CLARIFICATION

CMA says Standard Investment Bank compliant

SIB has been in operation for 25 years

In Summary
  • This follows unfounded claims that SIB may be operating the business in breach of the regulatory framework.
  • The Money Manager license was granted in December 2018 to SIB, which is also licensed by CMA to operate as an Investment Bank.
Acting Capital Markets Authority CEO Wyckliffe Shamiah.
Acting Capital Markets Authority CEO Wyckliffe Shamiah.
Image: COURTESY

The Capital Markets Authority (CMA) has confirmed that Standard Investment Bank's money manager licensee (trading as MansaX), is in compliance with the Capital Markets Act, and the Capital Markets Regulations, 2017.

This follows claims that SIB may be operating the business in breach of the regulatory framework.

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 line with our investor protection mandate, we assure all stakeholders including investors that the SIB operations under the Money Manager license are in compliance,”said the CMA Acting Chief Executive, Wyckliffe Shamiah.

Shamiah assured the stakeholders that CMA undertakes regular monitoring and surveillance of all licensed entities

‘’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.”

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.