The Capital Markets Authority (CMA) wishes to inform capital market participants and members of the public of the following:
- The Capital Markets Authority (CMA), in collaboration with the National Bank of Rwanda (BNR), the Ministry of Finance and Economic Planning (MINECOFIN), and the Rwanda Stock Exchange (RSE), developed a set of documents aimed at strengthening the market-making framework for Government securities in Rwanda and supporting the development of a transparent, orderly and liquid secondary market.
- The draft documents are:
a. Code of Conduct for Designated Market Makers for Government Securities in Rwanda;
b. Guidelines for Designated Market Makers for Government Securities in Rwanda; and
c. Government Securities Market Making Agreement.
- Capital market participants, members of the public and other interested stakeholders are invited to review the draft documents and submit written comments and observations. The draft documents are available on the CMA website.
- Comments may address any aspect of the draft documents, including the proposed obligations and responsibilities of designated market makers, market-making and operational requirements, reporting requirements, and the terms of the proposed Government Securities Market Making Agreement.
- All comments should be submitted via email to penina.uwamahoro@cma.rw no later than Wednesday, 30 September 2026.
The Authority appreciates the participation of capital market participants, members of the public and other stakeholders in this consultation and their continued contribution to the development of Rwanda’s capital markets.
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