The law regulating 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 the specific capital market business applied for.

Business activities regulated under the Authority that require 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

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

Go to CMA Online Services Portal: CMA Online Services Portal