this section of the website.)

It is important for applicants to note that submission of an online application does not imply that the applicant has met all the minimum requirements. Upon submission of the application, the Authority will review the same and revert to applicants regarding any areas of noncompliance with the license requirements which the applicant is required to address. In addition, the Authority conducts a premise inspection to ensure that the applicant has adequate technical and administrative capacity to carry out the business for which the license is sought. In the review of license applications the Authority conducts due diligence to ensure that the directors and key personnel of a prospective licensee are fit and proper to hold their respective positions. The application is considered by the Board of the Authority for a final determination of the application. In the review process the Authority always reserves the right to request for any additional information that may be required to adequately evaluate the application. The Authority may also convene meetings with the applicant's technical team to facilitate progression of the application if need be.

The Authority shall close any applications that remain outstanding for a period of six (6) months from the date of submission of the application to the Authority.

Upon approval of the application the applicant is advised accordingly and required to settle the requisite license approval fee. In addition, the Authority will advise the applicant when the License Certificate is available for collection.