CMA Distances Itself with Cytonn Investments, Says it is not Licensed by the Authority – Capital FM Kenya
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NAIROBI, Kenya, Jun 17- The Capital Markets Authority has announced that Cytonn Investments is not a licensed and approved entity.
CMA Chief Executive Officer Wyckliffe Shamiah made the statement after numerous inquiries surfaced online on the licensing status of the Cytonn Investment Group.
“The Authority confirms that Cytonn Investments is not a licensed and approved entity.”
He further stated that “investors who are affected by investing in unregulated products should report to the Capital Markets Fraud Investigation Unit (CMFIU), which is the Police Unit attached to the Capital Markets Authority. CMFIU is currently investigating the issue for criminal violations for investors in the Cytonn High Yield Solutions (CHYS).”
CMA however clarified that it has licensed Cytonn Asset Management Limited, which is licensed as a Fund Manager managing the following regulated funds: Cytonn Money Market Fund; Cytonn Balanced Fund; Cytonn Equity Fund; Cytonn Africa Financial Services Fund; Cytonn Money Market Fund (USD); and Cytonn High Yield Fund. So far CMA has not received any complaints on these regulated products.
He reiterated the Authority on 20 April 2020 communicated this same information to the public’’
Shamia further cautioned investors against investing through unlicensed and unapproved entities.
He advised investors to only invest through licensed and approved entities who offer and promote regulated products, to enable them get the protection offered by the Authority through the capital markets legal and regulatory framework.
Investors who invest in unregulated products offered or promoted by unlicensed and unapproved entities risk loss of their investments with no recourse afforded to them under the capital markets regulatory framework.
The Stockholders are further advised to confirm the names of the licensed and approved entities offering services in the capital markets industry from the CMA website www.cma.or.ke.
Members of the public who have been affected or have come to be aware of such illegal entities are advised to report to the Authority or to the Capital Markets Fraud Investigation Unit.
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