CMA Background

The Capital Market Advisory Council (CMAC), now Capital Market Authority (CMA) since June 9th ,2011 was established by the Prime Minister’s Order of 28 March 2007 to initially guide the development of a Capital Market in Rwanda.

CMAC operated as the Capital Market Regulator, pending the creation of the CMA as provided in the Law N°11/2011 of 18/05/2011 published on 9th June, 2011. CMAC facilitated the creation of the RSE as a Stock Exchange and admitted 10 members of the RSE awaiting licensing powers provided in the newly published CMA law.