The law regulating the capital markets business in Rwanda requires all persons intending to conduct capital markets business to hold a valid license issued by the Capital Market Authority of Rwanda. A person holding a license granted by the Authority will be allowed to carry out capital market business for which he has applied for. The following is the list of business activities regulated under the Authority that are to be applied for a license:

1.  Custodial services
2.  Securities exchange
3.  Clearing house
4.  Securities broker
5.  Dealer
6.  Securities sponsor
7.  Investment adviser
8.  Investment manager
9.  Investment bank
10. Credit rating
11. Trustee

Submission of the license application

License applications should be submitted to the Capital Market Authority via the Authority’s Online Services Portal. Online applications forms are available in the system after the applicant has successfully created an account and validated.

Go to CMA Online Services Portal