Rwanda Issues Central Securities Depository Regulations to Support Capital Market Growth

Rwanda has introduced a new regulation to govern the licensing of Central Securities Depositories (CSDs), marking progress in capital markets development. The regulation was published in the Official Gazette No. Special of 16.01.2026.

This regulation titled Regulation Governing Licensing of Central Securities Depository Operators and Authorization of Central Securities Depository participants, outlines conditions for institutions responsible for the custody, transfer, and settlement of securities. It introduces clearer rules to improve operational standards and promote trust in the market.

As set out in Article 3, “No person shall carry out the activities of a central securities depository unless he or she has obtained a license granted by the Capital Market Authority.” This provision ensures that only licensed entities manage essential infrastructure in the sector.

The regulation brings CSD operations under formal supervision, aligning with Rwanda’s broader goal to develop a well-structured capital market and enhance its regional role in financial services.

Mr. KAREKEZI Ngabonziza, Acting Chief Executive Officer of the Capital Market Authority (CMA), noted: “This step demonstrates Rwanda’s continued efforts to shape reliable capital markets. It opens the way for broader participation and contributes to market resilience.”

Under Article 21, licensed operators must establish internal controls and risk frameworks to safeguard the integrity of securities transactions.

The full regulations are available in the Official Gazette and can be accessed: https://www.minijust.gov.rw/fileadmin/user_upload/Minijust/Official_gazettes_2/____2026_Igazeti_ya_Leta/MUTARAMA-January-Janvier/OG_n___Special_of_16.01.2026__Uruhushya_ku_bacunga_uburyo_bukoreshwa_mu_gucunga_inyandiko_z_agaciro.pdf