The Rwanda Capital Markets Authority announced that the Law Governing Central Securities Depository, Qualified Financial Contracts and Netting Agreements has been published in the Official Gazette, repealing and replacing the 2010 law on the holding and circulation of securities. The new framework is positioned as an alignment with international standards and a supporting reform for Rwanda’s market development in the context of the Kigali International Financial Center. The law strengthens oversight by empowering the Authority to license and supervise central securities depository (CSD) operators and to authorise CSD participants, while exempting the National Bank of Rwanda (BNR) from CSD licensing requirements. It also introduces internationally recognised documentation frameworks for qualified financial contracts, including International Swaps and Derivatives Association (ISDA) standards and the Global Master Repurchase Agreement (GMRA), and provides legal recognition for close-out netting in default scenarios; additional changes include allowing CSD operators to act as registries for financial collateral arrangements and establishing a CSD council to support stakeholder engagement in CSD governance and development.
Rwanda Capital Markets Authority 2025-06-07
Rwanda Capital Markets Authority announces new CSD and netting law that expands licensing oversight and recognises ISDA and GMRA close-out netting
The Rwanda Capital Markets Authority has published a new law governing Central Securities Depository (CSD), Qualified Financial Contracts, and Netting Agreements, replacing the 2010 securities law. It aligns with international standards, enhances oversight by empowering the Authority to license and supervise CSD operators, and introduces frameworks like ISDA and GMRA. It exempts the National Bank of Rwanda from CSD licensing and establishes a CSD council for stakeholder engagement.